Figure 2 - uploaded by Ian Grigg
Content may be subject to copyright.
In the diagram above, we see a State object representing a cash claim of £100 against a commercial bank, owned by a fictional shipping company. The state object explicitly refers by hash to its governing legal prose and to the contract code that governs its transitions.
Source publication
Similar publications
Introduction: Medical expulsive therapy (MET) has been proven to
Citations
... There are many blockchain platforms that offer ecosystems to support the development of applications. Examples include BSC [84], Bitcoin [85], Ethereum [86], Hyperledger [87], Litecoin [88], Ripple [89], Holochain [90], Sovrin [91], and Corda [92]. ...
The prevalence of fake educational credentials poses a threat to the meritocracy of education and job markets. Verification of the certificates to combat the forgeries has been a challenging endeavor due to the weaknesses of the current methods. Blockchain, capitalizing on its unique attributes, can provide an optimal solution to certification and verification problems by ensuring disintermediation, immutability, tamper-proof, efficiency, and security. Efforts to explore its potential in addressing these problems continue to gain momentum. However, the existing blockchain-based initiatives do not offer a holistic solution to the forgery problem, as they solely focus on a single education level or institution. Furthermore, these initiatives lack the essential features to fully address this problem. This paper proposes a comprehensive blockchain-enabled system for issuing certificates from different educational levels and institutions in the country, providing a one-stop center for verifiers, such as employers, to verify all certificates a candidate possesses. As a proof of concept, we have developed a decentralized application (DApp), ElimuChain, utilizing smart contracts and the InterPlanetary File System (IPFS). The system is deployed on the Binance Smart Chain (BSC) blockchain to evaluate its applicability in addressing the problem in the Tanzanian context. The results demonstrate that the proposed solution successfully manages the certification and verification process and it is cost-effective, scalable, and efficient. Moreover, its performance was compared with the previous solutions in terms of latency and throughput. The comparison results show that it performs better than the counterpart for transactional operations.
... By using a consensus mechanism, blocks are created and validated in the network. There are many consensus algorithms in the literature [6][7][8][9][10]. Nakamoto in 2008 used Proof of Work as a consensus mechanism for the cryptocurrency blockchain [11]. ...
To be a stakeholder/validator/token holder is not so difficult in the Proof of Stake (POS)-based blockchain networks; that is why the number of validators is large in these networks. These validators play an essential part in the block creation process in the PoS-based blockchain network. Due to the large validators, the block creation time and communication message broadcasting overhead get increased in the network. Many consensus algorithms use different techniques to reduce the number of validators, such as Delegated Proof of Stake (DPoS) consensus algorithms, which select the set of delegators via stake transactions for the block creation process. In this paper, we propose S&SEM, a secure and speed-up election process to select the ‘z’ number of validators/delegators. The presented election process is based on a traditional voting style with multiple numbers of rounds. The presented election mechanism reduces the possibility of malicious activity in the voting process by introducing a special vote message and a round that checks duplicate votes. We did horizontal scaling in the network to speed up the election process. We designed an improved incentive mechanism for the fairness of the election process. The designed reward and penalty procedure controls the nodes’ behaviors in the network. We simulate the S&SEM, and the result shows that the presented election process is faster and more secure to select delegators than the existing process used by DPOS.
... Contrary to solutions based on private ledgers, such as Hyperledger [31] or R3 Corda [32], [33], GOvNet is not a private blockchain; moreover its functionalities are not limited to a specific underlying blockchain. An overview of GOvNet's architecture is provided in Figure 1. ...
... Yes, through administrative control and governance mechanisms. Corda [26] Built-in contract upgrade; Explicit termination conditions; Administrative control. ...
... Corda's architecture and operational model offer unique mechanisms for managing the lifecycle of 'Corda Contracts" [26]. Corda's design emphasizes privacy and finality in transactions, influencing how contract termination and interruptions are perceived and managed. ...
The advent of blockchain technology and its adoption across various sectors have raised critical discussions about the need for regulatory mechanisms to ensure consumer protection, maintain financial stability, and address privacy concerns without compromising the foundational principles of decentralization and immutability inherent in blockchain platforms. We examine the existing mechanisms for smart contract termination across several major blockchain platforms, including Ethereum, BNB Smart Chain, Cardano, Solana, Hyperledger Fabric, Corda, IOTA, Apotos, and Sui. We assess the compatibility of these mechanisms with the requirements of the EU Data Act, focusing on aspects such as consumer protection, error correction, and regulatory compliance. Our analysis reveals a diverse landscape of approaches, from immutable smart contracts with built-in termination conditions to upgradable smart contracts that allow for post-deployment modifications. We discuss the challenges associated with implementing the so-called smart contract "kill switches," such as the balance between enabling regulatory compliance and preserving the decentralized ethos, the technical feasibility of such mechanisms, and the implications for security and trust in the ecosystem.
... Participants are held accountable through off-chain legal contracts and agreements and are incentivised to behave honestly via the threat of legal prosecution in the case of misbehaviour. In the landscape of blockchain technologies, two significant frameworks stand out due to their distinctive approaches to security, privacy, and scalability: Bitcoin [10] and Corda [11][12][13]. ...
... This is achieved through the use of Corda's "Flow Framework" for transaction processing, which facilitates direct communication between parties and complex transactional workflows [11]. Corda records transactions in individual "vaults"-"Transaction Vaults"-that are crucial for maintaining this transactional privacy while allowing traceability for compliance and transparency [11][12][13]. Furthermore, Corda's design supports the development of "CorDapps" (Corda Distributed Applications) and the design and implementation of a wide variety of "smart contracts" that can be customised for various financial services, ensuring compliance and offering scalability and privacy [12] that the Bitcoin network cannot directly provide. ...
The complexity and interconnection within the financial ecosystem demand innovative solutions to improve transparency, security, and efficiency in financial reporting and liquidity management, while also reducing accounting fraud. This paper presents Blockchain Financial Statements (BFS), an innovative accounting system designed to address accounting fraud, reduce data manipulation, and misrepresentation of company financial claims, by enhancing availability of the real-time and tamper-proof accounting data, underpinned by a verifiable approach to financial transactions and reporting. The primary goal of this research is to design, develop, and validate a blockchain-based accounting prototype—the BFS system—that can automate transformation of transactional data, generated by traditional business activity into comprehensive financial statements. Incorporating a Design Science Research Methodology with Domain-Driven Design, this study constructs a BFS artefact that harmonises accounting standards with blockchain technology and business orchestration. The resulting Java implementation of the BFS system demonstrates successful integration of blockchain technology into accounting practices, showing potential in real-time validation of transactions, immutable record-keeping, and enhancement of transparency and efficiency of financial reporting. The BFS framework and implementation signify an advancement in the application of blockchain technology in accounting. It offers a functional solution that enhances transparency, accuracy, and efficiency of financial transactions between banks and businesses. This research underlines the necessity for further exploration into blockchain’s potential within accounting systems, suggesting a promising direction for future innovations in tamper-evident financial reporting and liquidity management.
... Smart contracts are mostly deployed on a blockchain network, enabling the execution of the contract to be secure and transparent [1][2][3][4]15]. Many blockchain platforms support smart contracts, such as Hyperledger Fabric [16], Corda [17], and Ethereum [18]. This paper focuses on the smart contracts deployed on Ethereum due to the platform's open-source architecture and community. ...
... Meanwhile, UUPS (EIP-1822) and EIP-897 standards are stagnant, having not seen significant activity in the past six months. From the official discussion of the UUPS (EIP-1822) standard, 17 we also identified a security concern that revolves around the proxiableUUID mechanism. This mechanism is designed to ensure compatibility between a proxy and its implementation contracts by utilizing a unique identifier. ...
Smart contracts, known for their immutable nature to ensure trust via automated enforcement, have evolved to require upgradeability due to unforeseen vulnerabilities and the need for feature enhancements post-deployment. This contradiction between immutability and the need for modifications has led to the development of upgradeable smart contracts. These contracts are immutable in principle yet upgradable by design, allowing updates without altering the underlying data or state, thus preserving the contract's intent while allowing improvements. This study aims to understand the application and implications of upgradeable smart contracts on the Ethereum blockchain. By introducing a dataset that catalogs the versions and evolutionary trajectories of smart contracts, the research explores key dimensions: the prevalence and adoption patterns of upgrade mechanisms, the likelihood and occurrences of contract upgrades, the nature of modifications post-upgrade, and their impact on user engagement and contract activity. Through empirical analysis, this study identifies upgradeable contracts and examines their upgrade history to uncover trends, preferences, and challenges associated with modifications. The evidence from analyzing over 44 million contracts shows that only 3% have upgradeable characteristics, with only 0.34% undergoing upgrades. This finding underscores a cautious approach by developers towards modifications, possibly due to the complexity of upgrade processes or a preference for maintaining stability. Furthermore, the study shows that upgrades are mainly aimed at feature enhancement and vulnerability mitigation, particularly when the contracts' source codes are accessible. However, the relationship between upgrades and user activity is complex, suggesting that additional factors significantly affect the use of smart contracts beyond their evolution.
... The current landscape of developed permissioned blockchains has predominantly centered around scaling the membership set and incorporating smart contract functionality. These efforts commonly adhere to a conventional Byzantine agreement, as observed in various blockchain projects such as Ripple [1], Corda [2], Hyperledger [3], and Stellar [4]. However, the focus of this thesis diverges from the mainstream, centering on the design of a consensus protocol and membership set management tailored for a limited node-set. ...
... The common case is that nodes reach a consensus on a block without any faults. Unlike other consensus protocols for permissioned blockchains, Annáll does not require a supermajority of nodes to agree on a proposed block in a consensus round explicitly [2], [15], [16]. Instead, Annáll assumes a full agreement in its current version, as long as there are no faults. ...
... Corda, a unique permissioned private enterprise blockchain, as defined by Brown et al. (2016) is open source, open design, development, governance, and standards. Corda allows businesses and individuals to transact privately, between legal-identifiable counterparties, on a single network that is meant to be highly scalable, and where applications developed by independent developers are interoperable due to network-wide standards. ...
The adoption of blockchain technology in business applications has seen rapid growth in recent years. As enterprises explore the potential benefits of blockchain, it becomes imperative to evaluate various blockchain technologies to make informed decisions about their implementation. This paper presents an overview of blockchain technologies tailored for business use cases and analyzes prominent platforms such as Hyperledger Fabric, Hyperledger Sawtooth, Corda, and Consensys Quorum. This study provides valuable insights for enterprises seeking to deploy blockchain solutions by evaluating key metrics such as performance, scalability, security, and consensus and conducting a cross-industry benchmarking analysis. The evaluation process will be based on a comparative and in-depth analysis of the current state of research. The findings shed light on the potential benefits of each blockchain technology, facilitating informed decision-making and promoting the responsible adoption of blockchain in the business environment.
... Compared to public blockchains, consortium blockchains provide superior permission management and privacy protection. Several well-known consortium blockchains are Hyperledger Fabric [37], R3 Corda [38], Fisco Bcos [39], etc. ...
Charity donations are a critical mechanism for social resource distribution. However, traditional donation systems, typically centralized, are prone to issues such as data redundancy, vulnerability to single-point failures, and a deficiency in transparency and traceability. Although blockchain-based donation programs have emerged to address trust issues inherent in centralized models, they often neglect critical security concerns like privacy protection and identity authentication. This paper introduces Eisdspa, a blockchain-based donation system designed to offer identity authentication, auditability, and privacy protection. Specifically, we introduce an identity credential system that facilitates anonymous donations, shielding the identities of both donors and donees through the use of BBS+ signatures and zero-knowledge proofs of knowledge (ZKPoKs). Additionally, we ensure the integrity of goods donations by offering robust auditability and protecting user privacy with Pedersen commitments and ZKPoKs. We formally define the privacy aspects of Eisdspa and conduct a security analysis of the system under the random oracle model. A prototype implementation of the scheme, along with a comparative analysis with existing solutions, highlights the benefits of Eisdspa. Moreover, we assess the computational efficiency of Eisdspa, with experimental results indicating its high performance in computational overhead.
... Last but not least, consortium blockchains are a hybrid approach in which a group of organizations jointly own and run the blockchain, requiring authorization to access. Quorum and R3 Corda [8] are two instances that highlight the flexibility and diversity of the blockchain ecosystem. ...
... The ability to run multiple chaincodes on the same channel allows for more customisation. Agreements between parties are referred to as contracts in Corda [8]. Tezos's smart contracts are written in a language known as Michelson [19]. ...
Blockchain technology is rapidly transforming how businesses and individuals interact. Its inherent security features, including immutability, tamper-proofing, and verifiable data provenance, are driving its adoption across numerous sectors. The financial sector heavily influences blockchain for its tamper-proof nature, leading to the rise of cryptocurrencies, the technology offers much more. Beyond security, it streamlines processes, reduces costs, and improves customer experience. Smart contracts are one of the predominant key components that automate predetermined operations, further enhancing blockchain’s capabilities. Understanding the importance of blockchain in non-financial applications is crucial for fully exploiting its potential. This analysis explores the fundamentals of blockchain technology and its applications beyond finance. To meet the growing demand across various sectors, blockchain must integrate with other trending technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and the edge-cloud paradigm. The analysis examines the role of these technologies in facilitating blockchain-enabled applications. Furthermore, the paper researches the specific use cases such as insurance, energy, healthcare, digital voting, supply chain management and government. Concentrating on these sectors elucidates how organisations harness blockchain to tackle intricate challenges, thereby fostering the advancement of sophisticated digital processes and contributing to societal progression.
