A Survey on Cross-Chain Technology: Challenges, Development, and Prospect

Mao, Hanyu; Nie, Tiezheng; Sun, Hong; Shen, Derong; Yu, Ge

doi:10.1109/access.2022.3228535

Cited by 12 publications

(8 citation statements)

References 59 publications

(67 reference statements)

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“…2) Sign: Given a message m ∈ {0, 1} * . u i computes the partial signature 𝜉 i according to Equation (20). Then, group member u i transmits the 𝜉 i to the signature aggregator:…”

Section: Verifiable Identity Threshold Signature Methodsmentioning

confidence: 99%

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ChainKeeper: A cross‐chain scheme for governing the chain by chain

Xu,

He,

Dai

et al. 2023

IET Blockchain

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With the rapid application of consortium chains, supervising these systems has become a challenge for governments. The centralized model fails to deliver supervision services that are both open and transparent. Given the benefits of decentralization, non‐tampering, and traceability offered by blockchains, researchers propose the concept of ‘governing the chain by chain’, which involves supervising multiple consortium chains by constructing a blockchain. Under this idea, the cross‐chain scheme becomes the key to achieving excellent supervision. Existing studies have shortcomings and cannot meet the requirements of universality, security, and efficiency in cross‐chain supervision scenarios. Aiming at the challenges, we propose ChainKeeper, a cross‐chain scheme for governing the chain by chain. The innovation of our work lies in three points. First, a modular node proxy program is designed to adapt to various implementations of consortium chains. Second, a verifiable node random selection method is put forward to improve the throughput of cross‐chain data transmission. Finally, a verifiable identity threshold signature method is proposed to prevent the cheating behavior of malicious nodes. To verify the universality of ChainKeeper, we built a prototype system on three types of consortium chains. The experimental results show that ChainKeeper can achieve high throughput, outperforming two state‐of‐the‐art cross‐chain schemes.

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“…2) Sign: Given a message m ∈ {0, 1} * . u i computes the partial signature 𝜉 i according to Equation (20). Then, group member u i transmits the 𝜉 i to the signature aggregator:…”

Section: Verifiable Identity Threshold Signature Methodsmentioning

confidence: 99%

“…The HTLC‐based schemes use a hash lock and a time lock to achieve cross‐chain exchange of digital assets [20]. When a user participates in a transaction, his digital assets are locked in a specified contract with a hash lock.…”

Section: Related Workmentioning

confidence: 99%

ChainKeeper: A cross‐chain scheme for governing the chain by chain

Xu,

He,

Dai

et al. 2023

IET Blockchain

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“…The integration of blockchain-based digital twins for asset life cycle management has been explored, highlighting the potential for blockchain to enhance asset management practices through digital twin technology (Götz et al, 2020). Cross-chain technology in blockchain is also a significant area of development, offering prospects for addressing current challenges and shaping the future development trend in asset management (Mao et al, 2023). The role of blockchain in the metaverse and digital asset management is gaining attention, with comprehensive surveys aiming to clarify its significance and potential impact on digital asset management within the metaverse (Truong et al, 2023).…”

Section: Future Outlook and Emerging Trends Of Blockchain In Asset Ma...mentioning

confidence: 99%

Blockchain in asset management: An extensive review of opportunities and challenges

Funmilola Olatundun Olatoye,

Oluwafunmi Adijat Elufioye,

Chinwe Chinazo Okoye

et al. 2024

Int. J. Sci. Res. Arch.

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Blockchain technology has emerged as a transformative force within the financial sector, particularly in asset management. This paper provides a comprehensive review of the opportunities and challenges associated with integrating blockchain in asset management practices. The opportunities presented by blockchain in asset management are multifaceted. The decentralized and immutable nature of blockchain enables increased transparency and security in the tracking and transfer of assets. Smart contracts, a key feature of blockchain, automate and streamline various processes, reducing operational costs and minimizing the risk of errors. This technology also facilitates real-time settlement and enhances liquidity, contributing to increased efficiency in asset management workflows. However, along with these opportunities come substantial challenges. Regulatory uncertainties, interoperability issues, and the need for industry-wide standards are significant hurdles that the asset management sector must overcome to fully harness the potential of blockchain. Security concerns related to the custody and protection of digital assets, as well as the scalability of blockchain networks, also demand careful consideration. Moreover, the integration of blockchain in asset management necessitates a paradigm shift in organizational structures and industry practices. Stakeholders must adapt to new ways of managing and transferring assets, embracing the cultural and technological changes inherent in blockchain adoption. Education and collaboration among industry participants are crucial for navigating the complexities of this transformative technology. In conclusion, this extensive review highlights the immense potential of blockchain in revolutionizing asset management while shedding light on the formidable challenges that need to be addressed for successful implementation. As the industry continues to explore and adopt blockchain solutions, collaboration and proactive measures will be essential in maximizing the benefits and mitigating the risks associated with this groundbreaking technology.

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“…Hardjono et al 12 have discussed that a design philosophy similar to Internet architecture is required for interoperable blockchain systems. Mao et al 13 have analyzed the typical cross‐chain methods: hash‐locking, notary scheme, distributed private key control, sidechains/relays, and tight coupling. They have also discussed challenges and eight mainstream industry projects related to cross‐chain technology.…”

Section: Introductionmentioning

confidence: 99%

Cross‐blockchain decentralized asset transfer protocol for public blockchains

Monika,

Bhatia

2024

Int J Communication

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SummaryThe lack of interoperability between blockchains is a primary barrier to adopting the technology. Blockchains suffer from vendor lock‐ins as users cannot easily move their assets between blockchains. To resolve this issue, we propose a cross‐chain decentralized asset transfer protocol for blockchains without involving any intermediaries. Cross‐chain transactions can be efficiently executed using our proposed protocol without including any centralized third party. Most of the existing asset transfer solutions neglect the transaction finality guarantees; however, the protocol presented in this paper keeps track of transaction finality, providing transaction irreversibility guarantees and preventing assets from being lost in the transfer process. The reference implementation for the proposed protocol consists of smart contracts and a Web API for carrying out the cross‐chain transfer of assets. The proposed protocol is experimentally validated for the transfer of assets between Ethereum and Binance testnets. The performance testing shows that the cost of the proposed protocol is acceptable.

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A Survey on Cross-Chain Technology: Challenges, Development, and Prospect

Cited by 12 publications

References 59 publications

ChainKeeper: A cross‐chain scheme for governing the chain by chain

ChainKeeper: A cross‐chain scheme for governing the chain by chain

Blockchain in asset management: An extensive review of opportunities and challenges

Cross‐blockchain decentralized asset transfer protocol for public blockchains

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