scholarly journals Fully Decentralized Application Model by Peer to Peer Smart Contract of Blockchain

2021 ◽  
Author(s):  
Hong Su ◽  
Bing Guo ◽  
Junyu Lu ◽  
Xinhua Suo
Keyword(s):  
Peer To Peer ◽  
Third Party ◽  
Smart Contracts ◽  
Application Model ◽  
Smart Contract ◽  
Requirements Change

<div>Currently, the P2P method is that its software runs on a P2P hardware environment. However, the software is not a P2P one. It is difficult to match the scenarios in which the users' requirements change often. Meanwhile, if the software is out of service, all participants are affected. Thus, in this paper, we propose the fully decentralized application model, in which a P2P software runs in a P2P hardware environment. It is based on the blockchain, as a blockchain provides a secured P2P hardware environment. We focus on its P2P software (the P2P smart contract). A P2P smart contract is formed by smart contracts from its participants instead of a third party. It allows each participant to specify its requirement in a turning-complete way and the failure of one smart contract does not affect other smart contracts. We first describe the requirement of the P2P smart contract and the dependence among them. Then, we propose different ways to pair associated smart contracts. At last, we verify the proposed P2P smart contract model, and it shows more flexibility and robustness than the centralized software method.</div>

Fully Decentralized Application Model by Peer to Peer Smart Contract of Blockchain

2021 ◽  
Author(s):  
Hong Su ◽  
Bing Guo ◽  
Junyu Lu ◽  
Xinhua Suo
Keyword(s):  
Peer To Peer ◽  
Third Party ◽  
Smart Contracts ◽  
Application Model ◽  
Smart Contract ◽  
Requirements Change

<div>Currently, the P2P method is that its software runs on a P2P hardware environment. However, the software is not a P2P one. It is difficult to match the scenarios in which the users' requirements change often. Meanwhile, if the software is out of service, all participants are affected. Thus, in this paper, we propose the fully decentralized application model, in which a P2P software runs in a P2P hardware environment. It is based on the blockchain, as a blockchain provides a secured P2P hardware environment. We focus on its P2P software (the P2P smart contract). A P2P smart contract is formed by smart contracts from its participants instead of a third party. It allows each participant to specify its requirement in a turning-complete way and the failure of one smart contract does not affect other smart contracts. We first describe the requirement of the P2P smart contract and the dependence among them. Then, we propose different ways to pair associated smart contracts. At last, we verify the proposed P2P smart contract model, and it shows more flexibility and robustness than the centralized software method.</div>

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.

Smart Contracts

2019 ◽  
pp. 311-326 ◽  
Author(s):  
Roger Brownsword
Keyword(s):  
New Technologies ◽  
Peer To Peer ◽  
The Other ◽  
Smart Contracts ◽  
Rule Based ◽  
Smart Contract ◽  
Regulatory Purpose ◽  
Business To Consumer ◽  
Covering Law ◽  
Business To Business

The main purpose of this chapter is to sketch two principal ways in which lawyers are likely to engage with new transactional technologies (such as smart contract applications of blockchain technologies), each form of engagement being characterized by its own questions and conversations. Whereas one form of engagement, ‘coherentism’, focuses on the fit between particular new technologies and the covering law of contract, the other, ‘regulatory-instrumentalism’, focuses on whether the law (relative to particular new technologies) is fit for regulatory purpose. The sketch is refined by drawing further distinctions between ‘transactionalist’ and ‘relationalist’ variants of ‘coherentism’ and ‘rule-based’ and ‘technocratic’ variants of regulatory-instrumentalism. With a view to decoding legal debates about emerging transactional technologies, this sketch is then applied to questions concerning smart contracts in, respectively, business-to-consumer, business-to-business, and peer-to-peer transactions.

scholarly journals Advantages and disadvantages of smart-contracts as the basis for the emergence of ownership

2021 ◽  
pp. 101-105
Author(s):  
K. Nekit
Keyword(s):  
Property Rights ◽  
Legal Aspect ◽  
Legal Regulation ◽  
Third Party ◽  
Smart Contracts ◽  
Advantages And Disadvantages ◽  
Technical Errors ◽  
Smart Contract ◽  
Legal Nature ◽  
Definition Of

The article examines the concepts, legal nature of smart contracts, as well as the advantages and disadvantages of smart contracts as a basis for ownership. The technical and legal aspect of the concept of smart contract is considered. Models of using smart contracts are described. Approaches to determining the legal nature of smart contracts are presented. It is concluded that two models must be considered when using smart contracts. The first model is external, when the program code does not replace the agreement, but only automates its execution. The second model is internal, when the code completely or partially replaces the terms of the agreement. Among the advantages of smart contracts as grounds for the emergence of property rights can be identified, first of all, the inability to change the terms of the contract and interference in its work. However, at the same time, this feature is a disadvantage of the smart contract, as it does not allow to take into account the objective circumstances that may affect the implementation of the agreement. The problem of oracles when using smart contracts is also considered. It is noted that the use of oracles actually means the involvement of a third party in the transaction with all the risks that arise from it. The problem of involving notaries and state registrars in transactions on acquisition of property rights on the basis of a smart contract is analyzed. The problems of lack of legal regulation of smart contracts, in particular, related to its transnational nature, is investigated. The problem of protection of the rights of the parties to the smart contract is analyzed, in particular, related to technical errors and outside interference. Temporary solutions regarding the use of smart contracts and general recommendations on the legislative definition of smart contracts are proposed.

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 A Decentralized, Secure, Peer-to-Peer Multi-Voting System on Ethereum Blockchain

2021 ◽  
Vol 9 (10) ◽  
pp. 1354-1359
Author(s):  
Ashmita Pandey
Keyword(s):  
Electoral System ◽  
Peer To Peer ◽  
Third Parties ◽  
Smart Contracts ◽  
Time Loss ◽  
Consensus Protocol ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Distributed Ledger Technology ◽  
Voting System

Abstract: A decentralised, Secure, Peer-to-Peer Multi-Voting System on Ethereum Blockchain is a distributed ledger technology (DLT) that permits virtual votes to be transacted in a peer-to-peer decentralized network. Those transactions are validated and registered through every node of the network, so creating a transparent and immutable series of registered events whose truthfulness is supplied through a consensus protocol. Smart contract automates the execution of agreement that runs routinely as soon as the conditions are satisfied. Smart contract would not need any third parties consequently prevents time loss. By Eliminating the requirement for third parties, consequently, allows numerous processes to be extra efficient and economical. The system is secure, reliable, and anonymous. Smart contract is enforced for the Ethereum network using the Ethereum wallets and also the Solidity language. Users are capable of submit their votes immediately from their Ethereum wallets, and those transaction requests is handled with the consensus of each single Ethereum node. This creates a transparent environment for evoting. A lot of concerning efficiency of the peer-to-peer decentralized electoral system on Ethereum network along with application and the outcomes of implementation are provided in this paper. Keywords: Blockchain, Distributed Ledger Technology (DLT), Consensus Protocol, Smart Contracts, Ethereum, Solidity

scholarly journals Smart-Contracts in the digital economy: Contractual regulation and dispute resolution

2021 ◽  
Vol 2 (4) ◽  
pp. 40-50
Author(s):  
S. A. Sinitsyn ◽  
M. O. Diakonova ◽  
T. I. Chursina
Keyword(s):  
Legal Regulation ◽  
Self Control ◽  
Third Party ◽  
Physical Contact ◽  
Smart Contracts ◽  
Digital Platforms ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Materials Used ◽  
Automatic Code

This article has been prepared for the research purpose of identifying, disclosing, and justifying certain trends in the development of civil law and procedures in the context of the spread of smart contract practices and the expansion of their spheres of application. At the moment, there is no uniform approach to choosing an optimal form for the legal regulation of smart contracts within the system of contract law in modern legal systems or international law; meanwhile, globalization and the digitalization of the economy imply the growth of cross-border transactions. The emergence of smart contracts is due to the development of e-commerce, in which the parties’ interactions are carried out electronically instead of in physical exchanges or direct physical contact. Smart contracts gaining popularity in circulation are based on two interrelated elements: firstly, they eliminate a person’s direct participation in some or all cases of executing the agreement using an automated code designed for execution without reference to the intentions of the contracting parties after publication; secondly, they make use of decentralized blockchain technology, and also provide automatic code execution without any party’s potential intervention, so as to eliminate or reduce the self-control and third-party control of the commitment.This study examines the content, conclusion, validity, protection of rights and legitimate interests of the parties, interpretation, and legal nature of smart contracts. The research materials used foreign experience in resolving disputes from smart contracts on digital platforms (Kleros, JUR, Aragon Network Justice, OpenCourt, OpenBazaar), as well as domestic and foreign literature on smart contracts. This research has been prepared based on general (deduction, dialectical analysis, intersectoral relations of objects) and specialized (comparative-legal, economic-legal) methods of scientific experimentation.The authors conclude that there are no grounds for considering a smart contract as a new classification element of the system of contractual regulation (type or kind of contract). In addition, the analysis shows that the resolution of smart contract disputes through digital platforms remains radically uncertain, and currently is not creating obvious advantages in comparison with traditional judicial proceedings.

scholarly journals Išmaniosios sutartys: teisinis reglamentavimas ir jo problematika

2020 ◽  
pp. 122-144
Author(s):  
Emilija Bartkutė ◽  
Gabrielė Gumbytė
Keyword(s):  
Research Paper ◽  
Legal Regulation ◽  
Civil Code ◽  
Specific Form ◽  
Third Party ◽  
Smart Contracts ◽  
Smart Contract ◽  
Basic Functions ◽  
The Republic

This research paper deals with the Institute of Smart Contracts, reveals legal regulation and its problems. In the first part of the work, using the attributes: immutability, specific form and operation without third party mediation, and the basic functions of storing, validating and executing, the concept of smart contracts is revealed. Also, in order to fully disclose the exclusivity of these contracts, fundamental differences from automated transactions are discussed. In the second part – three contract institutes are distinguished, in the context of which the compatibility of smart contracts with the Civil Code of the Republic of Lithuania is assessed. First of all, it discusses the formation and its characteristics, in addition it is evaluated whether the formation of the smart contract violates the norms of the Civil Code of the Republic of Lithuania. Further, the exclusive execution of these contracts and their compliance with Chapter XVI of the Civil Code of the Republic of Lithuania is disclosed. Finally, the paper examines possible breaches of smart contracts, ways to resolve them, as well as customization and compatibility.

scholarly journals A Decentralized E-Voting System Based on Blockchain Network

2019 ◽  
Vol 8 (12) ◽  
pp. 3650-3652
Keyword(s):  
Peer To Peer ◽  
Third Party ◽  
Electronic Voting ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Peer Network ◽  
Voting System ◽  
Electronic Voting System ◽  
Peer To Peer Network

This paper describes a decentralized electronic voting system using blockchain technology with peer-to-peer network rather than the centralized voting system of server-client structure. In the proposed system, an Ethereum-based private blockchain network is configured and decentralized applications are implemented to store and distribute voting data to all nodes participating in the network to create secure and reliable electronic voting system. Smart contracts for electronic voting are implemented using the Solidity language and distributed to a configured network so that all users can view and vote on elections, and voting data are shared and contrasted by all users in the network, which makes it possible to build a safer and more reliable electronic voting system without third party involvement.

scholarly journals A Peer-to-peer Purchase and Rental Smart Contract-based Application (PuRSCA)

2018 ◽  
Vol 60 (5-6) ◽  
pp. 307-320 ◽  
Author(s):  
Sina Rafati Niya ◽  
Florian Schüpfer ◽  
Thomas Bocek ◽  
Burkhard Stiller
Keyword(s):  
Transaction Costs ◽  
Data Transmission ◽  
Communication Protocol ◽  
Peer To Peer ◽  
D2d Communication ◽  
Security And Privacy ◽  
Smart Contracts ◽  
Design And Implementation ◽  
Smart Contract ◽  
Cost Efficient

Abstract This work introduces the design and implementation of an Android-based Peer-to-peer Purchase and Rental Application termed PuRSCA, which leverages Smart Contracts (SC) and the Ethereum public blockchain (BC). As a Device-to-device (D2D) communication protocol, WiFi-Direct is chosen to enable the P2P data transmission between two parties. This work results in a cost-efficient, secure, SC-based, P2P, and Decentralized application (Dapp). Evaluations on performance of this Dapp is specified in terms of its D2D deployment, transaction costs, scalability, security, and privacy.

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