Agent-Based Modeling for a Collaborative Economy on the Blockchain

One of the most intriguing recent development is in blockchain, which has the potential to make collaborative economies safer by securing transactions and contracts. This makes it one of the most exciting recent improvements in IoT. The use of smart contracts in an Internet of Things environment that is based on blockchain technology is essential for the creation of new kinds of businesses. This is because many of the blockchain's capabilities rely on information that is stored off-chain. Other business models may also benefit from this improvement. The architecture of the data carrier is made up of three different parts: the Mission Manager, the Task Publisher, and the Worker. Each of these components is capable of talking with the smart contract's author as well as the smart contract itself, as well as, a Tether node, a Lite Coin node, and off-chain data sources. As a direct result of meeting the optimization requirements that were applied (the Ant Colony Algorithm), representing novel approaches to smart contract filtering via the use of a redacted event log have been developed The capability of the approach to lower the average cost of deployment is the key to both the approach's high level of performance as well as its efficiency as an innovative business model for the collaborative economy