Real time Smart Contracts for IoT using Blockchain and Collaborative Intelligence based Dynamic Pricing for the next generation Smart Toll Application

Abstract: The confluence of Internet of Things(IoT) , Blockchain(BC) and Artificial Intelligence(AI) acts as a key accelerator for enabling Machine Economy. To be ready for future businesses these technologies needs to be adapted by extending the IoT capabilities to Economy of Things (EoT) capabilities. In this paper we focus on one such implementation experience for Smart Toll Transaction application in the domain of mobility. Our paper showcases a possible solution by leveraging negotiations, decision making, distributed learning capabilities at the devices level using AI-enabled Multi-Agent Systems and the real-time smart contracts between the Cars and Tolls using Blockchain. This solution also showcases the monetization of real time data coming from various IoT devices which are part of vehicles and infrastructure. While blockchain secures the privacy of the participants it also acts as an economic transactional layer and governance layer between the devices in the networ