Life Cycle of Smart Contracts in Blockchain Ecosystems

Sillaber, Christian; Waltl, Bernhard

doi:10.1007/s11623-017-0819-7

Cited by 74 publications

(36 citation statements)

References 2 publications

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“…Once the smart contracts are deployed on blockchains, all the parties can access the contracts through the blockchains. Moreover, digital assets of both involved parties in the smart contract are locked via freezing the corresponding digital wallets [32]. For example, the coin transfers (either incoming or outgoing) on the wallets relevant to the contract are blocked.…”

Section: Smart Contractmentioning

confidence: 99%

Blockchain for Internet of Things: A Survey

Dai

Zheng

Zhang

2019

IEEE Internet Things J.

976

397

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Internet of Things (IoT) is reshaping the incumbent industry to smart industry featured with data-driven decisionmaking. However, intrinsic features of IoT result in a number of challenges such as decentralization, poor interoperability, privacy and security vulnerabilities. Blockchain technology brings the opportunities in addressing the challenges of IoT. In this paper, we investigate the integration of blockchain technology with IoT. We name such synthesis of blockchain and IoT as Blockchain of Things (BCoT). This paper presents an in-depth survey of BCoT and discusses the insights of this new paradigm. In particular, we first briefly introduce IoT and discuss the challenges of IoT. Then we give an overview of blockchain technology. We next concentrate on introducing the convergence of blockchain and IoT and presenting the proposal of BCoT architecture. We further discuss the issues about using blockchain for 5G beyond in IoT as well as industrial applications of BCoT. Finally, we outline the open research directions in this promising area.

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Section: Smart Contractmentioning

confidence: 99%

Blockchain for Internet of Things: A Survey

Dai

Zheng

Zhang

2019

IEEE Internet Things J.

976

397

View full text Add to dashboard Cite

show abstract

“…Once smart contracts are deployed on blockchains, all the parties can access the contracts through the blockchains. Moreover, digital assets of both involved parties in the smart contract are locked via freezing the corresponding digital wallets [31]. For example, the coin transfers (either incoming or outgoing) on the wallets relevant to the contract are blocked.…”

Section: B Smart Contractmentioning

confidence: 99%

An overview on smart contracts: Challenges, advances and platforms

Zheng

Xie

Dai

et al. 2020

Future Generation Computer Systems

739

245

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Smart contract technology is reshaping conventional industry and business processes. Being embedded in blockchains, smart contracts enable the contractual terms of an agreement to be enforced automatically without the intervention of a trusted third party. As a result, smart contracts can cut down administration and save services costs, improve the efficiency of business processes and reduce the risks. Although smart contracts are promising to drive the new wave of innovation in business processes, there are a number of challenges to be tackled. This paper presents a survey on smart contracts. We first introduce blockchains and smart contracts. We then present the challenges in smart contracts as well as recent technical advances. We also compare typical smart contract platforms and give a categorization of smart contract applications along with some representative examples.

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“…The immutable nature of smart contracts in trustless, append-only, and decentralized digital ledgers makes the traditional software engineering lifecycle both inappropriate and insufficient (Sillaber and Waltl 2017). Instead, the technical specificities of blockchain technologies demand central consideration as a robust frame of reference that helps in decomposing its overall complexity and accommodating the new requirements of smart contract engineering.…”

Section: Identification Of Dlt Research Topicsmentioning

confidence: 99%

Laying the foundation for smart contract development: an integrated engineering process model

Sillaber

Waltl²,

Treiblmaier

et al. 2020

Inf Syst E-Bus Manage

Self Cite

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Smart contracts are seen as the major building blocks for future autonomous blockchain-and Distributed Ledger Technology (DLT)-based applications. Engineering such contracts for trustless, append-only, and decentralized digital ledgers allows mutually distrustful parties to transform legal requirements into immutable and formalized rules. Previous experience shows this to be a challenging task due to demanding socio-technical ecosystems and the specificities of decentralized ledger technology. In this paper, we therefore develop an integrated process model for engineering DLT-based smart contracts that accounts for the specificities of DLT. This model was iteratively refined with the support of industry experts. The model explicitly accounts for the immutability of the trustless, append-only, and decentralized DLT ecosystem, and thereby overcomes certain limitations of traditional software engineering process models. More specifically, it consists of five successive and closely intertwined phases: conceptualization, implementation, approval, execution, and finalization. For each phase, the respective activities, roles, and artifacts are identified and discussed in detail. Applying such a model when engineering smart contracts will help software engineers and developers to better understand and streamline the engineering process of DLTs in general and blockchain in particular. Furthermore, this model serves as a generic framework which will support application development in all fields in which DLT can be applied.

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Life Cycle of Smart Contracts in Blockchain Ecosystems

Cited by 74 publications

References 2 publications

Blockchain for Internet of Things: A Survey

Blockchain for Internet of Things: A Survey

An overview on smart contracts: Challenges, advances and platforms

Laying the foundation for smart contract development: an integrated engineering process model

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