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An increasing number of industries rely on Internet-of-Things devices totrack physical resources. Blockchain technology provides primitives torepresent these resources as digital assets on a secure distributed ledger. Dueto the proliferation of blockchain-based assets, there is an increasing needfor a generic mechanism to trade assets between isolated platforms. To date,there is no such mechanism without reliance on a trusted third party.  In this work, we address this shortcoming and present XChange. Unlikeexisting approaches for decentralized asset trading, we decouple trademanagement and the actual exchange of assets. XChange mediates trade of anydigital asset between isolated blockchain platforms while limiting the fraudconducted by adversarial parties. We first describe a generic, five-phasetrading protocol that establishes and executes trade between individuals. Thisprotocol accounts full trade specifications on a separate blockchain. We thendevise a lightweight system architecture, composed of all required componentsfor a generic asset marketplace.  We implement XChange and conduct real-world experimentation. We leverage anexisting, lightweight blockchain, TrustChain, to account all orders and fulltrade specifications. By deploying XChange on multiple low-resource devices, weshow that a full trade completes within half a second. To quantify thescalability of our mechanism, we conduct further experiments on our computecluster. We conclude that the throughput of XChange, in terms of trades persecond, scales linearly with the system load. Furthermore, we find that XChangeexhibits superior throughput and order fulfil latency compared to relateddecentralized exchanges, BitShares and Waves.

XChange: A Blockchain-based Mechanism for Generic Asset Trading In Resource-constrained Environments