Smart contracts on the blockchain – A bibliometric analysis and review

Exploring smart construction objects as blockchain oracles in construction supply chain management

Decentralized Finance (DeFi) takes the promise of blockchain a step further and aims to transform traditional financial products into trustless and transparent protocols that run without involving intermediaries. Similar to how 2017 was the year of ICOs, 2020 was the year of DeFi, with more than fifteen billion dollars of total investments. The decentralized platforms utilize oracles to retrieve asset data from the external world, but their choice and management criteria are often unknown to the end-users. If oracles are poorly selected or managed, the funds of a rising number of investors are inevitably in danger. The issue, known as “the oracle problem”, which makes real-world applications controversial and debated due to the loss of decentralization, had recently drawn attention to DeFi, given the crescent number of related hacks that caused the loss of millions of dollars held in DeFi projects. Through a multivocal approach that considers academic papers, whitepapers, preprints, and opinion posts, this study aims to shed light on the pattern that identifies the oracle problem in DeFi and outline the most promising ways to overcome the related weaknesses. This research supports the view that the oracle problem in decentralized finance bears specific characteristics which require standardization and appropriate economic incentives to be addressed.

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The Blockchain Oracle Problem in Decentralized Finance—A Multivocal Approach

Much of the excitement around blockchain is mainly due to promising applications in the financial sector. However, many also believe in the technology’s potential to disrupt non-financial sectors and applications, including supply chains, energy, e-voting, healthcare, and education. The application of blockchain within the education sector is expected to make improvements to academic transcripts, credentials, digital libraries, and student records. Research in this domain is rapidly increasing, and current reviews summarize the proposed improvements. On the other hand, the analysis undertaken has remained at a general level that lacks the depth required to cover diverging proposals that have emerged. This review focuses on the application of blockchain for academic transcripts. The aim is to find, among the proposed models, converging aspects that resolve common challenges and may lead to a universally accepted de-facto standard. Furthermore, since academic institutions will serve as oracles to the particular blockchain applications, a discussion on their trustworthiness will be outlined to explore if the proposed applications efficiently address the oracle problem. The outcome of this review highlights the need for a standardized approach built on a public blockchain to promote faster adoption and acceptance. Furthermore, oracles should be incentivized in order for the system to be sustainable, while their identities and activities should be known and identifiable.

Trusted Academic Transcripts on the Blockchain: A Systematic Literature Review

Nowadays, blockchain technology and industry has developed rapidly all over the world, which is inseparable from continuous innovation and improvement on smart contract technology. Therefore, by summarizing the working principle and application research status of blockchain smart contract, this paper analyzes the development and challenges of smart contract. Firstly, we introduce the model and operation principle of blockchain smart contract for the overall architecture, analyze the deployment process of smart contract with Ethereum, Hyperledger Fabric and EOSIO, and make a comparative analysis from the technical level. And taking Byteball, InterValue and IOTA platforms as examples, we introduce the deployment process and application potential for DAG-based blockchain smart contract. Additionally, we also summarize the application research of smart contract for international and Blockchain Oracle, and discuss its innovative application and development trend in the future. Secondly, we introduce the application status of smart contract with Ethereum and Hyperledger Fabric platforms from the aspects of financial transactions, Internet of things, medical applications, and supply chain, and further discuss EOS (enterprise operation system), Blockchain Oracle and other application fields. Furthermore, we introduce the application advantages and challenges to smart contract for industrial Internet from the fields of manufacturing, food industry, industrial Internet of things and industry 4.0. Finally, we discuss the challenges faced by smart contract with technical issues, analyzes the impact on large-scale applications and mining system on the sustainable development of smart contract, and looks forward to the future research direction of blockchain smart contract. 

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A survey of application research based on blockchain smart contract

The essence of blockchain smart contracts lies in the execution of business logic code in a decentralized architecture in which the execution outcomes are trusted and agreed upon by all the executing nodes. Despite the decentralized and trustless architectures of the blockchain systems, smart contracts on their own cannot access data from the external world. Instead, smart contracts interact with off-chain external data sources, called oracles, whose primary job is to collect and provide data feeds and input to smart contracts. However, there is always risk of oracles providing corrupt, malicious, or inaccurate data. In this paper, we analyze and present the notion of trust in the oracles used in blockchain ecosystems. We analyze and compare trust-enabling features of the leading blockchain oracle approaches, techniques, and platforms. Moreover, we discuss open research challenges that should be addressed to ensure secure and trustworthy blockchain oracles.

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Hamda Al-Breiki

Papers

Trustworthy Blockchain Oracles: Review, Comparison, and Open Research Challenges