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Developing Efficient and Secure Smart Contracts in Blockchain Technology For Web-Based Transactions

The document discusses the development of efficient and secure smart contracts in blockchain technology for web-based transactions, highlighting their potential to reduce intermediaries and enhance transparency. It identifies significant research gaps in blockchain, particularly in scalability, usability, and the application of smart contracts beyond cryptocurrencies. The methodology focuses on utilizing Ethereum and Solidity, with an emphasis on addressing security vulnerabilities and establishing best practices for smart contract development.

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Aliya Mam
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8 views12 pages

Developing Efficient and Secure Smart Contracts in Blockchain Technology For Web-Based Transactions

The document discusses the development of efficient and secure smart contracts in blockchain technology for web-based transactions, highlighting their potential to reduce intermediaries and enhance transparency. It identifies significant research gaps in blockchain, particularly in scalability, usability, and the application of smart contracts beyond cryptocurrencies. The methodology focuses on utilizing Ethereum and Solidity, with an emphasis on addressing security vulnerabilities and establishing best practices for smart contract development.

Uploaded by

Aliya Mam
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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DEVELOPING EFFICIENT AND SECURE SMART CONTRACTS

IN BLOCKCHAIN TECHNOLOGY FOR WEB-BASED


TRANSACTIONS
MRS. UZMA
MUJAWAR CSE
DEPARTMENT
CONTENTS
• Proposed topic
• Objectives
• Significance and motivation of the
research
• Abstract
• Literature survey
• Research gaps
• Methodology
• Expected outcomes
• Future Development And Opportunities
• References
PROPOSED TOPIC
Developing Efficient And Secure Smart Contracts In Blockchain Technology For Web-based
Transactions

OBJECTIVES
• Smart contracts are self-executing contracts with the terms of the agreement between buyer
and seller being directly written into code. They automatically enforce and execute the
terms of a contract, providing a secure and efficient way to conduct transactions on the
blockchain.

• Our objective is to reduce the need for intermediaries, streamline processes, and
provide transparency and trust in transactions, making them ideal for web-
based transactions using smart contracts

• Explore real-world applications of smart contracts in web-based transactions, such


SIGNIFICANCE AND MOTIVATION OF THE RESEARCH
• Blockchain is a decentralized transaction and data management technology developed first for Bitcoin cryptocurrency.
• The interest in Blockchain technology has been increasing since the idea was coined in 2008.
• The reason for the interest in Blockchain is its central attri-butes that provide security, anonymity and data integrity
without any third party organiza-tion in control of the transactions, and therefore it creates interesting research
areas,especially from the perspective of technical challenges and limitations.
• The previous studies show that focus in over 80% of the papers is on Bitcoin system and less than 20% deals with
other Blockchain applications including e.g. smart contracts and licensing.
• The majority of research is focusing on revealing and improving limitations of Blockchain from privacy and security
perspectives, but many of the proposed solutions lack concrete evaluation on their effectiveness.
• Many other Blockchain scalability related challenges including throughput and latency have been left unstudied.
• therefore the study on developing efficient and secure smart contracts in blockcahin technology for web based
transactions is carried out.
ABSTRACT
 In recent years, the rapid development of cryptocurrencies and their underlying blockchain technology has
revived Szabo’s original idea of smart contracts, i.e., computer protocols that are designed to
automatically facilitate, verify, and enforce the negotiation and implementation of digital contracts without
central authorities.
 Smart contracts can find a wide spectrum of potential application scenarios in the digital economy and
intelligent industries, including financial services, management, healthcare, and Internet of Things,
among others, and also have been integrated into the mainstream blockchain-based development
platforms, such as Ethereum and Hyperledger.
 However, smart contracts are still far from mature, and major technical challenges such as security and
privacy issues are still awaiting further research efforts.
 For instance, the most notorious case might be “The DAO Attack” in June 2016, which led to more than $50
million Ether transferred into an adversary’s account.
LITERATURE SURVEY
[1] Szabo, N. (1997). The Idea of Smart Contracts: This early conceptual work outlines the principles of smart contracts, which are self-executing contracts with the terms directly
written into code.
[2]Wood, G. (2014). Ethereum: A Secure Decentralised Generalised Transaction Ledger: This technical paper delves into the architecture of Ethereum and how it facilitates smart
contracts. Specifically, by adopting the cryptographic techniques, the proposed scheme enables task requester to safely place his task in a transparent blockchain.
[3]Luu, L., Chu, D.-H., Olickel, H., Saxena, P., & Hobor, A. (2016). Making Smart Contracts Smarter: Discusses optimizations for Ethereum smart contracts to enhance
performance and reduce resource consumption. In this paper, investigation is done on the security of running smart contracts based on Ethereum in an open distributed network like
those of cryptocurrencies.
[4]Atzei, N., Bartoletti, M., & Cimoli, T. (2017). A Survey of Attacks on Ethereum Smart Contracts (SoK): Provides a comprehensive survey of known vulnerabilities in Ethereum
smart contracts. This paper analyses the security vulnerabilities of Ethereum smart contracts, providing a taxonomy of common programming pitfalls which may lead to vulnerabilities.
Also shows a series of attacks which exploit these vulnerabilities, allowing an adversary to steal money or cause other damage.
[5]Luu, L., Chu, D.-H., Olickel, H., Saxena, P., & Hobor, A. (2016). A Secure Blockchain-based Smart Contract Platform: Examines security issues and proposes solutions to
enhance the robustness of smart contracts. Also discusses the severity of other attacks for several case studies which have source code available and confirm the attacks (which target
only our accounts) in the main Ethereum network.
[6]Bhargavan, K., Delignat-Lavaud, A., Fournet, C., Kobeissi, N., Pironti, A., & Strub, P.-Y. (2016). Formal Verification of Smart Contracts: Short Paper*: Discusses
techniques for formally verifying smart contract code to prevent vulnerabilities. In this paper, a framework is outlined to analyze and verify both the runtime safety and the functional
correctness of Ethereum contracts by translation to F ? , a functional programming language aimed at program verification.
[7]Joudkhah, S., & Kheirkhah, E. (2020). Integration of Smart Contracts in Web-Based Applications: Discusses the challenges and solutions for integrating smart contracts with
existing web technologies.
RESEARCH GAPS
What are the current research gaps in Blockchain research?

• The first gap is that the research on topics such as latency, throughput, size and bandwidth, versioning,
hard forks, and multiple forks does not exist in the current literature. This is a major research gap,
which requires more research in the future.

• The second research gap is the lack of research on usability. We identified only papers thatdiscussed
usability from the user perspective, not from the developer perspective, as suggestedby Swan [1]. For
instance, the difficulty of using Bitcoin API has not been tackled yet. Thisneeds to be studied and improved
in the future. This could spark more applications and solu-tions to the Bitcoin environment.

• The third research gap is that the majority of current research is conducted in the Bitcoin environment,
rather than in other Blockchain environments. Research on e.g.smart contracts needs to be carried out to
increase knowledge outside cryptocurrencies. Even though Block-chain was first introduced in the
cryptocurrency environment, the same idea can be usedinvarious other environments. Therefore, it is
necessary to conduct research on the possibilities.
METHODOLOGY

Ethereum and Solidity: Ethereum is a leading platform for smart contracts and
Solidity is the programming language used here. It explores the process of creating,
deploying, and interacting with smart contracts on the Ethereum blockchain.

Challenges: It includes scalability issues, security vulnerabilities, and the need for
standardization in smart contract development.

Best Practices: The best practices for developing and deploying smart contracts,
include code audit, testing, and the use of secure development frameworks.
EXPECTED OUTCOMES

• Advanced security
• Improved efficiencyFaster
auditing
• Cryptographic Techniques
• Tamper-Proof Nature
• Dispute Resolution Mechanisms
FUTURE DEVELOPMENTS AND
OPPORTUNITIES
• The future of smart contracts extends beyond traditional applications as they can optimize legal workflows.
It can streamline voting processes and resource allocation, broadening the scope of its application across
diverse industries and sectors. These contracts facilitate tasks such as contract creation, regulatory compliance,
deadline tracking, and reducing manual labor and the risk of errors.

• Standardization and Interoperability: The importance of standardization and interoperability in smart


contract
development enhance security and efficiency across different blockchain platforms.

• Regulatory Considerations: The regulatory considerations and legal frameworks


surrounding smart contracts, emphasize the need for compliance and legal enforceability.

• The Road Ahead: The future developments and opportunities in smart contract technology,
include
advancements in scalability, privacy, and the integration of smart contracts with emerging technologies.
REFERENCES
1. Swan M. Blockchain: Blueprint for a New Economy. “ O’Reilly Media, Inc.”; 2015
2. N.Szabo, The Idea of Smart Contracts 1997, [online] Available:http
://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.b
est.vwh.net/idea.html.
3. J. Stark, Making Sense of Blockchain Smart Contracts, 2016, [online] Available: https://www.coindesk.com/making-sense- smart-
contracts/.
4. Google Scholar
5. K. Bhargavan et al., "Formal verification of smart contracts: Short paper", Proc. ACM Workshop Program. Lang. Anal.
Security (PLAS), pp. 91-96, Oct. 2016.
6. M. Risius and K. Spohrer, "A blockchain research framework: What we (don’t) know where we go from here and how we will get
there", Bus. Inf. Syst. Eng., vol. 59, no. 6, pp. 385-409, 2017.
7. X. Xu et al., "The blockchain as a software connector", Proc. 13th Working IEEE/IFIP Conf. Softw. Archit. (WICSA), pp.
182-191, 2016.
8. Atzei, N., Bartoletti, M., & Cimoli, T. (2017). A Survey of Attacks on Ethereum Smart Contracts (SoK)
9. Bigi G, Bracciali A, Meacci G, Tuosto E. Validation of Decentralised Smart Contracts Through GameTheory and Formal Methods.
In: Bodei C, Ferrari GL, Priami C, editors. Programming Languages withApplications to Biology and Security. vol. 9465 of
Lecture Notes in Computer Science. Springer Interna-tional Publishing; 2015. p. 142–161. Available from: http://
dx.doi.org/10.1007/978-3-319-25527-9_11
10. Wood, G. (2014). Ethereum: A Secure Decentralised Generalised Transaction Ledger
THANK
NAME
YOU
– Uzma Mujawar
DESIGNATION– Assistant Professor
COLLEGE – Tontadraya College Of Engineering
Gadag

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