A Framework on Enterprise-Grade Smart Contract Using Blockchain

A Framework on Enterprise-Grade Smart Contract Using Blockchain

Krithika L. B. (VIT University, India), Abhisek Mazumdar (VIT University, India), Rajesh Kaluri (VIT University, India) and Jing Wang (Guangdong Polytechnic Institute, China)
DOI: 10.4018/978-1-7998-0186-3.ch005

Abstract

Blockchain technology is very trending and promising. It can revolutionize the traditional way of manipulation of data in many industries. There are industries which blockchain can disrupt: banking, cyber security, smart contract, insurance, cloud storage, government, healthcare, media streaming. The decentralized approach of blockchain using peer-to-peer system to verify the correct record of the ledger, which builds a trust in the system. A system can be compiled and made to get adopted with the concept of smart contract. The aim of the work is to develop a system that is flexible enough to get implemented in the industries like finance, cyber security, data storage, buying and selling of properties, healthcare, etc. This will use a one-way encryption method known as SHA-256. A block with the 256-character code bind with the other metadata of the block will be termed as a smart contract for the item.
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Literature Survey

The possibilities of integrating the big data (Cachin C, 2016) concepts have been tried to explore with blockchain. The industry is adapting with the concept of big data and is required the data to be handled more and more. The big data and blockchain concept there can be many possibilities which can disrupt many interests for good. So the time with the proper systematic way of working of blockchain and big chain side by side will be really advantage for the world.

The bit coin concept (Nakamoto S, 2008) has the backend technology of blockchain where just a use case of crypto currency has its importance now. As it makes a common exchange around the globe and without the need of any middle man or industry. This technology uses the peer to peer method to transfer the block from one to another. This paper revolutionized the whole technology about the blockchain ecosystem and it provides the starting point to get the blockchain methodology.

The concept of smart contract which helps to bind stuffs into digital contract (Karafiloski & Mishev, 2017) is adopting the concept of fully open system helps to get smart contract details and the process to get things working. The smart contract system is being adopted and used in many places with is the news trending topic in terms of technology industries.

The security and enhancement (Es-Samaali & Outchakoucht, 2017) of the blockchain has been discussed where the basic requirement of proper security and quick response purpose can help the overall working of the method of the blockchain. A signature schema (Yuan C, 2017) is proposed which combined the input and the output together to perform more security and hence the overall performance of the blockchain system can be adopted to the main streamed system which can then get into a final data structure that holds the blockchain hashed data.

Many terms like the mining (Fanning K, 2016) of block and Blockchain 2.0 is considered which in return for the new version of the whole concept. This paper also highlights the principle of the upcoming fork of the system or the alteration that can be done to make the Blockchain 3.0 of the system. The concept of adding hadoop (Yeddu L K, 2016) and blockchain into one cryptographically enhanced system will be adding a next generation security into the open network of peer to peer system. As blockchain is transparent and flexible. So working with hadoop different block (Dinh, T, Wang, J, 2016) can be adopted and used to from a block full of environment.

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