Smart Contract-Based Right-of-Way Trade with Game Theory in Blockchain-Enabled Internet of Vehicles

The Internet of Vehicles (IoV) has a significant impact on improving traffic efficiency and driving safety. In this paper, we propose an intelligent transportation credit system based on blockchain, and design a crossroad passing smart contract that allows time-sensitive convoys to pass a crossroad...

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Bibliographic Details
Published inApplied sciences Vol. 14; no. 6; p. 2492
Main Authors Li, Cheng, Wu, Hao, Lu, Yunlong, Xiong, Lei, Dong, Chen, Li, Jing
Format Journal Article
LanguageEnglish
Published Basel MDPI AG 01.03.2024
Subjects
Automation
Automobile safety
Blockchain
Contract negotiations
Efficiency
Energy consumption
Game theory
Internet of Vehicles
Monte Carlo simulation
Optimization
Pareto efficiency
Privacy
Privacy, Right of
right-of-way trade
smart contract
Traffic accidents & safety
Traffic control
Traffic flow
Vehicles
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Summary:The Internet of Vehicles (IoV) has a significant impact on improving traffic efficiency and driving safety. In this paper, we propose an intelligent transportation credit system based on blockchain, and design a crossroad passing smart contract that allows time-sensitive convoys to pass a crossroad earlier by paying traffic tokens for right-of-way trade. Second, this paper formulates the time–cost optimization problem under the premise of protecting the privacy of preceding convoys. Based on game theory with incomplete information, two right-of-way optimal bid strategies are given. Both theoretical analysis and simulation prove that the strategy proposed in this paper effectively reduces the waiting time of time-sensitive vehicles at a crossroad and increases the trade success probability, which, in turn, improves the expected total profit of convoys and achieves Pareto improvement.
ISSN:2076-3417
2076-3417
DOI:10.3390/app14062492