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Research paper | Open Access

Smart contract model for complex reality transaction

Tianyu Feng, Xiao Yu( ), Yueting Chai, Yi Liu
National Engineering Laboratory for E-commerce Technologies, Tsinghua University, Beijing, China
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Abstract

Purpose

The application of smart contract can greatly reduce transaction costs and improve transaction efficiency. The existing smart contract are expensive, single application scenario and inefficient. This paper aims to propose a new smart contract model to solve these problems.

Design/methodology/approach

By investigating the research history, models and platforms, this paper summarizes the shortcomings of existing smart contracts. Based on the content and architecture of traditional contract, a smart contract model with wider application scope is designed.

Findings

In this paper, several models are used to describe the operation mechanism of smart contracts. To facilitate computer execution, a decomposition method is proposed, which divides smart contracts into several sub-contracts. Then, the advantages and deployment methods of smart contract are discussed. On this basis, a specific example is given to illustrate how the application of smart contract will change our life.

Originality/value

Smart contract is gradually applied to more fields. In this paper, the structure and operation mechanism of smart contract system in reality are given, which will be beneficial to the application of smart contract to more complex systems.

Keywords

ModellingEvolutionBlockchainSmart contract

References

 
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International Journal of Crowd Science
Volume 3 Issue 2,
September 2019
Pages 184-197
DOI: 10.1108/IJCS-03-2019-0010
Cite this article:
Feng T, Yu X, Chai Y, et al. Smart contract model for complex reality transaction. International Journal of Crowd Science, 2019, 3(2): 184-197. https://doi.org/10.1108/IJCS-03-2019-0010

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Received: 11 March 2019
Revised: 03 June 2019
Accepted: 20 June 2019
Published: 16 August 2019
© The author(s)

Tianyu Feng, Xiao Yu, Yueting Chai and Yi Liu. Published in International Journal of Crowd Science. Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode
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