IMPACT OF BLOCK CHAIN IN COMMUNICATION AND NETWORK

2021 ◽  
Vol 12 (1) ◽  
pp. 71-79
Author(s):  
Dr. Anamika Ahirwar ◽  
◽  
Sweta Pandey
Keyword(s):  
End Users ◽  
Smart Contracts ◽  
Chain Code ◽  
Smart Contract ◽  
Block Chain ◽  
P2p System ◽  
Network Administrators

A block chain network is a technical infrastructure that provides ledger and smart contract (chain code) services to applications. Primarily, smart contracts are used to generate transactions which are subsequently distributed to every peer node in the network where they are immutably recorded on their copy of the ledger. The users of applications might be end users using client applications or block chain network administrators. First and foremost, block chain is a public electronic ledger built around a P2P system that can be openly shared among disparate users to create an unchangeable record of transactions, each time-stamped and linked to the previous one. Every time a set of transactions is added, that data becomes another block in the chain.

scholarly journals Evolution Process and Supply Chain Adaptation of Smart Contracts in Blockchain

2022 ◽  
Vol 2022 ◽  
pp. 1-13
Author(s):  
Yue Wu ◽  
Junxiang Li ◽  
Jiru Zhou ◽  
Shichang Luo ◽  
Liwei Song
Keyword(s):  
Supply Chain ◽  
Business Process ◽  
Source Code ◽  
Evolution Process ◽  
Future Research ◽  
Chain Model ◽  
Smart Contracts ◽  
Application Field ◽  
Smart Contract ◽  
Block Chain

Because of its unique decentralization, encryption, reliability, and tamper-proof, the block chain system makes smart contracts break through the shackles of the lack of trusted environment, and its application field keeps expanding. We read the source code and official documents of Bitcoin, Ethereum, and Hyperledger to explore the operation principle and implementation mode of smart contract. By analyzing the evolution process of smart contracts in blockchain and the sequence of its function expansion, according to the multirole business process of supply chain, we design a semipublic smart contract chain model based on Ethereum and Hyperledger in order to provide useful inspiration and help for the future research of smart contracts in blockchain applied in supply chain.

scholarly journals Systematic Approach to Analyze Attacks on SCM: using Blockchain

2020 ◽  
Vol 9 (2) ◽  
pp. 1086-1094
Keyword(s):  
Supply Chain ◽  
Textile Industry ◽  
Systematic Approach ◽  
Time Stamp ◽  
Smart Contracts ◽  
Security Measures ◽  
Chain Management ◽  
Smart Contract ◽  
Current Scenario ◽  
Block Chain

Smart contracts are programs, which are stored in a decentralized network i.e. Block chain. These are written by users to develop decentralized applications using different platform like Ethereum and bitcoin. In current scenario, even though blockchain support features like security and transparency. Because of solidity language vulnerability, there is a possibility of attacks on smart contracts in blockchain. So, to avoid those attacks like i.e. Locked Ether, Transaction order dependency and Time stamp dependency. We discussed, analyzed and tested these attacks in this paper. Further, in our project supply chain management for textile industry using block chain technology, we have developed smart contract using solidity language on Ethereum Platform. With the aim of protecting our project from these attacks, we are thoroughly and experimentally analyzed. And based on the experimental observations, we are going to protect our project from these attacks. All the above mentioned attacks are thoroughly studied and experimentally tested on Ganache, Ropston test network, Rinkeby test network using Remix IDE in JVM, injectedweb3and web3 provider environments. Finally, we have suggested security measures to protect from these attacks

scholarly journals Effective Smart Contracts for Supply Chain Contracts

2021 ◽  
Author(s):  
Bajeela Aejas ◽  
Abdelaziz Bouras
Keyword(s):  
Supply Chain ◽  
Supply Chain Management ◽  
Natural Language ◽  
Language Processing ◽  
Smart Contracts ◽  
Chain Management ◽  
Supply Chain Contracts ◽  
Start Date ◽  
Smart Contract ◽  
Block Chain

Blockchain is in its way of revolutionizing different sectors with its decentralized peer-to-peer networking. Smart contracts are the piece of software that have written rules to be executed automatically to update the state of the block chain in a systematic way. One of the main use of Smart contract is in Supply Chain management. Supply Chain management deals with lot of legal contracts at a time. Contracts are agreements between two or more parties that define the duties and obligations for execution of any kind of activities. In this research, we are trying to automate the supply chain related contracts by identifying the important entities such as contract type, start date, end date etc., by using Natural Language Processing methods, then convert the contract to smart contract. This provides an efficient template for creation of smart contracts from natural language contracts and thereby offer best smart contract template for a given type of contract in Supply Chain.

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 Artificial Intelligence, Smart Contract and Islamic Finance

2018 ◽  
Vol 14 (2) ◽  
pp. 145 ◽  
Author(s):  
Siti Rohaya Mat Rahim ◽  
Zam Zuriyati Mohamad ◽  
Juliana Abu Bakar ◽  
Farhana Hanim Mohsin ◽  
Norhayati Md Isa
Keyword(s):  
Artificial Intelligence ◽  
Computer Code ◽  
Islamic Finance ◽  
Human Intelligence ◽  
Human Beings ◽  
Finance Industry ◽  
Smart Contract ◽  
Huge Impact ◽  
Block Chain

This study examines the two important aspect of latest technology issues in Islamic finance that related to artificial intelligence (AI) and smart contract. AI refers to the ability of machines to understand, think, and learn in a similar way to human beings, indicating the possibility of using computers to simulate human intelligence. Smart contract is a computer code running on top of a block-chain containing a set of rules under which the parties to that smart contract agree to interact with each other. The main objectives of this article are to evaluate the operations of AI and smart contract, to make comparison between the operations of AI and smart contract. This article concludes that AI and smart contract will have a huge impact in future for Islamic Finance industry.

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 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.

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