Towards a semantic blockchain: A behaviouristic approach to modelling Ethereum

Abstract

Decentralised ledgers are gaining momentum following the interest of industries and people in smart contracts. Major attention is paid to blockchain applications intended for trading assets that exploit digital cryptographic certificates called tokens. Particularly relevant tokens are the non-fungible tokens (NFTs), namely, unique and non-replicable tokens used to represent the cryptographic counterpart of assets ranging from pieces of art through to licenses and certifications. A relevant consequence of the hard-coded nature of blockchains is the hardness of probing, in particular when advanced searchers involving the capabilities of the smart contracts or the assets digitised by NFTs are required. For this purpose, a formal representation for the operational semantics of smart contracts and of tokens has become particularly urgent, especially in economy and finance, where blockchains become increasingly relevant. Hence, we feel the need to tailor Semantic Web technologies to achieve that semantic representation at least for NFTS. This article reports on an ontology that leverages the Ontology for Agents, Systems, and Integration of Services (“OASIS”) towards the semantic representation of smart contracts responsible for managing ERC721-compliant NFTs and running on the Ethereum blockchain. Called Ether-OASIS, the proposed ontology adopts OASIS and tailors its behaviouristic approach to the Ethereum blockchain by conceiving smart contracts as agents running on the blockchain and, consequently, smart contract interactions as agent commitments. Smart contracts are represented in terms of their actions, purposes and tokens that they manage, thus realising a blockchain that is more usable both by users and automated applications. The ontology is evaluated using standard ontological metrics and applied on a case study concerning the minting and transferring of NFTs that digitise batches of wheat.