Blockchain-based Data Trading Markets: A Research Framework on the Architecture and Mechanism Design
Yong Yuan, Xuan Liu, Lu Liu, Shengyuan Xie, Leilei Xu, Tao Liu, Ruizhe Yao · IFAC-PapersOnLine · 2025
Data trading is a crucial component and decisive factor for the strategic development of data as a factor of production. Currently, data markets typically lack effective methods of mechanism design and decision-making, thus leading to significant issues in practices such as mis-matching market architectures, simple pricing mechanisms, as well as absence of incentive mechanisms. These issues might cause severe bottlenecks and obstacles in market entry, data pricing and establishing mutual trusts. Aiming at addressing these challenges, we proposed a novel research framework for blockchain-based data trading markets. Specifically, we discussed several key issues including the blockchain-based market architectures, auction-based data pricing mechanisms, and the incentive mechanism design. We also presented several open issues and research challenges awaiting future research efforts in this area. Our framework is aimed to help provide theoretical guidance and reference for data exchanges and the market ecosystem, which are currently in its exploratory and growth stages.