Pragmatic modeling of pervasive cloud enabled trading architecture for smart city ecosystem

Trading between the regulatory agencies, vendors, consumers, partners, and private sectors of smart cities is challenging. In particular, the continuous advancements of digital technologies (DTs) and availability of smart city resources have prompted the participants to move towards more flexible exchange mechanisms in order to be able to respond to the changing scale of utilization, while still complying with economic and welfare considerations. Traditional native approach of trading architecture (TA) produces inefficiencies that grow with the evolution and proximities of smart city infrastructure. In this research effort, we present the pragmatic approach to establish and advance TA that leverages capabilities of pervasive cloud environment. The smart city TA framework is adaptable to supports multiple strategies for multiple market conditions of DTs. The focus is to decompose the trading challenges into a set of orthogonal abstractions that are handled by heterogeneous smart services under a centralized hierarchical coordination across smart city ecosystem. The updating granularity can scale anything from minor implementation changes to a major reconfiguration. The paper identifies primary measurement criteria and progressive method to evaluate effectiveness of the TA during the development of smart city initiatives.