IoT-Based Autonomous Pay-As-You-Go Payment System with the Contract Wallet

Abstract

In recent years, increasingly many companies have entered the pay-as-you-go business because it has become easier to monitor services constantly due to the development and increase in the number of Internet of Things (IoT) devices. Research is in progress to introduce cryptographic assets into the payment, but if a private key is stolen, the cryptographic assets associated with it can be stolen. To address this issue, this paper proposes a secure automated payment system using contract wallets. This method ensures the security of cryptographic assets even if the private key is stolen. Secure automated payments are enabled by issuing transactions from IoT devices and using internal transactions to link contract wallets and smart contracts that handle the payment of cryptographic assets. Furthermore, the effectiveness of the proposed system is demonstrated on the Ethereum blockchain as a proof of concept, and the cost of gas is measured.