A Cloud Storage Resource Transaction Mechanism Based on Smart Contract

Since the security and fault tolerance is the two important metrics of the data storage, it brings both opportunities and challenges for distributed data storage and transaction. The traditional transaction system of storage resources, which generally runs in a centralized mode, results in high cost, vendor lock-in, single point failure risk, DDoS attack and information security. Therefore, this paper proposes a distributed transaction method for cloud storage based on smart contract. First, to guarantee the fault tolerance and decrease the storing cost for erasure coding, a VCG-based auction mechanism is proposed for storage transaction, and we deploy and implement the proposed mechanism by designing a corresponding smart contract. Especially, we address the problem - how to implement a VCG-like mechanism in a blockchain environment. Based on private chain of Ethereum, we make the simulations for proposed storage transaction method. The results showed that proposed transaction model can realize competitive trading of storage resources, and ensure the safe and economic operation of resource trading.