Proof systems in blockchains: A survey

Document Type

Conference Proceeding

Source of Publication

2019 4th South-East Europe Design Automation, Computer Engineering, Computer Networks and Social Media Conference, SEEDA-CECNSM 2019

Publication Date

9-1-2019

Abstract

© 2019 IEEE. Blockchain is a prime example of disruptive technology in multiple levels. With the advent of blockchains becomes obsolete the need for a mutually trusted third party acting as intermediary between agents which do not necessarily trust each other in transactions of any kind, including political or shareholder voting, crowdfunding, financial deals, logistics and supply chain management, and contract formulation. An integral part of the blockchain stack is the proof system, namely the mechanism efficiently verifying the claims of various blockchain stakeholders. Thus, trust is effectively established in a literally trustless environment with purely computational means. This is especially critical in the digital formulation of smart contracts where clauses are to be strictly upheld by intelligent agents. The most prominent proof systems recently proposed in the scientific literature are reviewed. Additionally, the applications of blockchain technology to smart contracts is discussed. The latter allows clause re-negotiation, increasing thus the flexibility factor in transactions. As a concrete example, a simple smart contract written in Solidity, a high level language for the Ethereum Virtual Machine, is presented.

ISBN

9781728147574

Publisher

Institute of Electrical and Electronics Engineers Inc.

Last Page

6

Disciplines

Computer Sciences

Keywords

Blockchains, Consensus protocols, Digital trust, Distributed data structures, Ethereum Virtual Machine, Majority protocols, Proof systems, Smart contracts, Solidity

Scopus ID

85076367779

Indexed in Scopus

yes

Open Access

no

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