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Proceedings ArticleDOI

Intelligent Transaction Techniques for Blockchain Platforms

TL;DR: A new protocol of pre-authorization in which all parties agree and sign, and the blockchain ratifies the resulting agreement is defined, to prevent losses in cryptocurrency transactions.
Abstract: This paper describes a new way to create a pre-authorized transaction on the blockchain so that the transaction is less likely to have errors. Currently, cryptocurrency transactions do not allow a sender to modify or cancel a transaction that has been sent to a wrong address or person. There is no way for the user to retrieve the funds, and the receiver may not return any coins or data. Thus, if a user sends a coin or data to a wrong or non-existent party the coin or data is permanently lost once the transaction is accepted in the blockchain. Current blockchain frameworks such as Bitcoin and Ethereum share this unidirectional technical standard. It is also possible to make it appear that a recipient is taking a bribe by sending them cryptocurrency without their permission. We define a new protocol of pre-authorization in which all parties agree and sign, and the blockchain ratifies the resulting agreement. While nothing will eliminate all risk of error and fraud, this proposal will prevent these kinds of losses.
Citations
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Journal ArticleDOI
TL;DR: This article surveyed the adoption of BC in the diamond industry, and also present pros and cons of this integration, and presents a case study on frameworks, such as Everledger and Tracr, which highlights the real-time challenges of integrating BC inThe diamond Industry.
Abstract: In the recent years, the blockchain (BC) technology has been used in various applications ranging from financial sector to healthcare sector. Moreover, developing BC-based solutions for these applications has been an area of interest among the academia and industry professionals. Diamond has huge potential to become an investment asset, but there are some issues, which hinder the progress of the diamond industry, such as provenance, supply chain traceability, involvement of third party in the verification process, and reliability of transactions . BC seems to be a promising technology, which bridges the gap between the diamond industry and the burgeoning financial markets. Individuals are always confident that the crystals they bought are legitimate and that stolen property can be handed back to the legitimate owner easily. Motivated from these facts, in this article, we surveyed the adoption of BC in the diamond industry, and also present pros and cons of this integration. Then, we discuss issues of the diamond industry operations and based on the literature review, we suggest their probable countermeasures. Then, we analyze various open research issues and challenges associated with integrating the BC in the diamond industry. Finally, we present a case study on frameworks, such as Everledger and Tracr , which highlights the real-time challenges of integrating BC in the diamond Industry.

13 citations


Cites methods from "Intelligent Transaction Techniques ..."

  • ...To overcome this issue, Alruwaili and Kruger [176] proposed a framework, which uses a novel protocol for the preauthorization of transactions....

    [...]

Proceedings ArticleDOI
01 Sep 2020
TL;DR: A hybrid-trusted multi-party contract to identify the input of a client and validate a transaction is described, using trusted parties to authorize a particular input and verify that an owner initially owns that input.
Abstract: Modern applications implemented on distributed ledgers and blockchain platforms serve a wide variety of purposes in automating business and end-user processes. Smart contracts, which are immutable records of functions, are used to mitigate and reduce the administration cost of these implementations. This paper describes a hybrid-trusted multi-party contract to identify the input of a client and validate a transaction. A policy is defined to create the initial relationship, using trusted parties to authorize a particular input and verify that an owner initially owns that input. This ties the reality into the blockchain and requires that trusted parties set up the initial blockchain database. After that, transactions are performed without trusted third parties, reducing costs.

1 citations


Cites background from "Intelligent Transaction Techniques ..."

  • ...In a decentralized system, a protocol should protect all parties to guarantee that not only the sender but the receiver agrees on the transaction [18]....

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Posted Content
TL;DR: Phoenix as mentioned in this paper is a contract architecture that allows the user to restore its security properties after key loss by storing keys in easily available but less secure storage (tier-two) as well as more secure storage that is harder to access (tierone).
Abstract: An attacker that gains access to a cryptocurrency user's private keys can perform any operation in her stead. Due to the decentralized nature of most cryptocurrencies, no entity can revert those operations. This is a central challenge for decentralized systems, illustrated by numerous high-profile heists. Vault contracts reduce this risk by introducing artificial delay on operations, allowing abortion by the contract owner during the delay. However, the theft of a key still renders the vault unusable and puts funds at risk. We introduce Phoenix, a novel contract architecture that allows the user to restore its security properties after key loss. Phoenix takes advantage of users' ability to store keys in easily-available but less secure storage (tier-two) as well as more secure storage that is harder to access (tier-one). Unlike previous solutions, the user can restore Phoenix security after the theft of tier-two keys and does not lose funds despite losing keys in either tier. Phoenix also introduces a mechanism to reduce the damage an attacker can cause in case of a tier-one compromise. We formally specify Phoenix's required behavior and provide a prototype implementation of Phoenix as an Ethereum contract. Since such an implementation is highly sensitive and vulnerable to subtle bugs, we apply a formal verification tool to prove specific code properties and identify faults. We highlight a bug identified by the tool that could be exploited by an attacker to compromise Phoenix. After fixing the bug, the tool proved the low-level executable code's correctness.
References
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Journal ArticleDOI
TL;DR: The question of primitive points on an elliptic curve modulo p is discussed, and a theorem on nonsmoothness of the order of the cyclic subgroup generated by a global point is given.
Abstract: We discuss analogs based on elliptic curves over finite fields of public key cryptosystems which use the multiplicative group of a finite field. These elliptic curve cryptosystems may be more secure, because the analog of the discrete logarithm problem on elliptic curves is likely to be harder than the classical discrete logarithm problem, especially over GF(2'). We discuss the question of primitive points on an elliptic curve modulo p, and give a theorem on nonsmoothness of the order of the cyclic subgroup generated by a global point.

5,378 citations


"Intelligent Transaction Techniques ..." refers methods in this paper

  • ...Signatures are currently implemented using the Elliptic Curve Digital Signature Algorithm (ECDSA) [1] [2]....

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Journal ArticleDOI
TL;DR: Lack of government, and particularly parliamentary, leadership and firm decision making in the area of public key infrastructure and associated legal and management regulation means that resulting reliance on market forces may simply cause disparate regimes to be created that will impede orderly global electronic commerce.

65 citations


"Intelligent Transaction Techniques ..." refers methods in this paper

  • ...Signatures are currently implemented using the Elliptic Curve Digital Signature Algorithm (ECDSA) [1] [2]....

    [...]