BlockArb: The Decentralized Arbitration Mechanism for Data Trading

Data trading has become a pivotal element in modern business models, facilitating data exchange, however, it may give rise to potential disputes. Existing data trading models resort to centralized arbitration to resolve disputes, potentially compromising the transparency and reliability of the trading. Recent research has proposed the use of decentralized arbitration to overcome these challenges. However, practical and viable decentralized arbitration models are currently lacking. Existing decentralized arbitration solutions for data trading primarily focus on tackling specific arbitration issues without providing a comprehensive mechanism. Therefore, we have developed a comprehensive data trading model, BlockArb, featuring a decentralized arbitration mechanism. We present the details of BlockArb, addressing the challenges of the decentralized arbitration system. We conducted a performance analysis of this model, revealing the feasibility of this approach in numerous scenarios. We highlight the superiority of our proposed scheme by comparing it with existing arbitration methods employed in data trading. Our experimental results unequivocally validate the effectiveness and reliability of our model.