Smart Contracts

2019 ◽  
pp. 311-326 ◽  
Author(s):  
Roger Brownsword
Keyword(s):  
New Technologies ◽  
Peer To Peer ◽  
The Other ◽  
Smart Contracts ◽  
Rule Based ◽  
Smart Contract ◽  
Regulatory Purpose ◽  
Business To Consumer ◽  
Covering Law ◽  
Business To Business

The main purpose of this chapter is to sketch two principal ways in which lawyers are likely to engage with new transactional technologies (such as smart contract applications of blockchain technologies), each form of engagement being characterized by its own questions and conversations. Whereas one form of engagement, ‘coherentism’, focuses on the fit between particular new technologies and the covering law of contract, the other, ‘regulatory-instrumentalism’, focuses on whether the law (relative to particular new technologies) is fit for regulatory purpose. The sketch is refined by drawing further distinctions between ‘transactionalist’ and ‘relationalist’ variants of ‘coherentism’ and ‘rule-based’ and ‘technocratic’ variants of regulatory-instrumentalism. With a view to decoding legal debates about emerging transactional technologies, this sketch is then applied to questions concerning smart contracts in, respectively, business-to-consumer, business-to-business, and peer-to-peer transactions.

scholarly journals A theory of transaction parallelism in blockchains

2021 ◽  
Vol Volume 17, Issue 4 ◽  
Author(s):  
Massimo Bartoletti ◽  
Letterio Galletta ◽  
Maurizio Murgia
Keyword(s):  
Peer To Peer ◽  
The Other ◽  
Smart Contracts ◽  
Internal Logic ◽  
Smart Contract ◽  
Peer Network ◽  
Crypto Currency ◽  
Peer To Peer Network ◽  
Byzantine Nodes ◽  
Do So

Decentralized blockchain platforms have enabled the secure exchange of crypto-assets without the intermediation of trusted authorities. To this purpose, these platforms rely on a peer-to-peer network of byzantine nodes, which collaboratively maintain an append-only ledger of transactions, called blockchain. Transactions represent the actions required by users, e.g. the transfer of some units of crypto-currency to another user, or the execution of a smart contract which distributes crypto-assets according to its internal logic. Part of the nodes of the peer-to-peer network compete to append transactions to the blockchain. To do so, they group the transactions sent by users into blocks, and update their view of the blockchain state by executing these transactions in the chosen order. Once a block of transactions is appended to the blockchain, the other nodes validate it, re-executing the transactions in the same order. The serial execution of transactions does not take advantage of the multi-core architecture of modern processors, so contributing to limit the throughput. In this paper we develop a theory of transaction parallelism for blockchains, which is based on static analysis of transactions and smart contracts. We illustrate how blockchain nodes can use our theory to parallelize the execution of transactions. Initial experiments on Ethereum show that our technique can improve the performance of nodes.

scholarly journals Introduction to Blockchain and Cryptocurrenncy

2020 ◽  
Author(s):  
Vidhi Pitroda ◽  
Vraj Shah ◽  
Jinan Fiaidhi
Keyword(s):  
Peer To Peer ◽  
Research Topic ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Smart Contract ◽  
High Security

In recent years blockchain technology has become mainstream research topic because of its decentralized, peer to peer transaction and anonymity properties. There are several applications of blockchain which are secure and easy as compare to the current techniques. One of the applications is a smart contract. Smart contracts are lines of code which are stored on a blockchain and automatically executed when the conditions defined by the it (developer) are met. This smart contract with the addition of blockchain technology can do task fast and with high security. In this paper we have developed a smart contract for a generalized notary application on solidity, Ethereum and the application is tested using the truffle suite. Furthermore, applications and their methodology for notary applications are also mentioned.

Smart Contract and Collaborative Platforms

2022 ◽  
pp. 104-127
Author(s):  
Émilie Boily
Keyword(s):  
Transaction Costs ◽  
Recent Article ◽  
New Technologies ◽  
Smart Contracts ◽  
Online Platforms ◽  
Smart Contract ◽  
Technological Advances ◽  
Managerial Implications ◽  
Digital Processes ◽  
User Trust

The collaborative economy (CE) involves an intensification of peer-to-peer commerce either directly or through the presence of an intermediary. Collaborative online exchanges are supported by digital processes that involve increased use of new technologies. As an intrinsically connected economy, the EC is therefore inclined to integrate the most recent technological advances, in particular smart contracts. In a recent article, Ertz and Boily raised that this technology can have important impacts for the development of the CE the intensification of exchanges between peers. This chapter consists of a conceptual review analyzing how the CE connects to smart contract technology by observing in particular the motivations of users on digital sharing platforms. The chapter also presents the organizational and managerial implications associated with the implementation of smart contracts in terms of governance, transaction costs, and user trust on collaborative online platforms. A comparison with conventional contracts is also initiated.

scholarly journals A Decentralized, Secure, Peer-to-Peer Multi-Voting System on Ethereum Blockchain

2021 ◽  
Vol 9 (10) ◽  
pp. 1354-1359
Author(s):  
Ashmita Pandey
Keyword(s):  
Electoral System ◽  
Peer To Peer ◽  
Third Parties ◽  
Smart Contracts ◽  
Time Loss ◽  
Consensus Protocol ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Voting System

Abstract: A decentralised, Secure, Peer-to-Peer Multi-Voting System on Ethereum Blockchain is a distributed ledger technology (DLT) that permits virtual votes to be transacted in a peer-to-peer decentralized network. Those transactions are validated and registered through every node of the network, so creating a transparent and immutable series of registered events whose truthfulness is supplied through a consensus protocol. Smart contract automates the execution of agreement that runs routinely as soon as the conditions are satisfied. Smart contract would not need any third parties consequently prevents time loss. By Eliminating the requirement for third parties, consequently, allows numerous processes to be extra efficient and economical. The system is secure, reliable, and anonymous. Smart contract is enforced for the Ethereum network using the Ethereum wallets and also the Solidity language. Users are capable of submit their votes immediately from their Ethereum wallets, and those transaction requests is handled with the consensus of each single Ethereum node. This creates a transparent environment for evoting. A lot of concerning efficiency of the peer-to-peer decentralized electoral system on Ethereum network along with application and the outcomes of implementation are provided in this paper. Keywords: Blockchain, Distributed Ledger Technology (DLT), Consensus Protocol, Smart Contracts, Ethereum, Solidity

scholarly journals The Legal Nature of Smart Contracts

Law and World ◽  
2021 ◽  
Vol 7 (5) ◽  
pp. 165-175
Keyword(s):  
Civil Law ◽  
The Other ◽  
Fourth Generation ◽  
Smart Contracts ◽  
Standard Contract ◽  
Smart Contract ◽  
Legal Nature ◽  
The World ◽  
Pros And Cons ◽  
Current Reality

The article discusses about the smart contract, its concept and legal nature, as well as the place of smart contracts in the Technology Law, which means a discussion on the important issues covered by this topic. At the same time, smart contracts are com- pared to the usual standard contract, where their pros and cons are discussed. The importance and necessity of both types of contracts in relation to the current reality will also be discussed. At the same time, the article discusses about the revolutions – from where they begin and how long the world has passed before today's reality, why blockchain is considered as the fourth-generation revolution and how important it is to develop and implement it. The article also discusses about the types of contracts, which means how a standard contract can be divided, in the other words, we talk about consensual and real contracts. The definitions of each of them and their need related to the smart contracts are analyzed in the article. Therefore, we use the relevant chapters and articles of civil law to be able to explain what is meant and to what extent it is possible to follow the same norms in the case of the smart contract.

scholarly journals Smart contract: from definition to certainty

2021 ◽  
Vol 1 (1) ◽  
pp. 100-122
Author(s):  
Yuriy Truntsevsky ◽  
Vyacheslav Sevalnev
Keyword(s):  
Social Relations ◽  
New Technologies ◽  
Theory And Practice ◽  
Information Support ◽  
Smart Contracts ◽  
Legal Definition ◽  
Advantages And Disadvantages ◽  
Smart Contract ◽  
Wide Range ◽  
Definition Of

The purpose of the present article is to gain an understanding of the opportunities and difficulties created by the introduction and development of the practice of network (smart) contracts. Our research methodology is based on a holistic set of principles and methods of scholarly analysis employed by modern legal science. It uses a dialectical method involving both general approaches (structural system method, formal logical method, analysis and synthesis of individual elements, individual features of concepts, abstraction, generalization, etc.) and particular methods (legal technical, systematic, comparative, historical, and grammatical methods, method of the unity of theory and practice, etc.). We analyze the views of lawyers and other specialists from Russia and abroad, legislative innovations in the field of digital technologies, the practice of blockchain-based smart contracts, and the main risks (whether legal, technological, operational, or criminogenic) of smart contracts for economic activities with a study of their causes. In the present-day situation, it is necessary to move from the legal definition of the smart contract and its legal and technological characteristics, advantages and disadvantages to the implementation of startups in a wide range of areas, especially business, public regulation, and social relations. Scholarly and information support for such processes will contribute to the development of industry, public administration and digital technology applications to improve the life of individual citizens and society as a whole. The introduction of smart contracts does not require the adoption of new laws or regulations. Instead, one should adapt and, possibly, modify existing legal principles at the legislative and judicial levels to pave the way for the use of smart contracts and other new technologies. The system of contract law provides a sufficient framework for regulating transactions without the introduction of any new legal categories. We propose approaches to the legal definition of the smart contract and identify a set of problems that must be solved at the legislative and technical legal levels in order to implement smart contracts effectively in different spheres of life.

scholarly journals Fully Decentralized Application Model by Peer to Peer Smart Contract of Blockchain

2021 ◽  
Author(s):  
Hong Su ◽  
Bing Guo ◽  
Junyu Lu ◽  
Xinhua Suo
Keyword(s):  
Peer To Peer ◽  
Third Party ◽  
Smart Contracts ◽  
Application Model ◽  
Smart Contract ◽  
Requirements Change

<div>Currently, the P2P method is that its software runs on a P2P hardware environment. However, the software is not a P2P one. It is difficult to match the scenarios in which the users' requirements change often. Meanwhile, if the software is out of service, all participants are affected. Thus, in this paper, we propose the fully decentralized application model, in which a P2P software runs in a P2P hardware environment. It is based on the blockchain, as a blockchain provides a secured P2P hardware environment. We focus on its P2P software (the P2P smart contract). A P2P smart contract is formed by smart contracts from its participants instead of a third party. It allows each participant to specify its requirement in a turning-complete way and the failure of one smart contract does not affect other smart contracts. We first describe the requirement of the P2P smart contract and the dependence among them. Then, we propose different ways to pair associated smart contracts. At last, we verify the proposed P2P smart contract model, and it shows more flexibility and robustness than the centralized software method.</div>

Fully Decentralized Application Model by Peer to Peer Smart Contract of Blockchain

2021 ◽  
Author(s):  
Hong Su ◽  
Bing Guo ◽  
Junyu Lu ◽  
Xinhua Suo
Keyword(s):  
Peer To Peer ◽  
Third Party ◽  
Smart Contracts ◽  
Application Model ◽  
Smart Contract ◽  
Requirements Change

<div>Currently, the P2P method is that its software runs on a P2P hardware environment. However, the software is not a P2P one. It is difficult to match the scenarios in which the users' requirements change often. Meanwhile, if the software is out of service, all participants are affected. Thus, in this paper, we propose the fully decentralized application model, in which a P2P software runs in a P2P hardware environment. It is based on the blockchain, as a blockchain provides a secured P2P hardware environment. We focus on its P2P software (the P2P smart contract). A P2P smart contract is formed by smart contracts from its participants instead of a third party. It allows each participant to specify its requirement in a turning-complete way and the failure of one smart contract does not affect other smart contracts. We first describe the requirement of the P2P smart contract and the dependence among them. Then, we propose different ways to pair associated smart contracts. At last, we verify the proposed P2P smart contract model, and it shows more flexibility and robustness than the centralized software method.</div>

A Framework on Enterprise-Grade Smart Contract Using Blockchain

2020 ◽  
pp. 91-101
Author(s):  
Krithika L. B. ◽  
Abhisek Mazumdar ◽  
Rajesh Kaluri ◽  
Jing Wang
Keyword(s):  
Data Storage ◽  
Cyber Security ◽  
Cloud Storage ◽  
Peer To Peer ◽  
The Other ◽  
Blockchain Technology ◽  
System A ◽  
Smart Contract ◽  
Character Code ◽  
Encryption Method

Blockchain technology is very trending and promising. It can revolutionize the traditional way of manipulation of data in many industries. There are industries which blockchain can disrupt: banking, cyber security, smart contract, insurance, cloud storage, government, healthcare, media streaming. The decentralized approach of blockchain using peer-to-peer system to verify the correct record of the ledger, which builds a trust in the system. A system can be compiled and made to get adopted with the concept of smart contract. The aim of the work is to develop a system that is flexible enough to get implemented in the industries like finance, cyber security, data storage, buying and selling of properties, healthcare, etc. This will use a one-way encryption method known as SHA-256. A block with the 256-character code bind with the other metadata of the block will be termed as a smart contract for the item.

scholarly journals A Peer-to-peer Purchase and Rental Smart Contract-based Application (PuRSCA)

2018 ◽  
Vol 60 (5-6) ◽  
pp. 307-320 ◽  
Author(s):  
Sina Rafati Niya ◽  
Florian Schüpfer ◽  
Thomas Bocek ◽  
Burkhard Stiller
Keyword(s):  
Transaction Costs ◽  
Data Transmission ◽  
Communication Protocol ◽  
Peer To Peer ◽  
D2d Communication ◽  
Security And Privacy ◽  
Smart Contracts ◽  
Design And Implementation ◽  
Smart Contract ◽  
Cost Efficient

Abstract This work introduces the design and implementation of an Android-based Peer-to-peer Purchase and Rental Application termed PuRSCA, which leverages Smart Contracts (SC) and the Ethereum public blockchain (BC). As a Device-to-device (D2D) communication protocol, WiFi-Direct is chosen to enable the P2P data transmission between two parties. This work results in a cost-efficient, secure, SC-based, P2P, and Decentralized application (Dapp). Evaluations on performance of this Dapp is specified in terms of its D2D deployment, transaction costs, scalability, security, and privacy.

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