scholarly journals Secured Insurance Framework Using Blockchain and Smart Contract

2021 ◽  
Vol 2021 ◽  
pp. 1-11
Author(s):  
Abid Hassan ◽  
Md. Iftekhar Ali ◽  
Rifat Ahammed ◽  
Mohammad Monirujjaman Khan ◽  
Nawal Alsufyani ◽  
...  
Keyword(s):  
Data Storage ◽  
Consensus Algorithm ◽  
Smart Contracts ◽  
Insurance Policy ◽  
Security Issues ◽  
Insurance Contracts ◽  
Smart Contract ◽  
Transaction Process ◽  
Single Person ◽  
Contract Implementation

Traditional insurance policy settlement is a manual process that is never hassle-free. There are many issues, such as hidden conditions from the insurer or fraud claims by the insured, making the settlement process rough. This process also consumes a significant amount of time that makes the process very inefficient. This whole scenario can be disrupted by the implementation of blockchain and smart contracts in insurance. Blockchain and innovative contract technology can provide immutable data storage, security, transparency, authenticity, and security while any transaction process is triggered. With the implementation of blockchain, the whole insurance process, from authentication to claim settlement, can be done with more transparency and security. A blockchain is a virtual chain of data blocks that is a decentralized technology. Any transaction or change in the blocks is done after the decentralized validator entity, not a single person. The smart contract is a unique facility stored on the blockchain that gets executed when the predetermined conditions are met. This paper presents a framework where smart contracts are used for insurance contracts and stored on blockchain. In the case of a claim, if all the predetermined conditions are met, the transaction happens; otherwise, it is discarded. The conditions are immutable. That means there is scope for alteration from either side. This blockchain and intelligent contract-based framework are hosted on a private Ethereum network. The Solidity programming language is used to create smart contracts. The framework uses the Proof of Authority (PoA) consensus algorithm to validate the transactions. In the case of any faulty transaction request, the consensus algorithm acts according to and cancels the claim. With blockchain and smart contract implementation, this framework can solve all the trust and security issues that rely on a standard insurance policy.

scholarly journals CioSy: A Collaborative Blockchain-Based Insurance System

Electronics ◽  
2021 ◽  
Vol 10 (11) ◽  
pp. 1343
Author(s):  
Faiza Loukil ◽  
Khouloud Boukadi ◽  
Rasheed Hussain ◽  
Mourad Abed
Keyword(s):  
Data Storage ◽  
Insurance Industry ◽  
Emerging Technology ◽  
Third Party ◽  
Insurance Companies ◽  
Smart Contracts ◽  
Insurance Policy ◽  
Insurance System ◽  
Advanced Technologies ◽  
Multiple Challenges

The insurance industry is heavily dependent on several processes executed among multiple entities, such as insurer, insured, and third-party services. The increasingly competitive environment is pushing insurance companies to use advanced technologies to address multiple challenges, namely lack of trust, lack of transparency, and economic instability. To this end, blockchain is used as an emerging technology that enables transparent and secure data storage and transmission. In this paper, we propose CioSy, a collaborative blockchain-based insurance system for monitoring and processing the insurance transactions. To the best of our knowledge, the existing approaches do not consider collaborative insurance to achieve an automated, transparent, and tamper-proof solution. CioSy aims at automating the insurance policy processing, claim handling, and payment using smart contracts. For validation purposes, an experimental prototype is developed on Ethereum blockchain. Our experimental results show that the proposed approach is both feasible and economical in terms of time and cost.

scholarly journals BSC: A Bitcoin Smart Contract Implementation

2020 ◽  
Author(s):  
Hiro Midas
Keyword(s):  
Network Effect ◽  
Smart Contracts ◽  
Smart Contract ◽  
Creative Space ◽  
Contract Implementation ◽  
Vast Network

We propose BSC, a Bitcoin Smart Contract implementation. It integrates the functionality of smart contracts into the Bitcoin system, giving developers the ability to build decentralized applications on Bitcoin. BSC will require a new hard fork, on which Bitcoin holders can use their existing funds directly. BSC combines the unlimited creative space of smart contracts and the vast network effect of Bitcoin, which will bring even more possibilities to the cryptocurrency world.

scholarly journals BSC: A Bitcoin Smart Contract Implementation

2020 ◽  
Author(s):  
Hiro Midas
Keyword(s):  
Network Effect ◽  
Smart Contracts ◽  
Smart Contract ◽  
Creative Space ◽  
Contract Implementation ◽  
Vast Network

We propose BSC, a Bitcoin Smart Contract implementation. It integrates the functionality of smart contracts into the Bitcoin system, giving developers the ability to build decentralized applications on Bitcoin. BSC will require a new hard fork, on which Bitcoin holders can use their existing funds directly. BSC combines the unlimited creative space of smart contracts and the vast network effect of Bitcoin, which will bring even more possibilities to the cryptocurrency world.

scholarly journals Smart Contract Innovation and Blockchain-Based Tokenization in Higher Education

2021 ◽  
Vol 5 (4) ◽  
pp. 636
Author(s):  
I Ketut Gunawan ◽  
Ninda Lutfiani ◽  
Qurotul Aini ◽  
Fitria Marwati Suryaman ◽  
Abas Sunarya
Keyword(s):  
Data Security ◽  
Third Parties ◽  
Smart Contracts ◽  
Security Guards ◽  
Testing Method ◽  
Review Analysis ◽  
Smart Contract ◽  
Transaction Process ◽  
Valid Data ◽  
The Right

Blockchain which includes smart contract and tokenization features is the latest technology in the world, especially Indonesia. Smart contracts and tokenization make it very easy for users and can maintain valid data security, but there are still many universities that have not implemented the system so they have to involve many parties and costs. The problem taken in this study is the payment process for transactions such as credit and data processing that is vulnerable to illegal data leakage. This study aims to develop a smart contract system and blockchain tokenization in universities in the payment transaction process. The method used in this research is literature review analysis and testing method. The implementation of smart contracts and tokenization can replace third parties as security guards of transaction data with all Blockchain users paying attention and ensuring the integrity of the entire process and activity. This of course can avoid problems that arise from the presence of third parties in the transaction process. So it can be concluded that the implementation of smart contracts and Blockchain tokenization in payment transactions is the right solution to be applied in the payment transaction process at universities.

scholarly journals Smart Contract Vulnerability Detection: From Pure Neural Network to Interpretable Graph Feature and Expert Pattern Fusion

2021 ◽  
Author(s):  
Zhenguang Liu ◽  
Peng Qian ◽  
Xiang Wang ◽  
Lei Zhu ◽  
Qinming He ◽  
...  
Keyword(s):  
Deep Learning ◽  
Expert Knowledge ◽  
Source Code ◽  
Smart Contracts ◽  
Learning Approaches ◽  
Vulnerability Detection ◽  
Security Issues ◽  
The Past ◽  
Smart Contract ◽  
Local Expert

Smart contracts hold digital coins worth billions of dollars, their security issues have drawn extensive attention in the past years. Towards smart contract vulnerability detection, conventional methods heavily rely on fixed expert rules, leading to low accuracy and poor scalability. Recent deep learning approaches alleviate this issue but fail to encode useful expert knowledge. In this paper, we explore combining deep learning with expert patterns in an explainable fashion. Specifically, we develop automatic tools to extract expert patterns from the source code. We then cast the code into a semantic graph to extract deep graph features. Thereafter, the global graph feature and local expert patterns are fused to cooperate and approach the final prediction, while yielding their interpretable weights. Experiments are conducted on all available smart contracts with source code in two platforms, Ethereum and VNT Chain. Empirically, our system significantly outperforms state-of-the-art methods. Our code is released.

scholarly journals Using Ethereum blockchain to store and query pharmacogenomics data via smart contracts

2019 ◽  
Author(s):  
Gamze Gürsoy ◽  
Charlotte M Brannon ◽  
Mark Gerstein
Keyword(s):  
Drug Interaction ◽  
Data Storage ◽  
Query Time ◽  
Smart Contracts ◽  
Interaction Data ◽  
Time And Space ◽  
Disk Space ◽  
Smart Contract ◽  
Wide Range ◽  
Linear Query

AbstractBackgroundWith the advent of precision medicine, pharmacogenomics data is becoming increasingly critical to patient care. These data describe the relationship between a particular variant in the genome and the response to a drug by the patient. As utilizing this kind of data becomes more integral to medical treatment decisions, appropriate storage and sharing of this data will be critical. A potential way of securely storing and sharing pharmacogenomics data is a smart contract with the Ethereum blockchain. This is an open-source blockchain platform for decentralized applications. A transaction-based, state machine, the “world” of Ethereum maintains user accounts and storage in a network state. Immutable pieces of code called “smart contracts” may be deployed to the Ethereum network and run on the Ethereum Virtual Machine when called by a user or other contract. The 2019 iDASH (Integrating Data for Analysis, Anonymization, and Sharing) competition for Secure Genome Analysis challenged participants to develop time- and space-efficient smart contracts to log and query gene-drug relationship data on the Ethereum blockchain.MethodsWe designed a smart contract to store and query pharmacogenomics data (gene-drug interaction data) in Ethereum using an index-based, multi-mapping approach allowing for time and space efficient storage and query. Our solution to the IDASH competition ranked in the top three at a workshop held in Bloomington, IN in October 2019. Although our solution performed well in the challenge, we wanted to improve its scalability and query efficiency. To that end, we developed an alternate “fastQuery” solution that stores pooled rather than raw data, allowing for significantly improved query time for 0-AND queries, and constant query time for 1- and 2-AND queries.ResultsWe tested the performance of both of our solutions in Truffle (v5.0.31) using datasets ranging from 100 to 1000 entries, and inserting data at 25, 50, 100, and 200 observations at a time. On a private, proof-of-authority test network, our challenge solution requires approximately 70 seconds, 500 MB of memory, and 80 MB of disk space to insert 1000 entries (200 at a time); and 400 ms and 5 MB of memory to query a two-AND query from 1000 entries. This solution exhibits constant memory for insertion and querying, and linear query time. Our alternate fastQuery solution requires approximately 60 seconds, 500 MB of memory, and 80 MB of disk space to insert 1000 entries (200 at a time); and 83 ms and 5 MB of memory to query a two-AND query from 1000 entries. This solution exhibits constant memory for insertion and querying, linear query time for 0-AND queries, and constant query time for 1- and 2-AND queries in a database of up to 1000 entries.ConclusionIn this study we showed that pharmacogenomics data can be stored and queried efficiently on the Ethereum blockchain. Our approach has the potential to be useful for a wide range of datasets in biomedical research; while we focused on gene-drug interaction data, our solution designs could be used to store a range of clinical trial data. Moreover, our solutions could be adapted to store and query data in any field where high-integrity data storage and efficient access is required.

scholarly journals A Cost Analysis of Internet of Things Sensor Data Storage on Blockchain via Smart Contracts

Electronics ◽  
2020 ◽  
Vol 9 (2) ◽  
pp. 244
Author(s):  
Yeşem Kurt Peker ◽  
Xavier Rodriguez ◽  
James Ericsson ◽  
Suk Jin Lee ◽  
Alfredo J. Perez
Keyword(s):  
Internet Of Things ◽  
Data Storage ◽  
Simulated Data ◽  
Sensor Data ◽  
Second Phase ◽  
Smart Contracts ◽  
Smart Contract ◽  
Reliable Solution ◽  
The Cost ◽  
Existing Data

Blockchain is a developing technology that can be utilized for secure data storage and sharing. In this work, we examine the cost of Blockchain-based data storage for constrained Internet of Things (IoT) devices. We had two phases in the study. In the first phase, we stored data retrieved from a temperature/humidity sensor connected to an Ethereum testnet blockchain using smart contracts in two different ways: first, appending the new data to the existing data, storing all sensor data; and second, overwriting the new data onto the existing data, storing only a recent portion of the data. In the second phase, we stored simulated data from several sensors on the blockchain assuming sensor data is numeric. We proposed a method for encoding the data from the sensors in one variable and compared the costs of storing the data in an array versus storing the encoded data from all sensors in one variable. We also compared the costs of carrying out the encoding within the smart contract versus outside the smart contract. In the first phase, our results indicate that overwriting data points is more cost-efficient than appending them. In the second phase, using the proposed encoding method to store the data from several sensors costs significantly less than storing the data in an array, if the encoding is done outside the smart contract. If the encoding is carried out in the smart contract, the cost is still less than storing the data in an array, however, the difference is not significant. The study shows that even though expensive, for applications where the integrity and transparency of data are crucial, storing IoT sensor data on Ethereum could be a reliable solution.

scholarly journals Automated Payment and Contract Management in the Construction Industry by Integrating Building Information Modeling and Blockchain-Based Smart Contracts

2021 ◽  
Vol 11 (16) ◽  
pp. 7653
Author(s):  
Katharina Sigalov ◽  
Xuling Ye ◽  
Markus König ◽  
Philipp Hagedorn ◽  
Florian Blum ◽  
...  
Keyword(s):  
Construction Industry ◽  
Data Storage ◽  
Construction Projects ◽  
Data Exchange ◽  
Building Information Modeling ◽  
Information Modeling ◽  
Contract Management ◽  
Smart Contracts ◽  
Smart Contract ◽  
Building Information

Construction projects usually involve signing various contracts with specific billing procedures. In practice, dealing with complex contract structures causes significant problems, especially with regard to timely payment and guaranteed cash flow. Furthermore, a lack of transparency leads to a loss of trust. As a result, late or non-payment is a common problem in the construction industry. This paper presents the concept of implementing smart contracts for automated, transparent, and traceable payment processing for construction projects. Automated billing is achieved by combining Building Information Modeling (BIM) approaches with blockchain-based smart contracts. Thereby, parts of traditional construction contracts are transferred to a smart contract. The smart contract is set up using digital BIM-based tender documents and contains all of the relevant data for financial transactions. Once the contracted construction work has been accepted by the client, payments can be made automatically via authorized financial institutions. This paper describes the framework, referred to as BIMcontracts, the container-based data exchange, and the digital contract management workflow. It discusses the industry-specific requirements for blockchain and data storage and explains which technical and software architectural decisions were made. A case study is used to demonstrate the current implementation of the concept.

scholarly journals A self-sovereign identity management scheme using smart contracts

2021 ◽  
Vol 336 ◽  
pp. 08005
Author(s):  
Jianlin Niu ◽  
Zhiyu Ren
Keyword(s):  
Data Storage ◽  
Programming Language ◽  
Identity Management ◽  
Smart Contracts ◽  
Security Risks ◽  
Storage Method ◽  
Cross Domain ◽  
Smart Contract ◽  
Management Scheme ◽  
Management Schemes

The existing self-sovereign identity management schemes have some problems, such as weak availability and security risks. To solve these problems, we proposed a cross-domain self-sovereign identity management scheme using smart contracts. This scheme takes into account the entire lifecycle of identity, especially including the cross-domain use and recovery. To preserve the privacy data of users on the blockchain, we proposed a data storage method of anchoring on blockchain. Finally, we implemented this scheme using the Solidity programming language for smart contract. This scheme has been experimentally verified to be capable of maintaining the expenditure of resources under control and having good usability. Compared with other self-sovereign identity management schemes, this scheme has better performance in terms of controllability, security and portability.

scholarly journals Synergy of Business, Law and Economy in the Smart-Contract Implementation

2021 ◽  
Vol 110 ◽  
pp. 01015
Author(s):  
Irina V. Sazonova ◽  
Vladlena S. Mazhaeva ◽  
Alexandr A. Potkin ◽  
Marina A. Kuznetsova
Keyword(s):  
Public Relations ◽  
Smart Contracts ◽  
Business Law ◽  
Theoretical Concepts ◽  
Scientific Methods ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Contract Implementation ◽  
Machine Readable

The evolution of digital technologies leads to a tectonic transformation of all spheres of society. Law, as a system of regulating public relations, is changing dynamically along with the development of public relations in different spheres. The development of IT led to the emergence of blockchain technology, which, in turn, became the basis for the development of smart contracts. Smart contract technology, as it develops, causes changes not only in the legislation, but also in the model of interaction between the state and business. Due to smart contracts, a significant part of the rules can be algorithmized, and the regulation can become machine-readable. Purpose of the research: Legal research of the current legislation, the synergy of business, law and economy in the implementation of smart contract technology, determination of theoretical concepts in relation to smart contracts, the content and problems of the application of smart contracts, and identification of the most significant proposals for improving legislation. Methods: The authors of the research used general and specific scientific methods. In the study of the technological foundations of the smart contract, the main methods were analysis, synthesis, analogy, and a system-structural approach.

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