Blockchain-based Smart Contracts Research Articles

Cooperation Among Strangers: Algorithmic Enforcement of Reciprocal Exchange with Blockchain-Based Smart Contracts

Cooperation Among Strangers: Algorithmic Enforcement of Reciprocal Exchange with Blockchain-Based Smart Contracts

APPLICATION OF SMART CONTRACTS IN ELECTRONIC SYSTEMS BASED ON BLOCKCHAIN TECHNOLOGIES

In the era of digitization, where information technology and business processes are closely intertwined, the development and implementation of blockchain-based smart contracts become key to achieving a new level of automation, security, and efficiency. This article deeply analyzed how blockchain smart contracts can enhance the execution of contractual obligations, making processes more transparent and efficient. The main aspect of study is the technical details of smart contracts and exploration of their practical application for optimizing business procedures, significantly reducing risks associated with fraud and the need for intermediaries. A practical demonstration of deploying a smart contract, executed in the Python programming language, is proposed as a method used in the article, highlighting the possibilities and challenges related to scalability and regulation. Results underscore a notable boost in operational efficiency and security, while also identifying barriers to broader technological adoption. Concluding, the significant role of smart contracts in evolving information systems is underlined, advocating for novel approaches to secure, autonomous contract fulfillment and emphasizing the importance of ongoing research to exploit their full capabilities in fortifying information security and operational efficacy.

APPLICATION OF SMART CONTRACTS IN ELECTRONIC SYSTEMS BASED ON BLOCKCHAIN TECHNOLOGIES

In the era of digitization, where information technology and business processes are closely intertwined, the development and implementation of blockchain-based smart contracts become key to achieving a new level of automation, security, and efficiency. This article deeply analyzed how blockchain smart contracts can enhance the execution of contractual obligations, making processes more transparent and efficient. The main aspect of study is the technical details of smart contracts and exploration of their practical application for optimizing business procedures, significantly reducing risks associated with fraud and the need for intermediaries. A practical demonstration of deploying a smart contract, executed in the Python programming language, is proposed as a method used in the article, highlighting the possibilities and challenges related to scalability and regulation. Results underscore a notable boost in operational efficiency and security, while also identifying barriers to broader technological adoption. Concluding, the significant role of smart contracts in evolving information systems is underlined, advocating for novel approaches to secure, autonomous contract fulfillment and emphasizing the importance of ongoing research to exploit their full capabilities in fortifying information security and operational efficacy.

Transaction Security and Management of Blockchain-Based Smart Contracts in E-Banking-Employing Microsegmentation and Yellow Saddle Goatfish

The process security of money transactions is considered an important issue in e-banking. Additionally, it is an enormous problem if never controlled. particular, security should be a combination of fast and sturdy characteristics, which is the subject of previous studies suffered from. Our research attempts to improve the system in which banks deal with the security of financial transactions. This research leverages the idea of microsegmenting the entire system into designated zones to concentrate on security, where each zone has its own rules and limitations. These rules are managed by a smart contract, which decides whether they have been observed to verify the legitimacy of the customer. First, the two-phase commit algorithm (2PC) was used to specify the type of e-banking request. After this, the microsegmentation principle was applied to isolate each type of e-transaction process alone in a separate segment. Then, the yellow saddle goatfish algorithm (YSGA) was used to determine whether the smart contract conditions were optimized. Finally, if the customer is authorized, then the entire transaction process is saved in the blockchain's main ledger and secured by a unique hash. The blockchain application makes our system capable of dealing with large numbers of users in a decentralized manner. In addition, using a hash with each block prevents fraudulent transactions by adversaries. Our system has been examined against several recent well-known assaults/attacks, such as falsification, advanced persistent threat, bribery, spoofing, double spending, chosen text, race, and transaction replay attacks, and has proven to overcome them. In terms of the performance evaluation, we obtained an execution time of approximately 0.0056 nanoseconds, 3.75% complexity, and 1500 KB of memory and disk drive, which is considered low compared to that of state-of-the-art research. Thus, our proposed system is highly acceptable for banking sector applications.

Realtime polymorphic malicious behavior detection in blockchain-based smart contracts

Abstract This paper proposes an innovative approach to achieving real-time polymorphic behavior detection, and its direct application to blockchain-focused smart-contracts. We devise a method based on a non-deterministic finite state machine to perform approximate pattern-matching, using a look-ahead mechanism implemented through a concept similar to that of a sliding window, and using threshold-based similarity checking at every state in the automaton. We introduce and formalize our approach, discuss the challenges we faced and then test it in a real-world environment. The experimental results obtained showed a significant speed-up of our approach, as compared to the classic similarity measures used commonly in such scenarios.

Multi-agent-based decentralized residential energy management using Deep Reinforcement Learning

In smart grid, energy consumption has grown exponentially in residential houses, which necessitates the adoption of demand response management. To alleviate and handle the energy management in residential houses, an efficient residential energy management (REM) system can be employed to regulate the energy consumption of appliances for several energy loads such as non-shiftable, shiftable, and controllable loads. Many researchers have focused on the REM using machine learning and deep learning techniques which is not able to provide secure and optimal energy management procedure. Thus, in this paper, a multi-agent-based decentralized REM, i.e., MD-REM approach is proposed using Deep Reinforcement Learning (DRL) with the utilization of blockchain. Furthermore, The combinatorial model DQN, i.e., Q-learning and deep neural network (DNN) is employed, to gain the optimal price based on the reduced energy consumption by appliances associated with different energy loads utilizing the Markov Decision Process (MDP). Here, multiple agents are designed to handle different energy loads and consumption is controlled by the DQN agent, then reduced consumption data is securely shared among all stakeholders using blockchain-based smart contract. The performance evaluation of the proposed MD-REM approach seems to be efficient in terms of reduced energy consumption, optimal energy price, reward, and total profit analysis. Moreover, blockchain-based result is evaluated for the proposed MD-REM approach considering the performance metrics such as transaction efficiency, Interplanetary File System (IPFS) bandwidth utilization, and data storage cost comparison.

Legality of Blockchain and Smart Contracts in India

India is presently experiencing a moment of profound transformation that encompasses revisions to its constitution and legal principles. In this era of remarkable transformation, it would be imprudent to overlook the technological innovations and digital advancements that have permeated the legal domain. One particularly vital aspect in this context is the field of Contract Law. Presently, electronic contracts in India are primarily governed by The Indian Contract Act, in conjunction with the Information Technology Act and the Indian Evidence Act, unless stated otherwise. These legal frameworks provide the foundation for legally enforceable electronic contracts in the country. This research paper emphasizes the urgent requirement for a legal adaptation in the field of Contract Law to align with the ever-evolving technological landscape. It also delves into the legal intricacies associated with blockchain-based Smart Contracts, elucidating how these contracts function within the current judicial landscape. Finally, it concludes by emphasizing the necessity for a pioneering effort to regulate this dynamic domain.

Collaboration of Heterogeneous Edge Computing Paradigms: How to Fill the Gap Between Theory and Practice

Edge computing paradigms such as cloudlet, mobile edge computing (MEC) and fog computing, are promising to reduce network transmission delay while meeting intensive computing requirements at the network edge. As always assumed in theoretical studies, to expand service capability, it is desirable to integrate edge resources into a unified resource pool and make different edge facilities collaborate. However, this collaboration is difficult in practice since the heterogeneity among paradigms leads to resource isolation. This article focuses on clarifying and shielding heterogeneity among edge computing paradigms for collaboration. First, based on cloudlet, mobile edge computing and fog computing, three main edge computing paradigms, i.e., small cloudy edge paradigm (SmallC), mobile integrated edge paradigm (MobInt) and front ad hoc edge paradigm (FrontAH), are defined. So that the heterogeneity among them can be analyzed, according to which, collaboration challenges in computing resource trading, information communication and resource sharing are identified. Promising techniques such as blockchain-based smart contract, media-independent handover (MIH), and software-defined network and network function virtualization (SDN/NFV) are then introduced and integrated into a complete collaboration solution. Finally, taking the unmanned vehicular navigation as an example, the performance of collaboration is evaluated, considering additional costs introduced by collaborations, including trading, network handoff and data transmission among edge facilities in different paradigms. Simulation results show that compared with existing schemes of the three paradigms, the collaboration can reduce the cost (i.e. weighted sum of energy consumption and delay) by at least 45.6%.

Blockchain-Based Smart Contract Model for Securing Healthcare Transactions by Using Consumer Electronics and Mobile-Edge Computing

Blockchain-Based Smart Contract Model for Securing Healthcare Transactions by Using Consumer Electronics and Mobile-Edge Computing

AI-assisted Blockchain-enabled Smart and Secure E-prescription Management Framework

Traditional medical prescriptions based on physical paper-based documents are prone to manipulation, errors, and unauthorized reproduction due to their format. Addressing the limitations of the traditional prescription system, e-prescription systems have been introduced in several countries. However, e-prescription systems lead to several concerns like the risk of privacy loss, the problem of double-spending prescriptions, lack of interoperability, and single point of failure, all of which need to be addressed immediately. We propose an AI-assisted blockchain-enabled smart and secure e-prescription management framework to address these issues. Our proposed system overcomes the problems of the centralized e-prescription systems and enables efficient consent management to access prescriptions by incorporating blockchain-based smart contracts. Our work incorporates the Umbral proxy re-encryption scheme in the proposed system, avoiding the need for repeated encryption and decryption of the prescriptions when transferred between different entities in the network. In our work, we employ two different machine learning models(Random Forest classifier and LightGBM classifier) to assist the doctor in prescribing medicines. One is a drug recommendation model, which is aimed at providing drug recommendations considering the medical history of the patients and the general prescription pattern for the particular ailment of the patient. We have fine-tuned the SciBERT model for adverse drug reaction detection. The extensive experimentation and results show that the proposed e-prescription framework is secure, scalable, and interoperable. Further, the proposed machine learning models produce results higher than 95%.

Mitigating Blackhole and Greyhole Routing Attacks in Vehicular Ad Hoc Networks Using Blockchain Based Smart Contracts

Mitigating Blackhole and Greyhole Routing Attacks in Vehicular Ad Hoc Networks Using Blockchain Based Smart Contracts

THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS

Blockchain-based smart contracts are self-running computer programs that can automate a variety of commercial activities. Currently, the majority of these decentralized applications are developed using smart contract platforms like Polkadot, Cardano, and Ethereum. In addition to analyzing current technology developments and prospective future applications, this article provides a historical review of smart contract platforms. The study emphasizes the significance of smart contract platforms for supporting blockchain-based applications and enabling decentralized finance (DeFi). It also looks at the emergence of layer-2 scaling solutions, the introduction of non-fungible tokens (NFTs), and the growing need of interoperability among different smart contract platforms. The article also looks at the potential for multi-chain smart contracts, the effects of quantum computing, the integration of AI and ML technologies with smart contract platforms, and the potential for smart contract platforms to support decentralized autonomous organizations (DAOs). The difficulties of expanding smart contract platforms, the requirement for uniformity in the creation of smart contracts, and the potential for smart contract platforms to revolutionize sectors like healthcare, real estate, and supply chain management are also covered. The paper emphasizes the significance of ongoing innovation and development in smart contract platforms for the expansion of the blockchain ecosystem as it draws to a close.

Smart Contracts for Mobile Network Operator Bandwidth Sharing

We propose a new way to share licensed spectrum bandwidth capacity in mobile networks between operators, service providers, and end users using blockchain-based smart contracts. We discuss the foundational building blocks in the contract as well as various extensions to support more advanced features such as bulk purchases and future reservations. Furthermore, we demonstrate how the system can be implemented with an open source, permissioned enterprise blockchain, Hyperledger Sawtooth. We show that our smart contract implementation can improve blockchain transaction performance, by approximately four orders of magnitude compared to serial transactions and one order of magnitude compared to parallel transactions, by using public key infrastructure driven bulk purchases of mobile access grants, paving the way for fully automated, efficient, and fine-grained roaming agreements. We conclude with a discussion of lessons learned from two end-to-end use cases we implemented to validate our distributed ledger design.

Internet of Things and Blockchain-Based Smart Contracts: Enabling Continuous Risk Monitoring and Assessment in Peer-to-Peer Lending

ABSTRACT Peer-to-peer (P2P) lending enables individuals and small companies to finance and invest without the intermediation of financial institutions. However, this business model is also associated with high delinquency risk and a lack of risk monitoring and control capabilities. This paper explores the potential of the Internet of Things (IoT), blockchain, smart contract technologies, and the Continuous Risk Monitoring and Assessment (CRMA) framework to re-engineer risk monitoring and control for P2P lending. We conducted a case study of a large Chinese P2P lending company to identify problems in its current risk monitoring and control processes and to design an IoT-smart contract CRMA system to continuously monitor and respond to delinquency risk via real-time data collection, automatic loan settlement, and in-time risk disclosure. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: M40; M41; M49.

Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence

Blockchain-based smart contracts can potentially replace certain traditional contracts through decentralized enforcement and reduced transaction costs. However, scalability is a key bottleneck hindering their broader application and adoption, often leading to concentrated or exclusive networks. To avoid falling short of the original promise of the technology, firms actively explore “layer-2” methods for scaling. We provide some initial evidence on the economic implications of a layer-2 scaling solution, which moves information aggregation from on-chain to off-chain peer-to-peer networks. A parallel-system experiment allows clean identification because we observe the same unit in the treatment and control systems at the same time. We find that this scaling solution reduces operating costs by 76%, and importantly, leads to decentralization with lower market concentration and more participation, which in turn improves data accuracy. The findings provide insights on how blockchain and smart contracting technologies evolve toward achieving decentralized and scalable trust. This paper was accepted by David Simchi-Levi, information systems. Funding: W. Cong received funding from Ripple’s university blockchain research initiative (UBRI). Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2023.00281 .

Smart Contracts Security Application and Challenges: A Review

There has been a rise in the demand for blockchain-based smart contract development platforms and language implementations. On the other hand, smart contracts and blockchain applications are generated using non-standard software life cycles, which means that, for example, distributed applications are rarely updated, or bugs are fully addressed by releasing a newer version, leading to security flaws and challenges for users to adopt the technology. Smart contracts have gained significant attention due to their potential to automate and secure various transactions in diverse domains. However, the increasing adoption of smart contracts has also raised concerns about security vulnerabilities and potential risks. In this paper, an overview of smart contracts was discussed in detail. It further distinguished and compared smart contracts security with conventional security regarding security, privacy, communication channel, etc. Different platforms for smart contracts, such as Bitcoin, Ethereum, Counterparty, Stellar, Monax, and Lisk, are also discussed in this paper. Some proposed techniques are used in different areas for handling security threats in smart contracts. In addition, a taxonomy of the smart contracts security application was proposed, which attempts to solve some of the flaws and inadequacies in smart contracts. The study also provides a comprehensive smart contracts security scenario with different techniques. Lastly, the possible attacks posed by threats and vulnerabilities of the smart contracts are provided. The security threats and vulnerabilities addressed in this study are unique to smart contracts.

Smart Contract Based Fraud Degree Detection System

This paper delves into the challenges faced by universities in preserving students' evaluations and academic records securely. These records are crucial not only for validating academic qualifications but also for analyzing and implementing meaningful reforms. However, the prevalence of corruption and fraudulent activities in university results necessitates robust security measures to prevent tampering or deletion of such sensitive data. The paper explores the potential of using blockchain technology and smart contracts to address this security and trust issues in managing students' evaluations. By leveraging the inherent characteristics of blockchain, such as immutability, transparency, and decentralization, smart contracts offer a secure and reliable solution for data management. Smart contracts act as autonomous agreements, facilitating direct interaction between exam administrators and students without intermediaries, thereby reducing vulnerabilities associated with third-party involvement. Implementing blockchain-based smart contracts brings various benefits, including cost and timesaving. Students maintain full control over their data thanks to emerging technologies like blockchain. Data stored in blockchain networks is organized into linked blocks, and validators ensure the authenticity and integrity of each block through cryptographic hash codes. Furthermore, the decentralized nature of blockchain ensures that data is distributed across the network, minimizing the risk of single points of failure and enhancing overall system security. With consensus mechanisms and mathematical operations, blockchain-based smart contracts provide transparent records of completed operations, often referred to as decentralized ledgers. In conclusion, the paper emphasizes the potential of blockchain-based smart contracts in strengthening information security and trust in university systems. This innovative technology can safeguard student evaluations from tampering, fraudulent activities, and unauthorized access. By adopting such solutions, universities can not only enhance data security but also streamline administrative processes and foster a culture of trust within academic institutions. As blockchain gains wider acceptance, exploring these transformative solutions becomes essential for ensuring a more successful educational environment. Keywords: Students' evaluations, Academic records, Data management, Blockchain technology, Smart contracts, Information security, Trust, Fraud prevention, Tamper-proof, Immutability, Transparency, Decentralization, Third-party intermediaries, Time and financial efficiency, Data ownership Cryptographic hash codes, Consensus mechanisms

Leveraging Blockchain-based Smart Contracts to Develope Trustworthy Customer Agreements

The With the advancement of computer, electronic, and telecommunications technology, there has been a significant change in the world of applications, which makes it easier for humans to carry out various activities, both at work and in interacting on social media.CV. Albahritech faces the challenge of not having a quick and easy office equipment maintenance application. This limitation can have a negative impact on company operations. Currently, the maintenance process still relies on communication via WhatsApp or phone, which causes customer appointments to be missed or forgotten due to the large number of calls for customer maintenance services that cannot be fulfilled. In addition, transactions and visit reports are not properly recorded, which can cause customers to experience delays in getting treatment services or even cause customers to look for other treatment services.The currently designed application uses a blockchain-like decentralized network model, known as a DApp. This DApp has several important features that utilize blockchain technology[1], including the ability to make payments using cryptocurrencies such as Ether and the feature to record service lists for customers. In this application, smart contracts are used to create a mechanism of trust and automation in agreements or deals between the parties involved. This ensures that agreements and transactions made within the app are transparent, secure, and without the need for a third party. In addition, the app also uses IPFS for customer data storage. IPFS is a peer-to-peer file distribution system that serves to store and distribute data on the interne[2]t. The use of IPFS in this application enables distributed and decentralized data storage, thereby improving data security and reliability.
 
 
 Keywords: Helpdesk, Ticketing, Blockchain, Smart Contract,IPFS.

LEVERAGING BLOCKCHAIN-BASED SMART CONTRACT IN ISLAMIC FINANCIAL INSTITUTIONS: ISSUE AND RELEVANT SOLUTION

A blockchain-based smart contract is a computer script, stored in the blockchain network and enforced automatically based on predetermined terms, decentralised verification as well as fully accessible real-time records to all blockchain users. Smart contract innovation, with a high level of transparency and a lower risk of operational errors, offers a novel approach for more effectively implementing Shariah contracts in Islamic financial institutions. However, the immutable smart contract principle, which disallows the amendment or deletion of the code deployed in the blockchain, appears incompatible with the iḥsān criterion implemented in Islamic financial institutions’ product offerings that allow operations and terms adjustment under certain conditions, including payment rescheduling and contract restructuring facilities in financing products. This study aims to look into the concept of blockchain-based smart contracts, as well as issue related to immutable smart contract and viable solutions that align with Shariah and Islamic banking operations. The study utilised the library research to achieve the objective by referring to related literature. The qualitative data were then descriptively analysed using the conceptual content analysis method. The study’s results found that, in order to comply with the characteristics of iḥsān to implement Shariah contracts using blockchain-based smart contract technology, the programmer should first write flexible code rather than fixed code, and the upgradable proxy contract should be well applied in the creation of the smart contract code.

Financial investment trust mechanism based on smart contract.

In this paper, a financial investment trust solution based on smart contract is proposed to solve the distrust problem in financial investment caused by information asymmetry. By utilizing the functional attributes of blockchain-based smart contracts, the financial investment trust mechanism is established. By operating this mechanism, the financial investment information is received, stored, and processed, and the information is sent to the nodes in the blockchain. By devising the algorithms of "requesting financial investment service", "successful financial investment", "product contract fraud arbitration" and "investment contract fraud arbitration", the financial investment trust mechanism is achieved. By presenting the algorithms and their invoking processes, smart contracts for the solution are written and debugged. Finally, the smart contracts are tested and validated. The smart contract source code is available in GitHub.