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Running head: CRYPTO SMART CONTRACTS- ETHEREUM AND THE LIKES 1
CRYPTO SMART CONTRACTS- ETHEREUM AND THE LIKES 20
Crypto Smart Contracts - Ethereum and the likes
Fall 2020 - Cryptography (ISOL-535-M21)-Full Term
University of the Cumberlands
Emmanuel Udoh
October 11, 2020
Team-2
Mounika Chowdary Dandamudi
Kranthi Kumar Chebolu
Balarami Reddy Alla
Mohammed Ibrahim Ali Ansari
Abhishekta Vinayak Mohan Badigar
Abstract
There is a generalized perception that binding between smart contracts and the blockchain has always been the norm (Allam, 2018). But this is not correct; instead, the concept of smart contracts has been in existence for decades where. The smart contract was first defined as a computerized transaction protocol that explained the contract details. The transaction between parties is identified to be conducted in a centralized form, which often required a third party. But with a preference for blockchain technology, it tackles all concerned raised by different untrusted entities in a distributed manner without involving a third party. Smart contracts run on blockchain to ensure they facilitate, execute, and enforce all stipulated terms of the agreement among untrusted entities.
1. Introduction
The idea behind the preference to use the smart contract was to covert the traditional agreement into code, which could be embedded into either software or hardware spelling out the deal. Therefore, smart contracts are dependent on blockchain technology, given its credibility. Also, given the smart contracts are not required to rely on a third party to operate, there are reduced transaction costs. Soon after the smart contracts were introduced in 2015, the Ethereum was introduced into the market. Ethereum has been one of the standard forms of smart contract used currently. Its language supports the Turing- completeness features, allowing the developer to further create better advanced and specialized arrangements.
Smart contracts' popularity has continued to increase in the market, given the extensive studies on production implementation and their high distribution applications. There are different platforms in which smart contracts can be applied, such as e-commerce, smart property, and music rights organization. The current study in detail explored blockchain-based smart contracts and their identified issues that need to be addressed in the future to ensure the smart contracts can reach their maximum potential.
2. Evaluation/ Background
2.0 Blockchain technology
It is identified as a distributed database which in detail, records all the transactions that have occurred while in the blockchain network platform (Allam, 2018). The current database is then duplicated and later shared with all the network parties. Blockchain technology has gained popularity with its feature to guarantee confidentiality among all the untrusted parties to share information without requiring a trusted third party, which may be a bank. The blockchains are organized in the form of blocks where every block is identified with its cryptographic hash. Once the needed information has been developed and uploaded on a block, it cannot be altered. It guarantees the integrity of the transacted information and prevents double-spending for all the parties.
The first generation of blockchain technology is identified as cryptocurrencies. The cryptocurrencies are recognized as digital currents based on the cryptographic techniques and operate on a peer-to-peer network. The primary example of cryptocurrencies is Bitcoin, and it enables two untrusted partners to transact digital money within a secure system. The transactions recognized on this network are identified through the different particular nodes embedded. They can be verified to check on the sender's validity and the content designed for the transaction. Nevertheless, Bitcoin has a challenge with its limited programming capabilities, which are needed to support complex transactions.
Given the highlighted limitation on Bitcoin on its programming capabilities, there was the introduction of Ethereum in 2015. Ethereum is recognized as the second generation of blockchain to give room for complex applications apart from the cryptocurrencies. Ethereum blockchain is credited to develop the smart contract. There are two kinds of blockchains public and private blockchain.
A public blockchain is designed to allow all types of users to join the network; they can explore the blockchain and make a new transaction once satisfied with the blocks' integrity. Some examples of the public blockchains are the Ethereum, Bitcoin, and NXT. In a private blockchain, only the users credited with permissions are given the authority to join the network and make any amendments on the blocks before authorizing a transaction. An example of a private blockchain is Everledger, which comprises a company tasked to give permissions to the network.
3. Smart Contracts
A smart contract is defined as a computer protocol designed to digitally facilitate, verify, and enforce negotiations of a contract (Wang et al., 2019). Thus, smart contracts are designed to be self-executing business automation application which is identified to run on a decentralized network. Blockchain is used by smart contracts as its primary platform, given its established decentralized system that is in existence between all allowed parties, and this eliminated the middlemen or intermediates and saved the uses both time and resources.
Smart contracts are recognized as executable code utilized to facilitate, execute, and ensure all interested patients meet the agreed terms. Thus, smart contracts' primary objective is to ensure that all the highlighted names are completed based on the deal once the set conditions have been reached. The idea of smart contracts was developed to allow all involved parties to ensure they can quickly release their digital assets to the designated party once all the preset rules have been attained. Nevertheless, the smart contract capability depends on the programming language, which can express the contract and blockchain's different features. All smart legal agreements are designed about the technology instead of the expected business or political institution.
About the feature above, smart contracts are identified to have the capability to remove any form of administrative costs. It is enabled with the blockchains' preference to function as a database, and all needed confirmations can be made. Once correct verification has been established, the smart contracts can be utilized to verify all pre-determined conditions. As soon as the stipulated requirements for smart contracts are established, merchandise will be shipped to the destination. The parties involved agree to exchange the cryptocurrency.
Every smart contract has its balance, executable code, and private storage. Based on the deal, it clearly states the warehouse and the balance of the agreement. A smart contract is stored on the blockchain, and every time an update is done, the deal is appealed. Every smart contract is given a unique identifier, and once it has been uploaded on the blockchain, the contract code cannot be shifted (Abdellatif & Brousmiche, 2018). If the users wish to verify the contract signed, they can send a transaction to the contract addresses, which is later mined in the network to attain the desired output with ease. There are two major types of smart contracts.
First, a deterministic smart contract with all the needed information when undertaking a transaction and does not require any verification from the third party may not be part of the blockchain. Second, a non-deterministic smart contract uses data information or data feeds from an external party. For example, if a smart contract requires updated stock exchange information to be run, it may not necessarily be on the blockchain and needs to be verified from a third party.
4. Potential problems associated with Smart contracts
Smart contracts are identified to use the whole process online, allowing the execution to be done without any form of a physical meeting. Thus, there is the potential for fraud or misrepresentation between the buyers. Additional anxiety issues are reported with the contractors when required to use some form of algorithms that may not exist currently in existence. Thus, in any error identified with the system, there is a challenge to be tasked with the mistake's responsibility, which can cause so much damage to the design and potential losses.
There are issues raised to determine how rights and entitlements are garnered in the chain to ensure they accommodate the correct person contracts (Choudhury et al., 2018). For instance, critics have raised on what would happen in the shared ownership recorded on a blockchain with a vast entity. Still, several concerns are presented on the circumstances under which they placed equitable ownership of a different party. There is a form, transfer of ownership of property previously recorded on a blockchain in the event. It has been identified to be set aside when reviewed under the Corporation Acts as a voidable transaction. This raises some questions on the blockchain systems, which can potentially be a challenge to ensure they are well addressed.
There are highlighted issues that surround litigation. It is evident given the nature of the blockchain, where there are different players involved in distributing the merchandise globally. Thus, all the parties involved in the transaction ought to ensure they are given advance thoughts on the respective laws that are applied and the correct forum they can utilize to ensure their issues are sorted in the event of a misunderstanding. Therefore, in the future, it is integral to ensure there is an arbitration dispute resolution that is formulated instead of considering depending on the enforcement of a court award by a local court system.
5. Platforms used for smart contracts
There are numerous platforms under which smart contracts are developed under blockchain technology. Concerning the various platforms, different features are availed for creating smart contracts. The selected media are available on a public forum.
5.1 Bitcoin
Bitcoin is traded under the public blockchain technology platforms and is primarily used to process cryptocurrency (Scherer, 2017). Most developed have criticized Bitcoin for its limited computation capability given it makes use of the stack-based by the code scripting language. Moreover, research on how smart contracts can be created on this platform using the Bitcoin scripting language is a limitation. When using the Bitcoin platform, there is a preference to use a simple logic that required the users to multiply sign on their simplified contract before they can undertake the transaction. Due to Bitcoin's limited scripting language, there is a limitation on the users' loops and withdrawal limit.
5.2 Advantages of using Bitcoin
There are numerous advantages associated with the preference to use Bitcoin. Bitcoin provides greater liquidity about other cryptocurrencies that are available in the market. Therefore, the users get the opportunity to ensure they retain much value when they make the conversion to flat currencies such as Euros ad U.S. dollars.
There is a general rise in the acceptance of Bitcoin as a payment method. Since its inception, thousands of merchants are willing to accept the Bitcoin payment method. When the users prefer to use the Bitcoin, they enjoy international transaction, which has been made easier than regular currencies.
Bitcoin posts lower transaction fees in comparison to other digital payment methods such as PayPal and credit cards. In most cases, the prices vary, but they often do not cost more than 1 percent of the transaction's total value. It is way cheaper than other digital payment options, which are noted to be 2 to 3 percent (O'Shields, 2017).
Bitcoin provides users with the desired anonymity and privacy in comparison to traditional currencies. For instance, when holding some amounts on an online account or making a transaction via PayPal, the individual must share personal details to facilitate the transfer. But with Bitcoin, it guarantees the protection of privacy more than the handling of any form of cash or credit card online. Thus, the users cannot be tracked by the merchants and other public authorities on how they spend on different platforms. Unlike the state currencies, the Bitcoin is free from any form of political agents or creators. For instance, only 21 million developed Bitcoin, which makes them appreciate significantly given the Bitcoin units, can hardly be frozen or seized by the current government either due to political reasons or legit criminal investigations.
5.3 NXT
NXT is a public blockchain platform that is utilized to build smart contracts as a template. Thus, the platform only allows the development of the smart contracts with the use of these templates. However, it does not permit the customization of any form of a smart contract. It lacks Turing, which is present in Ethereum, allowing it to customize the smart contract with ease.
5.4 Ethereum
Ethereum is recognized as a public blockchain platform that can develop smart contracts to use a Turing-complete programming language (O'Shields, 2017). The code used to form the Ethereum smart contracts is written based on the stack-based byte code language. Currently, Ethereum is identified to be the most common platform that is used to construct smart contracts. Moreover, Ethereum is an open-source platform that provides developers an opportunity to make use of the blockchain technology to develop decentralized software. One of the significant differences between Bitcoin and Ethereum is that Bitcoin has limitations. In contrast, the developers who prefer to use Ethereum do not have limits regarding developing different applications.
6. Advantages of the Ethereum platform
The smart contracts which are developed on the platform guarantee security to the users. It provides users with an opportunity to execute their transactions without the need for a third party to offer the desired intervention. Moreover, Ethereum is not regulated by government entities, familiar with the traditional currencies in the country. With no regulation instilled by the governments, Ethereum is determined by the trust invested by the users and the amount of volume made under the transactions. When payments are made form one user to the other, they go directly to the individual account, and there is no in-between intermediary who intervenes for the funds.
Ethereum is developed as an open-source system; this allows the developers to undertake different improvements when necessary. It is beneficial to the users as they are guaranteed to provide stability and transparency. Besides, in the event of an error posted or failure registered on the platform, it is easier to post source code to fix the concern, and the users can proceed with transactions.
A grave fear which is identified with the financial transactions is counterfeit money or scams. But the Ethereum guarantees security given it is impossible to fake a virtual currency with its unique identified, which makes it unique while undertaking transactions. Besides, given the lack of third parties, while using the Ethereum, it makes the payment cheaper compared to other forms of prices or traditional currencies used for expenses.
7. Smart Contract Application
7.1 Music copyright management
Music owners can use the smart contracts to record their respective ownership rights of the Music currently on the blockchain. Through smart contracts, the music owner can make sure reinforcement on all the individuals who use the Music for commercial purposes. Thus, the blockchain has reduced the amount of time taken to before the end-user can access the payments with ease. Through blockchain, it guarantees the natural bridge created between the consumers and the musicians. Hence, the musicians are identified to receive their royalty payments on time. There is a reduction in unnecessary fees, often charged on the intermediaries involved in the music businesses. Furthermore, it is possible to ensure the royalty payment method has been wired into the agreement with smart contracts. Thus, as soon as the funds can download Music, the tasked revenue is shared with the correct musician within minutes. For example, Ujo is one of the companies that is noted to use blockchain-based smart contracts in the industry to ensure the users of the platform are guaranteed some revenue.
Ujo being a music company, has managed to also build on Ethereum, which was founded in 2015 (Poon & Buterin, 2017). The musicians can make registration of their online on the Ethereum blockchain, and the fans are allowed to make the needed downloads with ease. There are numerous online music platforms such as YouTube, iTunes, and Google Play Music, in which users can make needed downloads with ease. Music is comprised of a dataset for every company.
Given blockchain is a public distributed ledger; it has been made possible for the nodes to make connections with the blockchain networks where all the information is automatically updated. There is correct synchronization on all members who have the same story. Moreover, with the introduction of blockchain technology it has made possible creating a single global database for the music copyright to be enabled by music developers.
Dotblockchain is one of the platforms which allow the musicians to have an opportunity to hold all the rights on all the music works. The music data designed to build on a .be file in place of a standard audio file (Griggs et al., 2018). It provides all the needed information regarding performers, songwriters, and the music title. All this information is provided o the blockchain and can be available to the public upon searching. Besides, Bittunes is identified to operate on the Bitcoin Blockchain forming, which is a distributed music network that is formulated by an Australian start-up company Bittunes Pty. Ltd.
The platform is considered advantageous not only to the artists but also to the fans. For the musicians, they can receive the revenues gathered in the form of their royalties in Bitcoin, and the fans can have a significant share of the percentage of the remainder.
For instance, on the smart contract, about 80 percent of the royalties are shared with all the copyright shareholders, while 20 percent is randomly shared with the five selected clients. They may be regarded as loyal by the musician. The more a song is purchased, the more the Music is considered profitable to the musicians, and the clients get an opportunity to get some bonus from their super artists who are their idols.
To ensure the Implementation of Micropayment systems, Bittunes can be used for sidechain technology, which allows the transfer from tokens and Bitcoin between different blockchains. All the songs which are on the database are recognized to have a unique I.D., and this I.D. is imbedded on the audio file, and it makes the individuals searching for the songs to get them with ease quickly. However, in the event, Music is distributed illegally. Still, the individual who has purchased such as piracy the audio file no longer has the unique I.D., and it is impossible to track the music system.
Another music platform is the SingularDTV, established in the USA. The company shares the same notion on the usage of PeerTracks, where the artists are allowed to make their tokens, and they can use the formulated pass to raise their respective funds. But there are challenges associated with the PeerTracks it lacks offline copyright protection once it has been purchased. But the artists are allowed to track their Music once it is online for long periods with ease.
There are proposals done on how musical developers can make use of Ethereum. An application is developed to ensure it can be managed globally. It is an automated and distributed platform for all the artists to have an avenue to protect their copyright and ensure they can work their Music at all times. All of this can be done without the third party's management, such as music companies or banks, often involved in the payment process.
Once the proposed musical copyright protection scheme is in place, it is easier for the musicians to ensure they can manage their copyrights independently. With no third parties, they are guaranteed to have full payments done. Moreover, the proposed scheme is identified to offer the much-needed protection of the music copyrights after a fun has purchased a song, and it has been shared on different platforms. The scheme has an avenue to track how Music has been shared. Plus, all the users can access the system through a node in the blockchain, and the users are only offered needed services when the information has synchronized with the whole chain.
8. E-commerce
There is currently a preference to use much e-commerce due to the heavy dependence on internet usage among many business developers. Thus, many users prefer to use smart contracts as an avenue to get the desired merchandise from different users, especially with the untrusted parties. Bitcoin is one of the electronic payment systems utilizing cryptographic pros to ensure a reversal of a transaction; it is impossible to revert. Therefore, using blockchain technology promotes an electronic payment system, which uses both hashes and timestamps transactions, enabling both parties to undertake businesses without the need for a third party.
The users' preference to make use of smart contracts allows individuals to spend less. The buyer is guaranteed that the transaction has given smart contracts only releases payments to the seller when the buyer has received the merchandise and is content with the product's services. Moreover, smart contracts have opened up companies to get into global operations with ease; most companies can now undertake digital right management, which allows the parent company to manage respective companies in different sites with ease efficiently.
Blockchain technology is utilized to ensure it provides the much-needed trust and reputation in businesses. It is established with the network's usage as a trusted source, and there is a reduction of the risks encountered when the consumers prefer to deal directly with the businesses. Car theft has been a significant concern among motor owners with the possibility of being sold a stolen car. But most car owners have opted for the use of smart contracts on motor insurance to guarantee the users the legitimacy of the contact. Besides, given the car, buyers can verify their vehicles before making the cars' payments.
Smart contracts can be utilized to manage financial interactions between humans, vehicles, and regulators with ease (Nugent, Upton & Cimpoesu, 2016). There is user preference for all these processes, given they are easily managed online via an automated process. Therefore, intending to replace the human steps with automated processes, they are essential to reduce the chances of encountering the human error, which has devastating effects.
Therefore, with the smart contract, it is easier to ensure all these steps can be managed with ease and without the need for any form of intervention. All that is required is to entail the needed password, which is essential to ensure it authorizes the customers' authorization on the transaction's payments. Moreover, for decades there has been a preference to ensure pre-authorization and direct funds transfer of payments to financial organizations and other services on the online banking systems. But intending to use smart technology, it is easier to ensure the online transactions can be managed easily.
When businesses refer to smart contracts, there is less chance of disputes arising between the consumers and the merchants. It is as a result of the preset exchanges between the consumers and the businesses. Due to the advent of the internet, there is a preference for payments and invoices managed online, resulting in social exchange. Intention to use the smart contracts developers' contractual relationships, which often distorts most of the social norms and economic systems.
There have been concerns raised in different business operations if smart contracts can be used as a legal contract when conducting businesses. It has been faced with different responses where some companies are willing to use smart contracts to showcase their business activities with ease. However, smart contracts are thought to be a modern extension of the Weber notion of the social relationship between the merchant and the client.
Blockchain technology is utilized to ensure there is steaming of online exchanges. The preference to have direct contact in businesses reduces the chances of mistakes, corruption, tax evasion, or fraud. Moreover, blockchain technology contains an online tracking system that can be evaluated by the business later on to check the transactions. Additionally, with the proof-of-work systems, it ensures all values cannot be changed.
9. Internet of Things (IoT) and smart property
Internet of Things (IoT) is identified to create opportunities for new and exciting applications that have been introduced in the cyber world (Poon & Buterin, 2017). There are a billion nodes that are shared across the internet from one party to the other. Smart contracts are utilized to ensure parties are allowed to share digital information with ease, and there is no need to have a trusted third party. The smart contract is used as a guarantee for the transaction.
Currently, many real estate owners are opening up to the idea of using Ethereum-based smart contractors to either rent or sell without involving the trusted third party. The tenants are allowed to pay their mortgages with ease, and the realtor is guaranteed to the tenants' payments on time.
There are proposed smart contract-based security management, which has shifted from the digital certificates to smart contracts. It is prudent that all the entities that interact with a blockchain must have a public-private key pair. There is the provision of the smart chain playing the role of digital certificates linked with the contractor. Thus the smart contracts are identified to have different forms of attributes that can later be modified by the contract owners.
It is integral there is the correct identification of smart management and resolution, which ensure there is the implementation of DBS with the use of smart contracts. In the DNS root zone, different smart contracts can be used to address all outstanding issues. The smart leaf contracts comprise the DNS records, where mapping can be modified through respective domain owners.
Interestingly, the system can be modified, and the mappings are logged and later can be made available publicly. Smart contracts are identified to easily be retrieved by an identify resolution mechanism, which provides an avenue to ensure it puts storage of all needed security primitives such as TLS public keys.
Smart contracts plus the blockchain technologies are identified to ensure they improve information management in various ways. First, they facilitate access control, which guarantees the modification of the smart contracts' variables and secure the blockchain users can easily maneuver the system with ease. The smart contracts can also be utilized for authentication of the users.
Second, it is essential to note that a smart contract's property can ensure that multiple users can make use of the same agreement. Thus, it provides information and functionality scoping. The manufacturer can create a smart stub contract, describing the device and the users' data on its user interface.
Third, smart contracts guarantee proof of ownership, provide information verification, and there is no repudiation. There is currently a challenge with the information system today when it comes to the users proving their ownership of different products. But with the use of blockchain technology, it enables the information owners to have an opportunity to announce their right to particular items properly. At the same time, ensure they can communicate with ease based on the transcript of interactions.
Smart contracts are envisioned to interact in similar ways to how hardware drivers ensure proper interaction with the hardware devices. Moreover, smart contracts can give an appropriate description of different products and services' capabilities and how best they can be accessed by users with ease.
Thus, with the provided smart contracts, it is upon the developers to ensure they integrate the Things into the systems they are developing and provide sustainable devices and innovative devices that can be utilized with ease. Besides, building applications given the blockchain is noted to be secure, and the smart contracts guarantee confidentially of the available information.
Moreover, smart contracts are noted to be deterministic. It makes them efficiently executed correctly, enabling the contract owners not to worry if the application has been developed to be logical. Besides, smart contracts cannot be erased from the blockchain.
This feature is considered useful as it builds on censorship-resistant communication mechanisms. Therefore, in retrieving information that may have been eliminated for an extended period, it is accessible through the use of a smart contract. To ensure the needed Intel can easily be pointed and retrieved, the location somehow becomes blacklisted. With the embedded meta-data, it can be utilized to provide it, privates, any form of fraudsters, and there are no fake content items that are being used (Panescu & Manta, 2018).
There are several models of IoT that can be utilized. First, the push-pull integration model ensures the Things have been availed, and the users can pull them forms the different locations. Things are identified to push the data in blockchains. Thus, the smart contracts can be used to ensure they retrieve the needed information with ease.
Things push the data to be stored in different storage nodes; under this approach, it is easier to ensure the storage can easily be identified through a smart contract. Regarding the form of the pointer, it is easier for the user to pull the data based on different tools, be it in the URL, HTTP all needed is a request.
Second is the publish-subscribe model, which allows the users to express their respective interest in a data item. It is integral for the Things to monitor all the topics for new subscriptions, and when any item which is considered new has been availed, it is possible to develop some pointers for the subscribers.
Third, there is an event-based form of interaction with the IoT, which is made possible with the smart contract's actuation quality. Smart contract implementation is utilized to ensure it provides the needed events, which allow the users to invoke these methods, which, in turn, develop the events. Moreover, Things are noted to monitor the blockchain for the events, and if an event is to take place, then there is a need to ensure they undertake the appropriate actuation.
When making designs of a distributed application, it is prudent to consider smart contracts are open. This feature allows all permitted users to have the opportunity to have access to records making the based systems to be very transparent (Panescu & Manta, 2018). Second, the information which is linked with smart contracts is continually available. Thus, the blockchain users can be able to view the values that contract variables, the historical data, and the transactional data. Finally, smart contracts are noted to be immutable; once they have been issued, they cannot be modified further, which mandates the developer to be correct and precise with the information shared at the initial stages.
10. Conclusion
Blockchain technology keeps a record of all transactions that have occurred on the network. Provided blockchain guarantees communication among all parties without a trusted third party; it has given room for distributed application beyond cryptocurrencies. Preference to use the smart contracts that are identified to be new and exciting allows IoT to provide unique features like the creation of opportunities, a secure application, and the transparency features. The use of Ethereum, which is considered one of the most common blockchain platforms to ensure there is the development of smart contracts. Moreover, smart contracts are mainly used in three applications based on the given paper, the music industry, e-commerce, and IoT. With the heavy dependence on the use of the internet, it is integral for the companies to appreciate smart contracts in their respective operations to ensure the consumers can undertake seamless business interactions with ease.
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