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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

Evolution Modelling Blockchain Smart contract

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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

Schedule	Shortcomings
Signing	Ambiguity
	Inequality caused by information asymmetry
Execution	Delay
	High default rate
Dispute	Conflict of different contract contents
	Difficult in adjudication
Default	Low default cost
	High resistance
Security	Easily tampered with
	Difficult to preserve
	High management cost