scholarly journals Smart Payment Contract Mechanism Based on Blockchain Smart Contract Mechanism

2021 ◽  
Vol 2021 ◽  
pp. 1-12
Author(s):  
Xianyun Ge
Keyword(s):  
Cloud Storage ◽  
Contract Law ◽  
Cloud Services ◽  
Smart Contracts ◽  
Precise Method ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Finance Law ◽  
Contract Form ◽  
The Relationship

In recent years, blockchain technology has become a hot topic in various industries. With the development and maturity of blockchain technology, it has been applied to finance, law, etc., with its advantages of decentralization, openness, information security, and concealment. The application scenarios of industry are becoming more and more abundant. Compared with the traditional TPA payment contract form, the smart contract mechanism based on blockchain technology is obviously more efficient, convenient, and safe. Against this background, we design a smart payment contract suitable for cloud storage by studying Ethereum. The relationship clause in the smart payment contract should be regulated around the contract law. The smart contract payment linkage clause can be classified into three forms, including conditional effective type, contract joint type, and contract link type, which correspond to the contract law. Therefore, the contract legal system for smart contract payment linkage clauses should follow typified thinking. Based on blockchain technology, smart contracts not only reduce the number of interactions in contract execution but also allow users to stop paying for cloud services when data is lost or damaged. The precise method is to generate each node with a private chain and place the smart contract on the private chain. With the decentralization of the blockchain private chain, the advantages of read-only data, and traceability of information, the storage of smart payment contract data is more secure. Both parties to the transaction are more trustworthy. Therefore, the proposed system has a safe and efficient smart contract payment mechanism, which brings a good user experience to users, which proves the significance and value of this research.

scholarly journals Smart Contracts in the New Era of Contract Law

2020 ◽  
Vol 1 (4) ◽  
pp. 8-24
Author(s):  
Alexandros A. Papantoniou
Keyword(s):  
Theoretical Basis ◽  
Contract Law ◽  
Smart Contracts ◽  
New Era ◽  
Novel Technologies ◽  
Blockchain Technology ◽  
Smart Contract

This essay examines whether smart contract innovation is capable of displacing the orthodox adherence to traditional contracts. This examination is underpinned by an analysis of the legality of smart contracts, through which it is exemplified that smart contracts ought to be considered legally binding instruments. The essay proceeds to explore the superiority of smart contracting on a technical and theoretical basis. The advantages generated through smart contract automaticity and enforceability present a concrete basis for undermining reliance on traditional contracts. Blockchain Technology also enhances the benefits of smart contracts by acting as a smart contract enabler through guaranteed performance and enforceability. Nevertheless, such novel technologies inevitably suffer from several shortcomings. This essay considers examples which illustrate the inflexibility of smart contracting. Apart from being susceptible to hacking and code exploitation, smart contracting is unable to deal with ambiguities and potential modifications. Overall, this suggests that the advantages of smart contract practice are currently confined to some specified limited scenarios. Smart contracts perform a different function to traditional contracting by merely guaranteeing technical enforceability as opposed to legal enforceability. This essay thus concludes that, for the time being, it is best to regard smart contracting as a supplement to traditional contracts rather than an outright displacement.

A Study of Use Cases for Smart Contracts Using Blockchain Technology

2021 ◽  
pp. 1823-1844
Author(s):  
S R Mani Sekhar ◽  
Siddesh G M ◽  
Swapnil Kalra ◽  
Shaswat Anand
Keyword(s):  
Natural Disaster ◽  
Vital Role ◽  
Use Cases ◽  
Use Case ◽  
Smart Contracts ◽  
Digital Identity ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Healthcare Finance ◽  
Natural Disaster Management

Blockchain technology is an emerging and rapidly growing technology in the current world scenario. It is a collection of records connected through cryptography. They play a vital role in smart contracts. Smart contracts are present in blockchains which are self-controlled and trustable. It can be integrated across various domains like healthcare, finance, self-sovereign identity, governance, logistics management and home care, etc. The purpose of this article is to analyze the various use cases of smart contracts in different domains and come up with a model which may be used in the future. Subsequently, a detailed description of a smart contract and blockchain is provided. Next, different case-studies related to five different domains is discussed with the help of use case diagrams. Finally, a solution for natural disaster management has been proposed by integrating smart contract, digital identity, policies and blockchain technologies, which can be used effectively for providing relief to victims during times of natural disaster.

scholarly journals THE CONCEPT OF SMART CONTRACTS FROM THE LEGAL PERSPECTIVE

2019 ◽  
Vol 34 (3) ◽  
Author(s):  
Karolina Kasprzyk
Keyword(s):  
Contract Law ◽  
Regulatory Framework ◽  
Legal Issues ◽  
Comparative Perspective ◽  
Smart Contracts ◽  
Legal Definition ◽  
Smart Contract ◽  
Legal Perspective ◽  
Definition Of

The purpose of article hereof is to introduce the significant characters of the smart contracts and certain ideas and proposals de lege ferenda on regulatory framework for smart contracts. Furthermore, present legislation with regard to the legal definition of the smart contract will be discussed from a comparative perspective. Particular note will be devoted to smart contracts in a relation to the contract law. Substantively, legal issues arising from the use of smart contracts, focussing upon actual and potential conflicts with established principles of contract law, will be introduced.

scholarly journals Smart Contract: The Concept, Legal Nature, Features of Conclusion and Execution

Legal Concept ◽  
2019 ◽  
pp. 54-60
Author(s):  
Nizami Safarli
Keyword(s):  
Russian Federation ◽  
Legal Regulation ◽  
Smart Contracts ◽  
Advantages And Disadvantages ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Legal Nature ◽  
Domestic Legislation ◽  
The Russian Federation ◽  
Statutory Regulation

Introduction: the paper is devoted to a new phenomenon in business activity in the conditions of IT development that contribute to the creation of secure contractual relations on the Internet on the basis of transactions executed through smart contracts. The author notes that the need for amendments that could fill the loopholes in the current legislation is obvious. And, first of all, it concerns Blockchain technology – the algorithm that mediates the safe development, conclusion and execution of smart contracts. Blockchain technology is considered in the paper as one of the safest means for concluding and executing smart contracts. The author argues that the study of the concept, legal nature and essence of smart contracts is relevant in the light of spreading their share in the total array of transactions in the world economy in conjunction with the changing domestic legislation governing the relevant sphere, as well as the international integration processes affecting the intensification of foreign economic activity of the Russian Federation. The smart contract concepts formulated by the Russian legislator in the process of upgrading the array of statutory regulation under conditions of economy digitalization are studied and compared. The features of conclusion and protection of the smart contract in the civil legislation of the Russian Federation are analyzed. In order to fully articulate the concept of the smart contract, reflecting its essence, functional purpose and legal nature, it is proposed to create a special law that would focus on the conclusion and implementation of “the smart contract” and the specification of the general norms of the civil code. At the same time, the norms of other special laws would supplement and correct the provisions fixed by this act depending on the sphere of managing and the legal regulation branch. The concept of the smart contract is formulated; its value for economic and contractual activity, and also the advantages and disadvantages of its application are established. The possible classifications of smart contracts are given.

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.

scholarly journals Blockchain Smart Contract Meta-modeling

2021 ◽  
Author(s):  
Nicolás Sánchez-Gómez ◽  
Jesus Torres-Valderrama ◽  
Manuel MEJÍAS RISOTO ◽  
Alejandra GARRIDO
Keyword(s):  
Smart Contracts ◽  
Meta Model ◽  
Business Environments ◽  
Blockchain Technology ◽  
Collaborative Processes ◽  
Requirements Specifications ◽  
Smart Contract ◽  
Meta Modeling ◽  
Software Engineers ◽  
Future Work

One of the key benefits of blockchain technology is its ability to keep a permanent, unalterable record of transactions. In business environments, where companies interact with each other without a centralized authority to ensure trust between them, this has led to blockchain platforms and smart contracts being proposed as a means of implementing trustworthy collaborative processes. Software engineers must deal with them to ensure the quality of smart contracts in all phases of the smart contract lifecycle, from requirements specifications to design and deployment. This broad scope and criticality of smart contracts in business environments means that they have to be expressed in a language that is intuitive, easy-to-use, independent of the blockchain platform employed, and oriented towards software quality assurance. In this paper we present a key component: a first outline of a UML-based smart contract meta-model that would allow us to achieve these objectives. This meta-model will be enriched in future work to represent blockchain environments and automated testing.

scholarly journals Regulation of the Smart Contract in (Romanian) Civil Law

2021 ◽  
Vol 8 (2) ◽  
pp. 95-111
Author(s):  
Raluca Onufreiciuc ◽  
Lorena-Elena Stănescu
Keyword(s):  
Civil Law ◽  
Computer Code ◽  
Computer Programs ◽  
Legal Regulation ◽  
Contract Law ◽  
Use Case ◽  
Smart Contracts ◽  
Crucial Question ◽  
Smart Contract ◽  
The Subject

The research aims to organize, examine, and analyze the provisions on smart contracts available in Romanian civil law. “Smart contracts” are not smart, and are not necessarily contracts, although they can be. As self-executing computer programs, smart contracts are operational on the blockchain and unlike traditional legal contracts, once the agreement has been concluded and the smart contract is set in motion, no party can intervene and it will be executed without interruption, modification, or breach. The crucial question in the final contract law topic is what happens when the smart contract's outcomes deviate from those required by law. To answer this issue, we must first understand that whether a smart contract becomes legally enforceable is determined by several circumstances, together with the unique use case, the type of smart contract employed, and the existing legislation. The paper addresses the subject of determining and regulating smart contracts under Romanian current laws. Particular emphasis is placed on two ambiguous definitions of smart contracts: as computer code and as a civil-law contract. The authors conclude that the concept of smart contracts requires more legal regulation, particularly in terms of managing their meaning and comprehension.

Wrapped and Stacked: ‘Smart Contracts’ and the Interaction of Natural and Formal Language

2018 ◽  
Vol 14 (4) ◽  
pp. 307-343 ◽  
Author(s):  
J.G. Allen
Keyword(s):  
Speech Acts ◽  
Formal Language ◽  
Contract Law ◽  
Complex Nature ◽  
Smart Contracts ◽  
Human Beings ◽  
Legal Rules ◽  
Contract Formation ◽  
Smart Contract ◽  
Legal Entities

Abstract This article explores ‘smart contracts’ from first principles: What they are, whether they are properly called ‘contracts’, and what issues they raise for national contract law. A ‘smart’ contract purports to record contractual promises in language which is both intelligible to human beings and (ultimately) executable by machines. The formalisation of contracting language that this entails is, I argue, the most important aspect for lawyers—just as important as the automation of contractual performance. Rather than taking a doctrinal approach focused on the presence of traditional indicia of contract formation, I examine the nature of contracts as legal entities created by words and documents. In most cases, smart contracts will be ‘wrapped in paper’ and nested in a national legal system. Borrowing from the idiom of computer science, I introduce the term ‘contract stack’ to highlight the complex nature of contracts as legal entities incorporating different ‘layers’, including speech acts by the parties in both natural and formal languages as well as mandatory legal rules. It is the interactions within this contract stack that will be most important to the development of contract law doctrines appropriate to smart contracts. To illustrate my points, I explore a few issues that smart contracts might raise for English contract law. I touch on the questions of illegality, jurisdiction, and evidence, but my focus in this paper is on exploring issues in contract law proper. This contribution should be helpful not only to lawyers attempting to understand smart contracts, but to those involved in coding smart contracts—and writing the languages used to code them.

scholarly journals Survey of Smart Contract Framework and Its Application

Information ◽  
2021 ◽  
Vol 12 (7) ◽  
pp. 257
Author(s):  
Edi Surya Negara ◽  
Achmad Nizar Hidayanto ◽  
Ria Andryani ◽  
Rezki Syaputra
Keyword(s):  
Literature Review ◽  
Theoretical Basis ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Exploratory Approach ◽  
Implementation Studies ◽  
Technological Developments

This article is a literature review on smart contract applications in various domains. The aim is to investigate technological developments and implementation of smart contracts in various domains. For this purpose, the theoretical basis of various papers that have been published in recent years is used as a source of theoretical and implementation studies. Smart contracts are the latest technology that is developing in line with the development of blockchain technology. The literature review that we have carried out explains that smart contracts work automatically, control, or document legally relevant events and actions in accordance with the agreements set forth in the contract agreement. This technology is one of the newest technologies that is expected to provide solutions for trust, security, and transparency in various domains. This literature review was conducted using an exploratory approach. This literature review focuses on reviewing frameworks, methods, and simulations of smart contract implementations in various domains.

scholarly journals Efficient Concurrent Execution of Smart Contracts in Blockchain Sharding

2021 ◽  
Vol 2021 ◽  
pp. 1-15
Author(s):  
Yan Wang ◽  
Jixin Li ◽  
Wansheng Liu ◽  
Aiping Tan
Keyword(s):  
Performance Optimization ◽  
Concurrency Control ◽  
Critical Issue ◽  
Smart Contracts ◽  
Throughput Performance ◽  
Concurrent Execution ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Execution Strategy ◽  
Feature Information

Throughput performance is a critical issue in blockchain technology, especially in blockchain sharding systems. Although sharding proposals can improve transaction throughput by parallel processing, the essence of each shard is still a small blockchain. Using serial execution of smart contract transactions, performance has not significantly improved, and there is still room for improvement. A smart contract concurrent execution strategy based on concurrency degree optimization is proposed for performance optimization within a single shard. This strategy is applied to each shard. First, it characterizes the conflicting contract feature information by executing a smart contract, analyzing the factors that affect the concurrent execution of the smart contracts, and clustering the contract transaction. Second, in shards with high transaction frequency, considering the execution time, conflict rate, and available resources of contract transactions, finding a serializable schedule of contract transactions by redundant computation and a Variable Shadow Speculative Concurrency Control (SCC-VS) algorithm for smart contract scheduling is proposed. Finally, experimental results show that the strategy increases the concurrency of smart contract execution by 39% on average and the transaction throughput of the whole system by 21% on average.

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