The Burn-to-Claim cross-blockchain asset transfer protocol

Abstract

The future of multi-blockchain architecture depends on the emergence of new protocols that achieve communication between trustless cross-chain participants. However, interoperability between blockchains remains an open problem. Existing approaches provide integration through solutions using a middleware system, which makes it harder to gain confidence mainly in terms of security and correctness of the process. A crosschain protocol needs to provide a self-verifiable state-proof that embeds trust in the transfer process. We propose a Burn-to-Claim cross-chain protocol to seamlessly exchange assets between networks. Our scheme transfers assets from one blockchain system to another in a way that the asset is burned from the source blockchain and claimed on the destination blockchain. Our mechanism employs combinations of crypto mechanisms such as digital signatures and time lock to operate the protocol in a distributed manner. We provide an analysis which proves that our cross-chain protocol transfers assets correctly and securely.

Formalising a Gateway-based Blockchain Interoperability Solution with Event-B

“…Babu et al [14] formalises the Burn-to-Claim protocol, an asset transfer protocol between two blockchains. The authors developed the model using the CSP# language and verified it with the PAT model checker.…”

“…Recent studies have formalised specific interoperability solutions using the TLA+ and PAT methods [12]- [14], although the gateway-based approach has not yet been formalised. Fur-thermore, the Event-B method has not been used to formalise interoperability solutions, although it enables verification of safety properties and verification of functional correctness of a system according to a specification [15].…”

Cross-Blockchain Technology: Integration Framework and Security Assumptions

“…It gives the guarantee that the token is permanently destroyed before being transferred onto another network [43]. We refer to our previous work for details on a burn-to-claim protocol [44], [45].…”

“…Integration systems aim to address this problem by implementing different protocols to accomplish the composability of cross-blockchain transactions between integrating networks. Consequently, there exist a range of cross-blockchain protocols such as atomic swap, lock/unlock, burn/mint to be used based on the use-cases [10], [12], [13], [44].…”

A Research on Blockchain Technology: Urban Intelligent Transportation Systems in Developing Countries

“…Melanie Swan defined the development of blockchain technology at three levels [4]: blockchain 1.0 (currency interconnection), mainly bitcoin and other virtual currencies; Blockchain 2.0 (asset interconnection) takes smart contracts as the basic feature and can develop decentralized application DAPP as required; Blockchain 3.0 (Internet of Things), the applica-tion field of blockchain technology extends to education, government management, medical care, transportation, etc. It can confirm, measure and store the property rights of the valuable information contained in the blockchain and quickly establish credit, making the work more convenient and efficient [5].…”