Blockchain-based Automated Formal Model for Smart Market System

Abstract

The blockchain technology is creating a great impact on the stakeholders of different departments. It resolves data security and centralized database issues. In this work, blockchain-based smart market system is presented to ensure quality of products and to increase tax ratio. In smart market system, we have defined customer, distributors, stores and distributor departments as operation in VDM-SL in which their details are managed and stored in blockchain. Furthermore, product sale, purchase and quality details are saved as transactions in the blockchain. All the details are viewed by relevant departments such as quality assurance authority, distribution departments, distributors and customers using mobile application, which are also described as operations in the system specification. Due to lack of space, we have not mentioned customer and distributor departments in detail. Unified Modeling Language (UML) is used to describe blockchain-based smart market diagrammatically. We have automated our model using Non-deterministic Finite Automata (NFA) to realize behavior of the system. Vienna Development Method-Specification Language (VDM-SL) is used to formally describe and analyze the system properties and invariants. VDM-SL toolbox is used to ensure system correctness and efficiency before implementation phase.