A Triplicate Smart Contract Model using Blockchain Technology

2017 ◽  
Vol DC CPS 2017 (01) ◽  
pp. 1-10 ◽  
Author(s):  
Peter Eze ◽  
Tochukwu Eziokwu ◽  
Chinedu Okpara
Keyword(s):  
Financial Services ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Current Implementation ◽  
Legal Model ◽  
Block Chain ◽  
Physical Assets ◽  
Technical Model ◽  
Digital Assets ◽  
New Framework

An emergent use of the blockchain technology is to enable the transfer of digital assets between two parties. An extension to this is the Smart Property in which physical assets could be transferred too. Another extension is the exchange of services of all kinds in form of digitally executed contracts. In this paper, the problems with existing attempts to implement an all-inclusive smart contract platform were identified and a new framework proposed. In this framework, the technical and legal terms of any contract could be executed digitally if prepared with appropriate legal prose and required parameters for each of the terms of the contract. The cores of the framework are the technical, business and legal models, which are connected to each other. The technical model adapts block chain technology while ensuring granularity in implementing the terms of the contract as presented by the legal model using legal prose and necessary parameters. Using the proposed framework, some questions that have persisted with current implementation of Smart contracts that involves the blockchain were answered. The framework improves the efficiency and practicability of using smart contract for physical assets and non-financial services with emphasis. The contribution is mainly on ensuring an adoptable and practicable smart contract platform.

scholarly journals Design of Blockchain Based Smart Contract for Tendering

2021 ◽  
Vol 10 (10) ◽  
pp. 222-225
Author(s):  
Denies Kiyeng ◽  
Simon Maina Karume ◽  
Nelson Masese
Keyword(s):  
Information Technology ◽  
Competitive Advantage ◽  
Customer Service ◽  
21St Century ◽  
Financial Services ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Challenges And Opportunities ◽  
Block Chain

Information technology is the backbone for all 21st century organizations that are looking forward to offer better customer service and gain competitive advantage. Today, blockchain technology is being adopted by a number of organizations such as financial services, healthcare, agriculture and even government. . However, the tendering sector have not been able to take advantage of the new blockchain technology, owing to the absence of blockchain based frameworks and a model for secure tendering. This study focuses on block-chain with its BYOE (Bring Your Own Encryption) concept in the procurement sector. The research comes up with a design of a blockchain based smart contract model for organizations in Kenya following ASD approach. In addition a discussion of challenges and opportunities of Blockchain based tendering is also presented.

scholarly journals Block-Chain Technology -Security, Platforms

2019 ◽  
Vol 8 (2S11) ◽  
pp. 3512-3518
Keyword(s):  
Video Games ◽  
Great Influence ◽  
Current Paper ◽  
Protocol Stack ◽  
Security Issues ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Block Chain ◽  
Educational Applications

The current paper is focused on its security issues with its prospective applications for educational applications and explored how blockchain Technology can be used to solve some education problems.Blockchain Technology can be integrated into multiple areas like cryptocurrencies,smart contract ,Bank,Blockcahin with video games,finance,judiciary , commerce and IOT.Blockchain Technology has already changed peoples lifestyle in many areas due to its great influence. In this paper the Three types of Blockchain engineering 1.0,2.0,3.0 with its protocol stack layer working ,its advantages and applications are checked .Along with different platforms on which Blokchain is running with its features is highlighted and evolution phases in Blockchain .This paper aim is to test amenities of security,related to the Blockchain and need of innovation of Blockchain.

scholarly journals An intelligent cross-border transaction system based on consortium blockchain: A case study in Shenzhen, China

PLoS ONE ◽  
2021 ◽  
Vol 16 (6) ◽  
pp. e0252489
Author(s):  
Zhengtang Fu ◽  
Peiwu Dong ◽  
Siyao Li ◽  
Yanbing Ju
Keyword(s):  
Numerical Experiments ◽  
Critical Issue ◽  
Allocation System ◽  
Cross Border ◽  
Blockchain Technology ◽  
Profit Allocation ◽  
Smart Contract ◽  
The World ◽  
New Framework

Cross-border transactions have been more and more popular around the world. However, the current cross-border transactions still have risks and challenges, e.g., differences in regulation policies and unbalanced profits of banks. To address this critical issue, we construct a new framework for the transaction system with the support of blockchain technology. In this paper, we propose a new consortium blockchain system, namely asymmetric consortium blockchain (ACB), to ensure the implementation of cross-border transactions. Different from traditional consortium blockchain, the new blockchain system could support the supernode to regulate all the transactions timely. Furthermore, the new smart contract is designed to lower the opportunity loss for each node and make the profits allocation system fairer. In the end, the numerical experiments were carried out based on the transactions of Shenzhen and Hong Kong. The results show that the proposed ACB system is efficient to make the profit allocation fairer for the participants and keep intelligent for the new cross-border transaction system.

scholarly journals Block chain Based Data Provenance in Supply chain

2020 ◽  
Vol 9 (3) ◽  
pp. 317-322
Keyword(s):  
Supply Chain ◽  
Research Problem ◽  
Financial Resources ◽  
Data Provenance ◽  
New Era ◽  
Supply Chain Networks ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Block Chain ◽  
Initial Uncertainty

Blockchain technology as an infrastructure allows an innovational platform for a new transparent and decentralized transaction mechanism for different type of industries and businesses. Different attributes of blockchain technology increase trust through traceability and transparency ability of goods, data and financial resources within any transaction. Regardless of initial uncertainty about this technology, government and many major enterprises and firms have recently examined the adoption and improvement of this technology in several areas of applications, from social, legal and finance industries to manufacturing, design and supply-chain networks. An interesting research problem in this new era is that of determining provenance. At present, goods which are produced and transported using complicated medium supply chains, in this type of supply chain it is impossible to evaluate the provenance of physical goods. We have an interest in the blockchain as there are numerous favored use cases of blockchain especially for provenance tracking. In this paper we review the basics features of the blockchain along with its type like permission less and permissioned blockchain. Then discussed the need of provenance of assets in supplychain as it increase the trust of the customer and proposed a process and architecture for providing the data provenance in supply chain with blockchain using smart contract.

scholarly journals BlockChain Platforms in Financial Services: Current Perspective

2020 ◽  
Vol 11 (3) ◽  
pp. 110-126
Author(s):  
Pablo Garcia Bringas ◽  
Iker Pastor-López ◽  
Giuseppe Psaila
Keyword(s):  
Literature Review ◽  
Computer Technology ◽  
Financial Services ◽  
Human Intervention ◽  
Virtual Currency ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Current Perspective ◽  
Partial View

AbstractBackgroundBlockChain technology was invented to support bitcoin, currently the most popular virtual currency.ObjectivesThe purpose of this paper is to investigate contemporary BlockChain platforms in financial services.Methods/ApproachAn unstructured literature review has been used.ResultsBlockChain in financial services is mostly associated with bitcoin exchange. However, this is a partial view of both BlockChain technology and its possible adoption for financial services: in fact, many BlockChain platforms are now available and many different financial services can be effectively supported by BlockChain platforms, even though they are not based on virtual-money exchange. Furthermore, people are attracted by the concept of smart contract, i.e., a contract that is automatically executed by computer technology, without human intervention.ConclusionsThe contribution of this paper is twofold: first of all, we introduce the four BlockChain platforms that are now most popular, discussing how they support the smart contract concept; second, we identify some typical categories of financial services, matching each of them with the platform that provides the best support for each category.

scholarly journals Smart Contracts to Support the Advancement of Blockchain Technology in the Security Integrity

2020 ◽  
Vol 2 (11) ◽  
pp. 31-39
Author(s):  
Sulistiawati Wati
Keyword(s):  
Data Security ◽  
Financial Services ◽  
Energy Resources ◽  
Smart Contracts ◽  
Secure Storage ◽  
Blockchain Technology ◽  
Storage Media ◽  
Smart Contract ◽  
Problem Solvers ◽  
Effective Source

The development of technology today is used as a benchmark in the advancement of the industrial world where the development of technology has influenced various aspects in the life of today's society. Smart contracts as one form of blockchain technology that resembles a conventional contract can be used to bind agreements between one party and another. One difference between a smart contract and a conventional contract is the smart contract that is stored in the blockchain. With the presence of smart contracts on the blockchain has become one of the most sought-after technologies, because the number of users is high enough for each transaction within the company. In this case various features of smart contracts applications in various worlds, ranging from financial services, life sciences, energy resources and media voting. Smart contracts still pose a lot of challenges that overwhelm the interaction of some Parties, such as users, developers, and organizations built on smart contracts. Smart contracts are essentially a very effective source of problem solvers, where smart contracts on the blockchain make it easy to maintain data security, and save costs and time. In addition, in the absence of third parties strongly minimizes the fraud that is often done by irresponsible parties, this prevents conflicts between parties. Prone to cases of loss of a document is generated because there is no secure storage media. The advent of smart contracts on the blockchain is expected to be a solution to tackle most of the world's commercial and bureaucratic systems.  

scholarly journals The Urgency of Law Establishment Regarding Block-Chain Technology in Indonesia Based on the Perspective of Dignified Justice (Keadilan Bermartabat)

2019 ◽  
Vol 6 (2) ◽  
pp. 177
Author(s):  
Teguh Prasetyo ◽  
Rizky P.P. Karo Karo ◽  
Vena Pricilia ◽  
Natasha Setiadinata
Keyword(s):  
Financial Services ◽  
Data Privacy ◽  
Banking Sector ◽  
Positive Impact ◽  
Legal Protection ◽  
Empirical Method ◽  
Decentralized System ◽  
Blockchain Technology ◽  
Block Chain ◽  
The Government

AbstractBlock-chain technology has been utilized in various countries in the world, specifically in Indonesia. Block-chain brings positive impact on the development of businesses in Indonesia, but it also has negative impacts if the government of Indonesia doesn�t keep an eye on it. The Positive impacts are that block-chain can improve the efficiency of time and transactions fee. But on the other hand, block-chain gives opportunity to the beginning of cybercrime, for example data theft, client�s financial data. The formulation of problems are: 1. What is the urgency of the establishment of law concerning block-chain technology utilization in Indonesia based on the perspective of dignified justice; 2. What kind of legal protection should be established concerning consumer and business founder protection on the utilization block-chain technology. This research method is a normative empirical method conducted the way of analyzing norms, the laws and regulation on regarding the topic and with profound interviews with experts/officials who has decent knowledge in this specific area. The purpose of this research is to analyze the consumer and founder protection related on the usage of block-chain and to give an input to the ministry on the urgency of the formation of the law on blockchain in Indonesia. The results of this study are that the blockchain technology has been used in various businesses, such as financial / banking sector, agriculture, etc. Blockchain technology can change the paradigm in the financial sector from a centralized system to a decentralized system and to improve system security. Blockchain must be monitored because the blockchain system contained data privacy, financial privacy to prevent the criminal acts. The conclusion is that the supervision of the blockchain system is carried out by forming special regulations on the blockchain or adding new norms which are based on the dignified justice about blockchain in Bank Indonesia Regulations or Financial Services Authority Regulations related to financial technology.Keywords: Blockchain, Consumers Protection, Money Laundering, Renewal Law, Justice Dignity (Keadilan Bermartabat)Urgensi Pembentukan Peraturan Perundang-Undangan Terkait Teknologi Blockchain di Indonesia berdasarkan Keadilan BermartabatAbstrakTeknologi blockchain telah banyak dimanfaatkan di berbagai negara di dunia, khususnya di Indonesia. Penggunaan blockchain membawa dampak positif bagi pengembangan dunia bisnis di Indonesia, namun juga memiliki dampak negatif jika tidak diawasi oleh baik oleh Pemerintah Indonesia. Dampak positif penggunaan blockchain dapat meningkatkan efisiensi waktu, biaya lalu lintas transaksi keuangan. Namun disatu sisi, blockchain menimbulkan dampak negatif yakni membuka peluang munculnya kejahatan dunia maya (cybercrime) misalnya pencurian data privasi, data keuangan nasabah. Adapun yang menjadi rumusan masalah adalah: 1. Apakah yang menjadi urgensi pembentukan peraturan perundang-undangan terkait manfaat teknologi blockchain di Indonesia berdasarkan perspektif keadilan yang bermartabat; 2. Apa jenis perlindungan hukum yang perlu dibangun tentang perlindungan konsumer dan pelaku usaha dalam penggunaan teknologi block chain. Metode yang digunakan ialah normatif empiris yang dilakukan dengan cara menganalisis norma, peraturan perundang-undangan terhadap topik yang diangkat dan dengan metode wawancara yang mendalam kepada narasumber/pejabat yang memiliki kompetensi di bidang tersebut. Tujuan penelitian untuk menganalisis perlindungan konsumen & pelaku usaha terkait penggunaan blockchain dan untuk memberi masukan bagi Kementerian terkait tentang urgensi pembentukan peraturan penggunaan blockchain di Indonesia. Hasil penelitian ini adalah teknologi blockchain telah dipergunakan di pelbagai usaha, baik di sektor keuangan/perbankan, pertanian dan lain sebagainya. Teknologi blockchain dapat merubah paradigma di sektor keuangan dari sistem sentralisasi menuju sistem desentralisasi dan untuk meningkatkan keamanan sistem. Blockchain wajib diawasi karena di dalam sistem blockchain terdapat privasi data, privasi keuangan dan agar tidak disalahgunakan untuk melakukan tindak pidana. Kesimpulannya adalah pengawasan sistem blockchain dilaksanakan dengan membentuk peraturan khusus tentang blockchain atau menambahkan norma baru yang berprinsipkan keadilan bermartabat tentang blockchain dalam Peraturan Bank Indonesia ataupun Peraturan Otoritas Jasa Keuangan yang terkait teknologi finansial.�Kata Kunci: Blockchain, Perlindungan Konsumen, Pencucian Uang, Pembaharuan Hukum, Keadilan Bermartabat

scholarly journals IoT Adaptive Dynamic Blockchain Networking Method Based on Discrete Heartbeat Signals

Sensors ◽  
2020 ◽  
Vol 20 (22) ◽  
pp. 6503
Author(s):  
Xueyang Hu ◽  
Yili Zheng ◽  
Yu Su ◽  
Rui Guo
Keyword(s):  
Consensus Algorithm ◽  
Byzantine Fault Tolerance ◽  
Herd Effect ◽  
Adaptive Dynamic ◽  
Blockchain Technology ◽  
New Development ◽  
Physical Assets ◽  
Iot Devices ◽  
Short Network ◽  
Digital Assets

The combination of blockchain technology and Internet of Things (IoT) technology has brought many significant advantages and new development directions. With the development of embedded technology and 5G communication technology, the performance limitations and network limitations that are traditionally believed to restrict the application of blockchain technology to IoT devices have been broken. The development of “blockchain + 5G + IoT” provides reliable data from the source for the blockchain, linking the credible mapping of physical assets and digital assets. However, at the beginning of the blockchain design, the application of the IoT was not fully considered, so there have been some obvious defects in applying the blockchain technology in the IoT. In the Byzantine fault tolerance (BFT) consensus algorithm of traditional blockchain, the entire blockchain network will become paralyzed when more than 1/3 of the nodes in the network are offline. However, in IoT applications, this situation is likely to occur and greatly limits the security and stability of the application of blockchain technology in the IoT. In order to solve this problem, we proposed an IoT adaptive dynamic blockchain networking method based on discrete heartbeat signals. The feature of the method is to set a different monitoring time for each group of nodes, that is, discrete heartbeat signals monitoring. When the number of nodes gradually decreases, the IoT adaptive dynamic blockchain network can dynamically adapt to this process. Even when more than 1/3 of the IoT are offline, the adaptive dynamic IoT blockchain network can maintain stable running. This method also has the advantages of a short network expectation recovery time and avoids instantaneous system paralysis caused by the thundering herd effect. This research improves the security and stability of the application of blockchain technology in the IoT, and provides the necessary technical foundation for the better combination of blockchain technology and IoT technology.

scholarly journals A Taxonomy of Blockchain Threats and Vulnerabilities

2019 ◽  
Author(s):  
Ayman Alkhalifah ◽  
Alex Ng ◽  
A. S. M. Kayes ◽  
Jabed Chowdhury ◽  
Mamoun Alazab ◽  
...  
Keyword(s):  
Supply Chain ◽  
Internet Of Things ◽  
Digital Signature ◽  
Financial Services ◽  
Research Direction ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Digital Transactions

Blockchain technology has become one of the most popular technologies for maintaining digital transactions. From the foundation of Bitcoin to the now predominant smart contract, blockchain technology promises to induce a shift in thought about digital transactions in many fields, such as energy, healthcare, Internet of Things, cybersecurity, financial services and the supply chain. Despite blockchain technology offers many cryptography advantages such as immutability, digital signature and hashing; it has suffered from several critical cybersecurity threats and vulnerabilities. In this paper, we build upon the previous studies on vulnerabilities and investigates over 60 real cybersecurity incidents that have been happening on the blockchain networks between 2009 and 2019. We categorise those incidents against the key cybersecurity vulnerabilities in blockchain technologies; and have developed a taxonomy that captures five types of cybersecurity threats and vulnerabilities based on five main players in blockchain. The outcome of this research prompted concerns and research direction in developing countermeasures to alleviate these risks.

scholarly journals Ethereum Blockchain based Smart Contract for Secured Transactions between Founders/Entrepreneurs and Contributors under Start-up Projects

2021 ◽  
pp. 01-08
Author(s):  
Namrata Thakur ◽  
Dr. Vinayak D Shinde
Keyword(s):  
Project Manager ◽  
Bank Loan ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Start Up ◽  
Secured Transactions ◽  
Block Chain ◽  
Startup Process ◽  
Many Sources ◽  
Use Of Internet

Many implementation of blockchain technology are widely available today. This Project explains how blockchain technology improves efficiency and builds faith in funding process of startup process which affect today’s business and industries. Designing Block chain based a decentralized, distributed ledger, which records transactions or events of funding process in Start-up is discussed.Start –ups facing an issue of raising a required fund. Although there are many sources are available to entrepreneurs who wish to begin new businesses or expand existing ones, like family, friends, friends of friends, bank loan, use of internet, online crowd funding platform and many more. However, to look at the proper distribution and utilization of money and to keep track of it is main problem. This proposed system may provide the solution with blockchain technology for issues related to crowdfunding contract. Through the notion of smart contract automated interaction between and existing transaction system is discussed. A solution for the issues like security, abuse of investor and illegal transactions in crowdfunding process is prompted in this project.The idea behind model is to use ethereum based smart contract for securely and effectively handling connection between fundraisers,vendors and project manager/idea person. Blockchain enabled,distributed platforms is used to avoid fraud and to view proper utilization and distribution of money raised by different contributors.

Sign in / Sign up

Export Citation Format

Share Document