Recent Advances in Smart Contracts: A Technical Overview and State of the Art

Kemmoe, Victor Youdom; Stone, W. H.; Kim, Jeehyeong; Kim, Dae-Young; Son, Junggab

doi:10.1109/access.2020.3005020

Cited by 74 publications

(38 citation statements)

References 48 publications

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“…Smart contracts provide more efficiency and speed in the system. By using smart contracts, processed transactions per unit of time are more than the traditional contracts [34]. e IIoT sector (such as healthcare) generates a large volume of data; therefore, to process them, smart contracts are the best-suited option for IIoT sectors.…”

Section: Importance Of Smart Contracts Inmentioning

confidence: 99%

Blockchain-Based Internet of Things and Industrial IoT: A Comprehensive Survey

Dwivedi

Roy

Karda

et al. 2021

Security and Communication Networks

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Industry 4.0 connects the latest technologies such as cloud computing, Internet of things (IoT), machine learning and artificial intelligence (ML/AI), and blockchain to provide more automation in the industrial process and also bridges the gap between the physical and digital worlds through the cyber-physical system. The inherent feature of IoT devices creates the industry to smart industry (referred to as industrial IoT, i.e., IIoT) through its data-driven decision policies. However, several challenges such as decentralization, security and privacy vulnerability, single point of failure (SPOF), and trust issues exist in the IoT system. Blockchain is one of the promising technologies that can bring about opportunities for addressing the challenges of IoT systems. In this article, we have investigated the integration of IoT with blockchain technology and provided an in-depth study of the blockchain-enabled IoT and IIoT systems. The state-of-the-art research is categorized into data storage and management technique, big data and cloud computing technique (finance and data auditing), and industrial sectors (supply chain, energy, and healthcare sector). The insightful discussion based on the different categories is also presented in the paper. In particular, first, we introduce the IoT and IIoT and then discuss the need for smart contracts in IoT and IIoT systems. Next, we concentrate on the convergence of blockchain and IoT with state-of-the-art research. In addition, this article also provides the open and future research directions towards this era with the highlighted observations.

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Section: Importance Of Smart Contracts Inmentioning

confidence: 99%

Blockchain-Based Internet of Things and Industrial IoT: A Comprehensive Survey

Dwivedi

Roy

Karda

et al. 2021

Security and Communication Networks

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“…However, blockchain networks can be used to build other generic applications, like we will do for registering the factoring process. For this purpose, many distributed ledgers also provide users with the ability to use smart contracts [14].…”

Section: B Public Distributed Ledgersmentioning

confidence: 99%

Invoice Factoring Registration Based on a Public Blockchain

2021

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Invoice factoring is a very useful tool for developing businesses that face liquidity problems. The main property that a factoring system needs to fulfill is to prevent an invoice from being factored twice. In order to prevent double factoring, many factoring ecosystems use one or several centralized entities to register factoring agreements. However, this puts a lot of power in the hands of these centralized entities and makes it difficult for users to dispute situations in which factoring data is unavailable, wrongly recorded or manipulated by negligence or on purpose. In this article, we propose an architecture for invoice factoring registration based on a public blockchain. To solve the aforementioned drawbacks, we replace the trusted third parties for factoring registration with a smart contract. Using a smart contract, we record digital evidence of the terms and conditions of factoring agreements in explicit detail, allowing auditability and dispute resolution. Relevant information is highly available on the blockchain while its privacy is protected. The registration is optimal, since it needs only one blockchain transaction and one key-value storage per invoice factoring.

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“…Proof of Work (PoW) [9], Proof of Stake (PoS) [10] and Practical Byzantine Fault Tolerant (PBFT) [11] are three well-known examples of existing consensus models. As one of the extensions of blockchain technology, smart contracts introduced by Szabo in 1998 [2] and implemented by Ethereum in 2015 [12], are defined as computerized transaction protocols that execute the terms of a contract on a Blockchain. The main purposes of smart contracts are to satisfy common contractual conditions, minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries.…”

Section: A Blockchain and Smart Contractmentioning

confidence: 99%

“…Assume that V SA,OA is the validation result for the subject and object attributes and that V EA is the validation result for the environment attributes. The final validation result based on the predefined policy by the service provider is V as equations ( 10) - (12). V SA,OA is validated in step 4.…”

Section: Access Controlmentioning

confidence: 99%

A Novel Access Control Method Via Smart Contracts for Internet-Based Service Provisioning

et al. 2021

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The dramatic rise in internet-based service provisioning has highlighted the importance of deploying scalable access control methods, facilitating service authorization for eligible users. Existing centralized methods suffer from single-point-of-failure, low scalability, and high computational overhead. In addition, in these methods, users pay for the service provider as well as the network provider independently for a specific service, imposing extra cost for the user. New business models are needed to resolve such shortcomings. The realization of these models calls for sophisticated access control methods which consider the requirements of all parties who want to: 1) access a service; 2) provide that service; and 3) provide the network connection. Blockchain is an enabling technology that provides unprecedented opportunities to novel distributed access control methods for new business models. We propose an Attribute-based access control solution by leveraging Blockchain to share network providers' and service providers' resources. Our solution offers access flexibility based on the requirements of the parties while fulfilling reliability, accountability, and immutability. Besides, it decreases the overall service cost which is beneficial for each party. Our solution makes it possible for service providers to outsource their access control procedures without requiring a trusted third party. The experiments confirm that our solution can provide a fast, comprehensive, and scalable access control mechanism.

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Recent Advances in Smart Contracts: A Technical Overview and State of the Art

Cited by 74 publications

References 48 publications

Blockchain-Based Internet of Things and Industrial IoT: A Comprehensive Survey

Blockchain-Based Internet of Things and Industrial IoT: A Comprehensive Survey

Invoice Factoring Registration Based on a Public Blockchain

A Novel Access Control Method Via Smart Contracts for Internet-Based Service Provisioning

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