Blockchain-Enabled Smart Contracts: Architecture, Applications, and Future Trends

Wang, Shuai; Ouyang, Liwei; Yuan, Yong; Ni, Xiaochun; Han, Xuan; Wang, Fei‐Yue

doi:10.1109/tsmc.2019.2895123

Cited by 777 publications

(357 citation statements)

References 40 publications

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“…Hyperledger Burrow: Hyperledger Burrow is a permissioned blockchain that uses Tendermint consensus method for achieving consensus [64]. It was first designed by a company called Monax.…”

Section: Overview Of Blockchain Implementationsmentioning

confidence: 99%

A Survey on Consensus Methods in Blockchain for Resource-constrained IoT Networks

Salimitari¹,

Chatterjee²,

Fallah³

2020

Preprint

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The success of blockchain as the underlying technology for cryptocurrencies has opened up possibilities for its use in other application domains as well. The main advantages of blockchain for its potential use in other domains are its inherent security mechanisms and immunity to different attacks. A blockchain relies on a consensus method for agreeing on any new data. Most of the consensus methods which are currently used for the blockchain of different cryptocurrencies require high computational power and thus are not apt for resourceconstrained systems.In this article, we discuss and survey the various blockchain based consensus methods that are applicable to resource constrained IoT devices and networks. A typical IoT network consists of several devices which have limited computational and communications capabilities. Most often, these devices cannot perform intensive computations and are starved for bandwidth. Therefore, we discuss the possible measures that can be taken to reduce the computational power and convergence time for the underlying consensus methods. We also talk about some of the alternatives to the public blockchain like private blockchain and tangle, along with their potential adoption for IoT networks. Furthermore, we review the existing consensus methods that have been implemented and explore the possibility of utilizing them to realize a blockchain based IoT network. Some of the open research challenges are also put forward.

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“…Hyperledger Burrow: Hyperledger Burrow is a permissioned blockchain that uses Tendermint consensus method for achieving consensus [64]. It was first designed by a company called Monax.…”

Section: Overview Of Blockchain Implementationsmentioning

confidence: 99%

A Survey on Consensus Methods in Blockchain for Resource-constrained IoT Networks

Salimitari¹,

Chatterjee²,

Fallah³

2020

Preprint

View full text Add to dashboard Cite

show abstract

“…With the identity, the members of the system can be trusted, which is the key to running a business ecosystem consisting of various kinds of participants, which ultimately requires a trusted third party to connect the ecosystem [10]. In Hyperledger Fabric, there are three phases consists of a proposal phase, a packaging phase, and a validating phase [11].…”

Section: Hyperledger Fabric and Hyperledger Composermentioning

confidence: 99%

Blockchain Based Warehouse Supply Chain Management using Hyperledger Fabric and Hyperledger Composer

2020

IJITEE

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 Abstract: This research investigates the operation of smart transactions in the blockchain and demonstrates the process of transforming an existing system into the blockchain using the Hyperledger Blockchain Platform. The process includes determining business model requirements and redesigning the business model to be applied to the blockchain system using Hyperledger Composer. The supply management system is the selected case study due to its complexity that can be used to demonstrate blockchain implementation. This research explored the utilization of Hyperledger Fabric as well as Hyperledger Composer technology. The implemented system is then under test for performance evaluation. According to experimental results, read access has the shortest duration needed, which is 33% faster than Create, 69% compared to Delete, and 82% compared to Update. Update function has the longest average duration needed. Furthermore, reading using query would dramatically slow down the Read function with the increase of the average read duration over 10 commodities category by 12238.9%, over 100 commodities category by 1950%, and over 1000 commodities category by 308% than reading without using a query.

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“…Closing in on blockchain and smart contracts as specific subject matter, Wang et. al hypothesise on future smart contract developments in three steps as below [34]:…”

Section: A Taxonomy Formulationmentioning

confidence: 99%

A Three-Tier Framework for Understanding Disruption Trajectories for Blockchain in the Electricity Industry

Villiers¹,

Cuffe²

2020

Preprint

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Ever since the invention of Bitcoin by the pseudonymous Satashi Nakamoto, cryptocurrency has provoked debate in banking and finance sectors, and is sometimes considered a potential successor to fiat currency. Blockchain, the new technology underpinning decentralised and immutable databases, has seen much discussion as a potentially game-changing development. Although many industries are exploring its value, the technology has thus far made only minor impacts. A rapidly expanding base of research has emerged on blockchain's role as a potential disruptor in the electrical energy industry. However, it may be difficult to distinguish hype from more imminently plausible impacts. This paper attempts to serve as a guide for engineering management wishing to make sense of blockchain's potential in electricity. This is accomplished by formulating a novel blockchain industry disruption framework, which exists across three tiers. These tiers extend from ideas with the least effect on an industry to total revolutionary concepts that could completely transform an industry. This taxonomy is constructed by examining existing research into disruption hierarchies and blockchain classification methods. Through the lens of this taxonomy, a literature review is performed on blockchain's role in energy to draw out themes and ideas characterising each tier. The potential likelihood of real-world application of various ideas are discussed, giving consideration to how established industries may be affected or disrupted. The authors provide some conjecture here. Finally, courses of action are suggested for those whose sector may be affected by blockchain.

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Blockchain-Enabled Smart Contracts: Architecture, Applications, and Future Trends

Cited by 777 publications

References 40 publications

A Survey on Consensus Methods in Blockchain for Resource-constrained IoT Networks

A Survey on Consensus Methods in Blockchain for Resource-constrained IoT Networks

Blockchain Based Warehouse Supply Chain Management using Hyperledger Fabric and Hyperledger Composer

A Three-Tier Framework for Understanding Disruption Trajectories for Blockchain in the Electricity Industry

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