Decentralized execution of smart contracts: Agent model perspective and its implications

Lin Chen, Lei Xu, Nolan Shah, Zhimin Gao, Yang Lu, Weidong Shi

Research output: Chapter in Book/Report/Conference proceedingConference contribution

6 Scopus citations

Abstract

Smart contracts are one of the most important applications of the blockchain. Most existing smart contract systems assume that for executing contract over a network of decentralized nodes, the outcome in accordance with the majority can be trusted. However, we observe that users involved with a smart contract may strategically take actions to manipulate execution of the contract for purpose to increase their own benefits. We propose an agent model, as the underpinning mechanism for contract execution over a network of decentralized nodes and public ledger, to address this problem and discuss the possibility of preventing users from manipulating smart contract execution by applying principles of game theory and agent based analysis.

Original languageEnglish
Title of host publicationFinancial Cryptography and Data Security - FC 2017 International Workshops, WAHC, BITCOIN, VOTING, WTSC, and TA, Revised Selected Papers
EditorsAndrew Miller, Michael Brenner, Kurt Rohloff, Joseph Bonneau, Vanessa Teague, Andrea Bracciali, Massimiliano Sala, Federico Pintore, Markus Jakobsson, Peter Y.A. Ryan
PublisherSpringer-Verlag
Pages468-477
Number of pages10
ISBN (Print)9783319702773
DOIs
StatePublished - 2017
Event21st International Workshops on Financial Cryptography and Data Security, FC 2017 held in conjuction with 5th Workshop on Encrypted Computing and Applied Homomorphic Cryptography, WAHC 2017, 4th Workshop on Bitcoin and Blockchain Research, BITCOIN 2017, 2nd Workshop on Advances in Secure Electronic Voting Schemes, VOTING 2017, 1st Workshop on Trusted Smart Contracts, WTSC 2017 and 1st Workshop on Targeted Attacks, TA 2017 - Sliema, Malta
Duration: Apr 7 2017Apr 7 2017

Publication series

NameLecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Volume10323 LNCS
ISSN (Print)0302-9743
ISSN (Electronic)1611-3349

Conference

Conference21st International Workshops on Financial Cryptography and Data Security, FC 2017 held in conjuction with 5th Workshop on Encrypted Computing and Applied Homomorphic Cryptography, WAHC 2017, 4th Workshop on Bitcoin and Blockchain Research, BITCOIN 2017, 2nd Workshop on Advances in Secure Electronic Voting Schemes, VOTING 2017, 1st Workshop on Trusted Smart Contracts, WTSC 2017 and 1st Workshop on Targeted Attacks, TA 2017
CountryMalta
CitySliema
Period04/7/1704/7/17

Keywords

  • Blockchain
  • Game theory
  • Public ledger
  • Smart contract

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  • Cite this

    Chen, L., Xu, L., Shah, N., Gao, Z., Lu, Y., & Shi, W. (2017). Decentralized execution of smart contracts: Agent model perspective and its implications. In A. Miller, M. Brenner, K. Rohloff, J. Bonneau, V. Teague, A. Bracciali, M. Sala, F. Pintore, M. Jakobsson, & P. Y. A. Ryan (Eds.), Financial Cryptography and Data Security - FC 2017 International Workshops, WAHC, BITCOIN, VOTING, WTSC, and TA, Revised Selected Papers (pp. 468-477). (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); Vol. 10323 LNCS). Springer-Verlag. https://doi.org/10.1007/978-3-319-70278-0_29