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 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 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.

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.

Blockchain for Islamic Social Responsibility Institutions

2019 ◽  
pp. 221-240 ◽  
Author(s):  
Moutaz Abojeib ◽  
Farrukh Habib
Keyword(s):  
Social Responsibility ◽  
Transaction Cost ◽  
Economic Efficiency ◽  
Governance Structure ◽  
Innovative Technology ◽  
Islamic Finance ◽  
Smart Contracts ◽  
Smart Contract ◽  
Traditional Technologies ◽  
High Level

Blockchain and smart contracts are forming new systems to record and manage businesses with less need for intermediaries. The new systems are expected to offer high level of governance with lower cost as compared to the traditional technologies. While there is a continuous effort to apply this innovative technology in several businesses, Islamic finance in general—and Islamic social finance in particular—are facing few challenges that could be solved by such innovations. Islamic social finance institutions such as waqf are facing some challenges in enhancing its governance structure to ensure Shariah compliance as well as economic efficiency. This chapter explains how blockchain and smart contract technologies can help these institutions for better governance, lower transaction cost, more transparency, and higher trust, hence enhancing the business flexibility and market accessibility. It also presents some related cases that are currently under development as an evidence for the practicality of these technologies in the Islamic social finance arena.

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.

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