scholarly journals To Delay Instantiation of a Smart Contract to Save Calculation Resources in IoT

2021 ◽  
Vol 2021 ◽  
pp. 1-10
Author(s):  
Hong Su ◽  
Bing Guo ◽  
Yan Shen ◽  
Zhen Zhang ◽  
Chaoxia Qin
Keyword(s):  
Life Cycle ◽  
Power Supplies ◽  
Limited Resources ◽  
Smart Contracts ◽  
Qualitative Comparison ◽  
Smart Contract ◽  
Limited Power ◽  
Iot Devices

Smart contracts are required to be instantiated in the predeployed stage, which consumes computation resources from then on. It is a big waste in the blockchain whose nodes are composed of IoT devices, as those devices often have limited resources (such as limited power supplies or a limited number of processes to run). Meanwhile, IoT devices are heterogeneous and different smart contracts are required. If those smart contracts are instantiated previously, numerous meaningless addresses are required. In this paper, we propose to delay the instantiation of a smart contract when used and terminate it when not used, which is similar to the life cycle of a variable. Then, a new kind of variable (the wrapping variable) is used to hide details of the instantiation and the address. The smart contract is instantiated in the construction function of the wrapping variable, or even it is delayed to the time when there are requests for it. The smart contract terminates when the variable is out of its scope. Then, different instantiation methods are proposed. Finally, we perform the qualitative comparison between the proposed approach and the predeployment method, and it demonstrates that the proposed methods optimize the life cycle of the smart contract and save calculation resources.

scholarly journals Blockchain and smart contract for IoT enabled smart agriculture

2021 ◽  
Vol 7 ◽  
pp. e407
Author(s):  
Tahmid Hasan Pranto ◽  
Abdulla All Noman ◽  
Atik Mahmud ◽  
AKM Bahalul Haque
Keyword(s):  
Agricultural Sector ◽  
Smart Contracts ◽  
System Implementation ◽  
Post Harvest ◽  
Smart Contract ◽  
Field Level ◽  
Retail Prices ◽  
Smart Agriculture ◽  
Iot Devices ◽  
Post Harvesting

The agricultural sector is still lagging behind from all other sectors in terms of using the newest technologies. For production, the latest machines are being introduced and adopted. However, pre-harvest and post-harvest processing are still done by following traditional methodologies while tracing, storing, and publishing agricultural data. As a result, farmers are not getting deserved payment, consumers are not getting enough information before buying their product, and intermediate person/processors are increasing retail prices. Using blockchain, smart contracts, and IoT devices, we can fully automate the process while establishing absolute trust among all these parties. In this research, we explored the different aspects of using blockchain and smart contracts with the integration of IoT devices in pre-harvesting and post-harvesting segments of agriculture. We proposed a system that uses blockchain as the backbone while IoT devices collect data from the field level, and smart contracts regulate the interaction among all these contributing parties. The system implementation has been shown in diagrams and with proper explanations. Gas costs of every operation have also been attached for a better understanding of the costs. We also analyzed the system in terms of challenges and advantages. The overall impact of this research was to show the immutable, available, transparent, and robustly secure characteristics of blockchain in the field of agriculture while also emphasizing the vigorous mechanism that the collaboration of blockchain, smart contract, and IoT presents.

scholarly journals A Proximal Algorithm for Fork-Choice in Distributed Ledger Technology for Context-Based Clustering on Edge Computing

2020 ◽  
Vol 2 (1) ◽  
pp. 92
Author(s):  
Rahim Rahmani ◽  
Ramin Firouzi ◽  
Sachiko Lim ◽  
Mahbub Alam
Keyword(s):  
Large Scale ◽  
Cluster Head ◽  
Edge Computing ◽  
Computing Technology ◽  
Proximal Algorithm ◽  
Data Intensive ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Iot Devices

The major challenges of operating data-intensive of Distributed Ledger Technology (DLT) are (1) to reach consensus on the main chain as a set of validators cast public votes to decide on which blocks to finalize and (2) scalability on how to increase the number of chains which will be running in parallel. In this paper, we introduce a new proximal algorithm that scales DLT in a large-scale Internet of Things (IoT) devices network. We discuss how the algorithm benefits the integrating DLT in IoT by using edge computing technology, taking the scalability and heterogeneous capability of IoT devices into consideration. IoT devices are clustered dynamically into groups based on proximity context information. A cluster head is used to bridge the IoT devices with the DLT network where a smart contract is deployed. In this way, the security of the IoT is improved and the scalability and latency are solved. We elaborate on our mechanism and discuss issues that should be considered and implemented when using the proposed algorithm, we even show how it behaves with varying parameters like latency or when clustering.

Legally Enforceable Smart-Contract Languages

2021 ◽  
Vol 54 (5) ◽  
pp. 1-34
Author(s):  
Vimal Dwivedi ◽  
Vishwajeet Pattanaik ◽  
Vipin Deval ◽  
Abhishek Dixit ◽  
Alex Norta ◽  
...  
Keyword(s):  
Literature Review ◽  
Systematic Literature Review ◽  
State Of The Art ◽  
Grey Literature ◽  
Smart Contracts ◽  
Smart Contract ◽  
Decentralized Autonomous Organizations

Smart contracts are a key component of today’s blockchains. They are critical in controlling decentralized autonomous organizations (DAO). However, smart contracts are not yet legally binding nor enforceable; this makes it difficult for businesses to adopt the DAO paradigm. Therefore, this study reviews existing Smart Contract Languages (SCL) and identifies properties that are critical to any future SCL for drafting legally binding contracts. This is achieved by conducting a Systematic Literature Review (SLR) of white- and grey literature published between 2015 and 2019. Using the SLR methodology, 45 Selected and 28 Supporting Studies detailing 45 state-of-the-art SCLs are selected. Finally, 10 SCL properties that enable legally compliant DAOs are discovered, and specifications for developing SCLs are explored.

Smart Contract: Concept, Financial Essence, World Experience and Opportunities of Practical Use

2021 ◽  
Vol 27 (8) ◽  
pp. 1871-1893
Author(s):  
Vasilii A. DADALKO ◽  
Vladimir V. NIKOLAEVSKII ◽  
Andrei D. NEKRASOV ◽  
Dar’ya S. SHERSTNEVA
Keyword(s):  
Banking Sector ◽  
Systems Approach ◽  
Essential Element ◽  
Utilization Efficiency ◽  
Smart Contracts ◽  
Financial Instruments ◽  
Complex Concept ◽  
Smart Contract ◽  
Fundamental Possibility ◽  
The Moment

Subject. The article considers smart contracts as digital financial instruments, their financial and economic essence, which is defined as digital instruments for the settlement of financial relations. Objectives. The aim is to introduce into scientific use such a system concept as digital financial instruments and mechanisms based on the consideration of their economic, legal and financial essence. Methods. The study rests on systems approach that enables to present a smart contract from a technological, economic, legal and financial position as a set of elements with their specific functions defining its complex concept. Results. We reveal the nature of financial relations, arising at the time when bilateral or multilateral transactions are concluded and smart contracts are presented as ways to automatically settle them. Completion of a smart contract is a confirmation of the completion of the transaction and the moment of termination of financial relationship. The article shows the fundamental possibility of using smart contracts in the system of budget relations as a tool for the settlement of a multilateral transaction. Conclusions. Currently, smart contracts are an essential element of a new stage in the development of financial technologies. Specialists in the financial and banking sector recognize the emerging opportunities for their use in the system of financial relations. The paper shows an example of possible use of smart contracts in the settlement of budget relations and in improving the utilization efficiency of budget funds.

Administrative risks challenging the adoption of smart contracts in construction projects

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asli Pelin Gurgun ◽  
Kerim Koc
Keyword(s):  
Construction Projects ◽  
Risk Mitigation ◽  
Research Question ◽  
Group Discussion ◽  
Mitigation Strategies ◽  
Risk Category ◽  
Smart Contracts ◽  
Content Type ◽  
Smart Contract ◽  
Criteria Weights

PurposeAs a remedy to usually voluminous, complicated and not easily readable construction contracts, smart contracts can be considered as an effective and alternative solution. However, the construction industry is merely known as a frontrunner for fast adoption of recent technological advancements. Numerous administrative risks challenge construction companies to implement smart contracts. To highlight this issue, this study aims to assess the administrative risks of smart contract adoption in construction projects.Design/methodology/approachA literature survey is conducted to specify administrative risks of smart contracts followed by a pilot study to ensure that the framework is suitable to the research question. The criteria weights are calculated through the fuzzy analytical hierarchy process method, followed by a sensitivity analysis based on degree of fuzziness, which supports the robustness of the developed hierarchy and stability of the results. Then, a focus group discussion (FGD) is performed to discuss the mitigation strategies for the top-level risks in each risk category.FindingsThe final framework consists of 27 sub-criteria, which are categorized under five main criteria, namely, contractual, cultural, managerial, planning and relational. The findings show that (1) regulation change, (2) lack of a driving force, (3) works not accounted in planning, (4) shortcomings of current legal arrangements and (5) lack of dispute resolution mechanism are the top five risks challenging the adoption of smart contracts in construction projects. Risk mitigation strategies based on FGD show that improvements for the semi-automated smart contract drafting are considered more practicable compared to full automation.Originality/valueThe literature is limited in terms of the adoption of smart contracts, while the topic is receiving more attention recently. To support easy prevalence of smart contracts, this study attempts the most challenging aspects of smart contract adoption.

Trust but Verify: The Oracle Paradox of Blockchain Smart Contracts

2021 ◽  
Author(s):  
Abdullah Albizri ◽  
Deniz Appelbaum
Keyword(s):  
Internal Control ◽  
Process Management ◽  
Weak Link ◽  
Design Science ◽  
Science Research ◽  
Third Party ◽  
Smart Contracts ◽  
Independent Verification ◽  
Smart Contract ◽  
Control Application

Although research shows that blockchain provides fairly immutable virtual provenance workflows, proof that the Blockchain accurately represents physical events lacks truly independent verification. This dilemma, the Oracle Paradox, challenges blockchain architecture and is perhaps one reason why businesses have hesitated to adopt smart contracts. Blockchain proponents claim that people can serve as trusted Oracles in a smart contract. However, auditing research shows that people are the weak link in almost every internal control application, including those pertaining to blockchain. People are susceptible to collusion, bribery, error, and fraud and these tendencies are not entirely mitigated by blockchain technologies (Balagurusamy et al. 2019; Nakamoto 2008). This research proposes a framework to mitigate the paradox of the Oracle: A Business Process Management (BPM) model of a Blockchain Smart Contract-enabled Supply Chain with IoT as the sole "third-party" Oracle participant, utilizing Design Science research.

scholarly journals SMART CONTRACT AND CHALLENGES TO LAW

2020 ◽  
Author(s):  
Gergana Varbanova ◽  
Keyword(s):  
Civil Law ◽  
Smart Contracts ◽  
Program Code ◽  
Advantages And Disadvantages ◽  
Smart Contract ◽  
The Law

Are the technologies advanced enough to replace lawyers and the judiciary in the negotiation and enforcement process? Is it possible for a program code to be a contract that binds the parties named in it? What is a smart contract and what challenges does it pose to the law? The present study aims to clarify and show the advantages and disadvantages of using smart contracts in civil law.

scholarly journals Rancang Bangun Media Pembelajaran Avionic - Radio Theory II Berbasis Multimedia Animasi pada ATKP Medan

2020 ◽  
Vol 1 (3) ◽  
pp. 247
Author(s):  
Dwiyanto Dwiyanto ◽  
Catra Indra ◽  
Ahmad Faisal ◽  
Iswandi Idris ◽  
Rizaldy Khair
Keyword(s):  
Life Cycle ◽  
Learning Process ◽  
Limited Resources ◽  
Concept Design ◽  
Development Life Cycle ◽  
Multimedia Development ◽  
Quality Of Learning

The importance of Learning Media is used by ATKP Medan to continuously improve the quality of learning. The problem that is often encountered in avionic learning is the limited resources available because to access avionic learning the cadets must access from the CBT LAB and cannot be from elsewhere. This is because Avionic software is only installed inside the lab and cannot be learned from outside the lab. The purpose of this research is to improve the digital avionic-Radio Theory II learning process which is packaged in multimedia animation to make it easier for cadets to learn avionic Radio Theory II without having to access it in the laboratory. The method used in this research is to use the MDLC Multimedia Development Life Cycle method, namely the Concept concept, design, material collection, assembly, testing, distribution, distribution, The resulting output is an animated video product and publication to the ISSN journal

Life Cycle of Smart Contracts in Blockchain Ecosystems

2017 ◽  
Vol 41 (8) ◽  
pp. 497-500 ◽  
Author(s):  
Christian Sillaber ◽  
Bernhard Waltl
Keyword(s):  
Life Cycle ◽  
Smart Contracts
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