Skip to main content

Blockchain-based secure multi-resource trading model for smart marketplace


Developments in sensors and communication technology lead to the emergence of smart communities where diverse collaborative applications can be enabled. One such application is the Smart Market Place (SMP), where participants of the smart community can trade resources, such as energy, internet bandwidth, water, etc., using a virtual currency (such as ether). However, most of the existing SMP trading models are proposed to trade a single resource and also restrict a participant to perform only a single transaction at a time. Restriction on multiple parallel transactions is imposed to protect the participants against the double-spending attack in the SMP. This work proposes a secure multi-resource trading (SMRT) model that is based on public Ethereum blockchain. SMRT allows participant of a SMP to trade multiple resources and initiate parallel transactions. Moreover, detailed security analysis and adversary model are presented to test the effectiveness and to assess the resilience of the proposed model against the double-spending attack. The adversary model is based on partial progress towards block production which is influenced by time advantage and average computing power. Furthermore, simulation based analysis and comparison of SMRT is also presented in terms of security, performance, cost and latency of transactions. It is observed that SMRT not only provides protection against the double spending attack, but it also reduces the computational overhead of the proposed model up to 50% as compared to existing trading models.

This is a preview of subscription content, access via your institution.

Fig. 1
Fig. 2
Fig. 3
Fig. 4
Fig. 5
Fig. 6
Fig. 7


  1. 1.

    Gai K, Wu Y, Zhu L, Qiu M, Shen M (2019) Privacy-preserving energy trading using consortium blockchain in smart grid. IEEE Trans Ind Inform 15:3548–3558

    Article  Google Scholar 

  2. 2.

    Krishnamachari B, Power J, Kim SH, Shahabi C (2018) I3: An IoT marketplace for smart communities. pp 9–10

  3. 3.

    Lin CC, Deng DJ, Kuo CC, Liang YL (2018) Optimal charging control of energy storage and electric vehicle of an individual in the internet of energy with energy trading. IEEE Trans Ind Inform 14(6):2570–2578

    Article  Google Scholar 

  4. 4.

    Aitzhan NZ, Svetinovic D (2018) Security and privacy in decentralized energy trading through multi-signatures, blockchain and anonymous messaging streams. IEEE Trans Depend Secur Comput 15(5):840–852

    Article  Google Scholar 

  5. 5.

    Tushar W et al (2019) A motivational game-theoretic approach for peer-to-peer energy trading in the smart grid. Appl Energy 243:10–20

    Article  Google Scholar 

  6. 6.

    Alam MR, St-Hilaire M, Kunz T (2019) Peer-to-peer energy trading among smart homes. Appl Energy 238(January):1434–1443

    Article  Google Scholar 

  7. 7.

    Tushar W et al (2015) Three-party energy management with distributed energy resources in smart grid. IEEE Trans Ind Electron 62(4):2487–2498

    Article  Google Scholar 

  8. 8.

    Tushar W, Yuen C, Mohsenian-Rad H, Saha T, Poor HV, Wood KL (2018) Transforming energy networks via peer-to-peer energy trading: the potential of game-theoretic approaches. IEEE Signal Process Mag 35(4):90–111

    Article  Google Scholar 

  9. 9.

    Reyna A, Martín C, Chen J, Soler E, Díaz M (2018) On blockchain and its integration with IoT. Challenges and opportunities. Future Gener Comput Syst 88(2018):173–190

    Article  Google Scholar 

  10. 10.

    Banerjee M, Lee J, Choo KKR (2018) A blockchain future for internet of things security: a position paper. Digit Commun Netw 4(3):149–160

    Article  Google Scholar 

  11. 11.

    Paris S, Martisnon F, Filippini I, Clien L (2013) A bandwidth trading marketplace for mobile data offloading. In: Proceedings—IEEE INFOCOM, pp 430–434

  12. 12.

    Bhatia R, Chuzhoy J, Freund A, Naor JS (2007) Algorithmic aspects of bandwidth trading. ACM Trans Algorithms 3(1):10

    MathSciNet  Article  Google Scholar 

  13. 13.

    Dorri A, Luo F, Kanhere SS, Jurdak R, Dong ZY (2019) SPB: a secure private blockchain-based solution for distributed energy trading. IEEE Commun Mag 57(7):120–126

    Article  Google Scholar 

  14. 14.

    Pinzón C, Rocha C (2016) Double-spend attack models with time advantange for bitcoin. Electron Notes Theor Comput Sci 329:79–103

    MathSciNet  Article  Google Scholar 

  15. 15.

    Sousa T, Soares T, Pinson P, Moret F, Baroche T, Sorin E (2019) Peer-to-peer and community-based markets: a comprehensive review. Renew Sustain Energy Rev 104:367–378

    Article  Google Scholar 

  16. 16.

    Alcarria R, Bordel B, Robles T, Martín D, Manso-Callejo MÁ (2018) A blockchain-based authorization system for trustworthy resource monitoring and trading in smart communities. Sensors 18:3561

    Article  Google Scholar 

  17. 17.

    Russo C (2018) DENT: a blockchain marketplace for unused mobile data. Accessed 29 Apr 2019

  18. 18.

    Makhdoom I, Zhou I, Abolhasan M, Lipman J, Ni W (2020) PrivySharing: a blockchain-based framework for privacy-preserving and secure data sharing in smart cities. Comput Secur 88:101653

    Article  Google Scholar 

  19. 19.

    Yang B, Garcia-Molina H (2003) PPay: micropayments for peer-to-peer systems. In: Proceedings of the ACM conference on computer and communications security, section no. 3, pp 300–310

  20. 20.

    Xu R, Chen Y, Blasch E, Chen G (2018) BlendCAC: a blockchain-enabled decentralized capability-based access control for IoTs. pp 1–27

  21. 21.

    Wei K, Chen YFR, Smith AJ, Vo B (2006) WhoPay: a scalable and anonymous payment system for peer-to-peer environments. In: Proceedings of the international conference on distributed computing systems

  22. 22.

    Zhang L, Zhao L, Yin S, Chi CH, Liu R, Zhang Y (2019) A lightweight authentication scheme with privacy protection for smart grid communications. Futurr Gener Comput Syst 100:770–778

    Article  Google Scholar 

  23. 23.

    Stoica I, Morris R, Karger D, Kaashoek MF, Balakrishnan H (2001) Chord. In: Proceedings of the ACM SIGCOMM ’01 Conference, pp 149–160

  24. 24.

    Hoepman JH (2010) Distributed double spending prevention. In: Lecture notes in computer science (including subseries lecture notes in artificial intelligence and lecture notes in bioinformatics), vol. 5964 LNCS. Hoepman, Niu, SAggarwal, pp 152–165

  25. 25.

    Niu C, Zheng Z, Wu F, Gao X, Chen G (2019) Achieving data truthfulness and privacy preservation in data markets. IEEE Trans Knowl Data Eng 31(1):105–119

    Article  Google Scholar 

  26. 26.

    Aggarwal S, Chaudhary R, Aujla GS, Jindal A, Dua A, Kumar N (2018) EnergyChain. In: SmartCitiesSecurity’18, June 25, 2018, Los Angeles, CA, USA, no. June, pp 1–6

  27. 27.

    Osipkov I, Vasserman EY, Hopper N, Yongdae K (2007) Combating double-spending using cooperative P2P systems. In: Proceedings of the international conference on distributed computing systems

  28. 28.

    Blockchain C, Merkle tree—necessity or atavism?. Medium.

  29. 29.

    Warren J (2012) Bitmessage: a peer-to-peer message authentication and delivery system. White paper (27 November 2012)

  30. 30.

    Li X, Lu R, Liang X, Shen X, Chen J, Lin X (2011) Smart community: an internet of things application. IEEE Commun Mag 49(11):68–75

    Article  Google Scholar 

  31. 31.

    Agrawal A (2013) Bitmessage: communication from scratch. Finextra Accessed 06 Oct 2010

  32. 32.

    Paar C, Pelzl J (2013) Understanding cryptography a textbook for students and practitioners

  33. 33.

    Metamask (2019) Brings Ethereum to your browser. Metamask Chrome extention.

  34. 34.

    Rinkeby (2019) Transaction details. Accessed 15 May 2019

  35. 35.

    Luu L, Chu DH, Olickel H, Saxena P, Hobor A (2016) Making smart contracts smarter. In: Proceedings of the ACM conference on computer and communications security, vol 24. 28-October-2016, pp 254–269

  36. 36.

    Praitheeshan P, Pan L, Yu J, Liu J, Doss R (2019) Security analysis methods on Ethereum smart contract vulnerabilities: a survey. pp 1–21

  37. 37.

    Wood G (2014) Ethereum: a secure decentralised generalised transaction ledger (yellow paper) 2017. Ethereum Proj. yellow paper

Download references

Author information



Corresponding author

Correspondence to Majid I. Khan.

Additional information

Publisher's Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Rights and permissions

Reprints and Permissions

About this article

Verify currency and authenticity via CrossMark

Cite this article

Yakubu, B.M., Khan, M.I., Javaid, N. et al. Blockchain-based secure multi-resource trading model for smart marketplace. Computing 103, 379–400 (2021).

Download citation


  • Blockchain technology
  • Smart marketplace
  • Multi-resource trading
  • Double-spending attack

Mathematics Subject Classification

  • 68M25
  • 68P27