A smart contract, in form, is represented as a piece of computer program code involving related commercial transactions and algorithms. Essentially, this is the computerization of the pre-agreed contract between the participants. This special contract agreement is automatically verified and executed once preset conditions are triggered. Smart contracts are not only used in the field of financial transactions, but also include many aspects of social life. Although smart contract technology has unique advantages, it is still in the early stages of development, and many problems remain to be solved. First, this article briefly summarizes the development process of blockchain, and then focuses on the research progress of blockchain 2.0-smart contracts. Second, the related concepts of smart contracts are presented, and the working mechanism of smart contracts and the difficulties faced by smart contracts are elaborated. Finally, in response to these problems and dilemmas, the corresponding solutions and ideas are summarized, and the future challenges and development trends of smart contracts are analyzed and judged. 

/pdf/a-review-on-recent-progress-of-smart-contract-in-blockchain-2otq4w7r.pdf

A Review on Recent Progress of Smart Contract in Blockchain

Whereas the use of distributed ledger technologies has previously been limited to cryptocurrencies, other sectors—such as healthcare, supply chain, and finance—can now benefit from them because of bitcoin scripts and smart contracts. However, these applications rely on oracles to fetch data from the real world, which cannot reproduce the trustless environment provided by blockchain networks. Despite their crucial role, academic research on blockchain oracles is still in its infancy, with few contributions and a heterogeneous approach. This study undertakes a bibliometric analysis by highlighting institutions and authors that are actively contributing to the oracle literature. Investigating blockchain oracle research state of the art, research themes, research directions, and converging studies will also be highlighted to discuss, on the one hand, current advancements in the field and, on the other hand, areas that require more investigation. The results also show that although worldwide collaboration is still lacking, various authors and institutions have been working in similar directions.

/pdf/overview-of-blockchain-oracle-research-1ay6dkew.pdf

Overview of Blockchain Oracle Research

A smart contract, in form, is represented as a piece of computer program code involving related commercial transactions and algorithms. Essentially, this is the computerization of the pre-agreed contract between the participants. This special contract agreement is automatically verified and executed once preset conditions are triggered. Smart contracts are not only used in the field of financial transactions, but also include many aspects of social life. Although smart contract technology has unique advantages, it is still in the early stages of development, and many problems remain to be solved. First, this article briefly summarizes the development process of blockchain, and then focuses on the research progress of blockchain 2.0-smart contracts. Second, the related concepts of smart contracts are presented, and the working mechanism of smart contracts and the difficulties faced by smart contracts are elaborated. Finally, in response to these problems and dilemmas, the corresponding solutions and ideas are summarized, and the future challenges and development trends of smart contracts are analyzed and judged.

https://ieeexplore.ieee.org/ielx7/6287639/6514899/09771454.pdf

Cross-chain interoperability can expand the ability of data interaction and value circulation between different blockchains, especially the value interaction and information sharing between industry consortium blockchains. However, some current public blockchain cross-chain technologies or data migration schemes between consortium blockchains need help to meet the consortium blockchain requirements for efficient two-way data interaction. The critical issue to solve in cross-chain technology is improving the efficiency of cross-chain exchange while ensuring the security of data transmission outside the consortium blockchain. In this article, we design a cross-chain architecture based on blockchain oracle technology. Then, we propose a bidirectional information cross-chain interaction approach (CCIO) based on the former architecture, we novelly improve three traditional blockchain oracle patterns, and we combine a mixture of symmetric and asymmetric keys to encrypt private information to ensure cross-chain data security. The experimental results demonstrate that the proposed CCIO approach can achieve efficient and secure two-way cross-chain data interactions and better meet the application needs of large-scale consortium blockchains.

/pdf/ccio-a-cross-chain-interoperability-approach-for-consortium-g022tsby.pdf

CCIO: A Cross-Chain Interoperability Approach for Consortium Blockchains Based on Oracle

Blockchain smart contracts can only operate on data available on-chain, and face a major challenge of not being able to communicate with the world outside their own network. Blockchain oracles solve this problem by bridging the gap between on-chain and off-chain data. Chainlink is one of the most widely used decentralized oracle network with competing independent data providers with distinct characteristics in terms of price, performance, security, trust, etc. As a Chainlink service purchaser with unique a service level agreement (SLA) proposal for each job, a random selection of oracles to execute a certain job can result in sub-optimal solution, that could be alleviated by another oracle data provider. Therefore, in this work, we propose a middleware design to select the best data providers available in Chainlink oracle network based on individual job's service requirements. We model the oracle selection problem as a decision optimization problem and prove it to be NP-hard. We also propose two heuristic algorithms to approximate a solution to the modelled problem. We experimentally evaluate and compare the proposed design, and conclude that the proposed middleware architecture efficiently selects the oracles in terms of performance parameters.

Towards a middleware design for efficient blockchain oracles selection

Blcokchain smart contract enables the execution of on-chain contracts automatically and definitized. But sometimes it would be triggered by out-chain data. With the help of Oracle Mechanism, which is an independent third party, we can extend the basic smart contract to a systemic and holonomic architecture. The extended system consist of smart contract on-chain and oracle mechanism out-chain. After making data request to oracle mechanism, oracle mechanism collects data from nodes, and make aggregation for the data, then response back to blockchain. In oracle mechanism, an incentive strategy is necessary to keep the nodes’ motivation to provide authentic and accurate data. The extended system could bring efficient data interaction between blockchain and internet, which may drive blockchain be used more widely in various areas.

Efficient Data Interaction of Blockchain Smart Contract with Oracle Mechanism

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Efficient Data Interaction of Blockchain Smart Contract with Oracle Mechanism