First Smart Contract Allowing Cryptoasset Recovery

Cryptoassets such as Bitcoin and Ethereum are widely traded around the world. Cryptocurren-cies are also transferred between investors. Cryptocurrency has become a new and attractive means of remittance. Thus, blockchain-based smart contracts also attract attention when cen-tral banks design digital...

Full description

Saved in:
Bibliographic Details
Published in:KSII transactions on Internet and information systems 2022, 16(3), , pp.861-876
Main Authors: Kim, Beomjoong, Kim, Hyoung Joong, Lee, Junghee
Format: Article
Language:English
Subjects:
Access control
Blockchain
central bank digital currency (CBDC)
Contracts
Crypto-currencies
cryptoasset
distributed ledger technology (DLT)
smart contract
Technology application
컴퓨터학
Citations: Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Cryptoassets such as Bitcoin and Ethereum are widely traded around the world. Cryptocurren-cies are also transferred between investors. Cryptocurrency has become a new and attractive means of remittance. Thus, blockchain-based smart contracts also attract attention when cen-tral banks design digital currencies. However, it has been discovered that a significant amount of cryptoassets on blockchain are lost or stranded for a variety of reasons, including the loss of the private key or the owner's death. To address this issue, we propose a method for recov-erable transactions that would replace the traditional transaction by allowing cryptoassets to be sent to a backup account address after a deadline has passed. We provide the computational workload required for our method by analyzing the prototype. The method proposed in this paper can be considered as a good model for digital currency design, including central bank digital currency (CBDC).
ISSN:1976-7277
1976-7277
DOI:10.3837/tiis.2022.03.006