Dr. Wang Su, a lecturer at Beijing Forestry University's School of Information Science and Technology, has developed an innovative framework to optimize IoT data trading. Published in the prestigious IEEE Internet of Things Journal (Impact Factor: 8.2), a leading publication in the field, the study titled "A Dynamic Data Trading Marketplace With Externalities" presents a novel market model that addresses key challenges in current IoT data exchange systems. This groundbreaking research offers new solutions for improving efficiency and fairness in IoT data markets.

With huge amounts of data generated from Internet of Things (IoT) devices, data-driven technologies are increasingly applied by firms to improve their IoT-based services in real time. To facilitate efficient utilization of the collected data, the design of data trading markets becomes crucial. Two important practical concerns are: 1) the data buyers arrive in a sequential and arbitrary manner and 2) a firm faces externalities when data is purchased by competing firms. In this article, we design a data trading marketplace for data buyers arriving dynamically in real time where the early arrived data buyers will exert negative externalities on the late arrivals within the same competition. Specifically, in market operations, when a data buyer arrives, it needs to submit a bid based on the price and the current externalities posted by the market operator. After receiving the bid, the market operator will announce the data allocation and payment as well as update the price. To construct the detailed market mechanism, we propose the allocation rule, payment rule, and price update method, which can be proven theoretically to guarantee the desirable properties, including incentive compatibility, individual rationality, revenue maximization, and computation efficiency. These theoretical conclusions are also validated via our numerical experiments.

Wang Su is the first author and Beijing Forestry University is the signature unit of first author.

Paper link： https://ieeexplore.ieee.org/document/10342656

Written by Wang Su, Xu Zhiying
Translated and edited by Song He
Reviewed by Yu Yangyang