In a bid to bolster the security of smart contracts, researchers from Shanghai Maritime University have developed a novel method that could significantly reduce vulnerabilities in blockchain applications. The study, led by Yang Liu and Shengjie Zhang from the Institute of Logistics Science and Engineering, introduces a secure smart contract generation method based on timed automata, published in the journal ‘Jisuanji gongcheng’, which translates to ‘Computer Engineering’.
Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. They are a cornerstone of blockchain technology, enabling decentralized and secure transactions. However, security issues often arise due to imprecise or erroneous logic during the design and development phases, sometimes leading to substantial economic losses.
The researchers propose a method that converts a proven correct model into executable smart contract code, effectively addressing security issues that occur during the development and design phase. They use the UPPAAL tool to model human-understandable text contracts as timed automata, ensuring the security and reliability of the model through model validation.
“By formally defining smart contracts and establishing mapping rules between timed automata and smart contracts, we can convert timed automata into modular Solidity smart contract codes,” explained Liu. Solidity is a programming language designed for writing smart contracts on blockchain platforms like Ethereum.
The researchers demonstrated the effectiveness of their method through a case study of a product pre-sale activity. The Solidity code of the product pre-sale contract generated by their method was successfully compiled and deployed in the Ethereum testing network.
For the maritime sector, this research presents significant opportunities. Smart contracts can streamline processes such as chartering, billing, and trade finance, reducing the need for intermediaries and speeding up transactions. By enhancing the security of smart contracts, this method could facilitate wider adoption of blockchain technology in the maritime industry.
Moreover, the method’s ability to convert human-understandable text contracts into secure smart contract code could be particularly beneficial for maritime professionals who may not have extensive programming knowledge. As Zhang noted, “Our method can make smart contract development more accessible and secure, which is crucial for industries like maritime where precision and reliability are paramount.”
The study, published in ‘Computer Engineering’, marks a significant step forward in the quest to make blockchain technology more secure and accessible. For maritime professionals, it opens up new possibilities for leveraging smart contracts to improve efficiency and security in their operations.