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Cognitive radio (CR) technology offers the possibility of an increase in spectrum utilization efficiency to resolve the prevalent spectrum scarcity problem. The economic survival of secondary spectrum markets (SSMs) is heavily dependent on the sharing of both the licensed spectrum and spectrum infrastructure by primary licensed operators (PLOs). In this research, an automated pricing model using a blockchain token called the spectrum dollar has been implemented for secondary radio spectrum trade. The use of spectrum dollars enables noncash-based secondary spectrum trade among PLOs based on a floor-and-trade rule. The pricing of spectrum dollars and the associated revenue shares are based on the underlying secondary spectrum trading behaviours of PLOs. PLOs that do not contribute enough secondary spectra to the SSM (to satisfy demand) suffer a loss proportional to the difference between their earned revenues and the specified floor value in the SSM. The secondary spectrum trade is assumed to be centrally managed by a spectrum broker, which announces the floor value for each bidding period while ensuring nonnegative revenue for the market itself. The use of the spectrum dollar along with the floor-and-trade methodology eliminates the possibilities for economic malpractice by PLOs that could increase spectrum reuse costs. In addition, the floor value provides automatic regulatory control to ensure the economic viability and prevent the technological hijacking of future SSMs.

A Blockchain Token-Based Trading Model for Secondary Spectrum Markets in Future Generation Mobile Networks