Towards user-centered and legally relevant smart-contract development: A systematic literature review

A flexible and adaptable market procurement of reactive power has the potential to improve network efficiency, voltage stability, and operational costs. In Europe, such a dynamic procurement must be in accordance with the European Union directive EU 2019/944 on non-frequency ancillary services. In accordance with this situation, a blockchain-based framework of market procurement of reactive power is proposed and presented in this paper. The devised framework is in alignment with the European Union's directive to establish a non-discriminatory, transparent, and free market. Moreover, the blockchain-based framework is applicable at all network levels and allows for the variety of different distributed resources to participate. A two-layer blockchain topology is proposed to overcome scalability and transaction time issues. The first main-layer blockchain acts as the agent for trust and guarantees the immutability of data as well as the remuneration of participating market players. The second-layer blockchain facilitates direct access to tendering processes or auctions, fast transactions, and low transaction fees for involved stakeholders. Additionally, a decentralized oracle network is proposed to integrate external data into the second-layer blockchain. Data required for verifying the physical reactive power transactions are delivered by smart meters. The entire procurement process is automated by deploying smart contracts at the various posed to become very promising in closing the predicted gap of 15 to 35 GVAr reactive power supply in Germany before 2034 [1]. The provision of reactive power in Germany is forecast to exceed costs of 1.1 billion EUR per annum (p.a) in 2035 and could increase to 2 billion EUR p.a in 2050 [1]. Reasons for this development include the phasing out of thermal power plants and a rapid grid transformation to integrate the increasing number of distributed

Section: B Blockchain-based Frameworkmentioning

confidence: 99%

“…A blockchain-based market procurement of reactive power calls for essential requirements in the fields of legal regulation [29] and technology. The regulatory aspects are mainly undefined and leave space for interpretation, whereas the technological environment already forms a substantial base.…”

Section: Evaluation Of Technological Environmentmentioning

confidence: 99%

Blockchain-Based Market Procurement of Reactive Power

Häselbarth¹,

Winkels²,

Strunz³

2023

“…A smart contract language can only be legally binding in so far this is reflected in respective regulations. Therefore, successfully designing a legally-binding smart contract language needs to be, to a large extent, a juridical research endeavor; although, there exist also some interesting technological research questions in regard to legally-binding smart contract languages such as programming language semantics [146] and programming language pragmatics [146], [147].…”

Section: Legally Binding Smart Contractsmentioning

confidence: 99%

An Ultra-Scalable Blockchain Platform for Universal Asset Tokenization: Design and Implementation

Buldas

Draheim

Gault³

et al. 2022

Self Cite

Since its introduction with Bitcoin in 2009, blockchain technology has received tremendous attention by academia, industry, politics and media alike, in particular, through extended blockchain-based visions such as smart contracts, decentralized finance, and, most recently, Web3. The critical prerequisite for any such blockchain-based vision to be turned into reality is uncapped scalability. Furthermore, and equally important, blockchain technology needs to transcend the stage of specialized tokens into an adaptive, heterogeneous tokenization platform. In this paper, we explain the Alphabill family of technologies that addresses both unlimited scalability and unrestricted adaptivity. We deliver a sharded blockchain technology with unlimited scalability and performance, called KSI Cash, which is based on a new form of electronic money scheme, the bill scheme. We present performance tests of KSI Cash that we have conducted with the European Central Bank and a group of eight national central banks from the Eurosystem in order to assess the technological feasibility of a digital euro. We show the system operating with 100 million wallets and 15 thousand transactions per second (under simulation of realistic usage); having an estimated carbon footprint of 0.0001g CO2 per transaction (Bitcoin = 100 kg and more). Furthermore, we show the system operating with up to 2 million payment orders per second, an equivalent of more than 300,000 transactions per second (in a laboratory setting with the central components of KSI Cash), scaling linearly in terms of the number of deployed shards. We explain, in detail, the key concepts that unlock this performance (i.e., the concepts of the bill money scheme). The results provide evidence that the scalability of our technology is unlimited in both permissioned and permissionless scenarios, resulting into the Alphabill Money technology. Next, we contribute the architecture of a universal tokenization platform that allows for universal asset tokenization, transfer and exchange as a global medium of exchange, called Alphabill platform. We reveal the crucial conceptual and technical contributions of the platform's architecture and their interplay, including the data structures of KSI Cash and Alphabill Money, the dust collection solution of Alphabill Money, and the atomic swap solution of the Alphabill platform.

“…Others provided the essential requirements that smart legal agreements must meet, focusing on bridging the gap between smart legal contracts and smart contract code and streamlining such a process by redefining existing standards [32]. Other studies outlined the key parameters to consider in ensuring the legal recognition of smart contracts [33]. In particular, the definition of universal APIs, coding standards, and conflict resolution mechanisms are essential [34].…”

Section: Literature Reviewmentioning

confidence: 99%

Standardizing Smart Contracts

Capocasale

Perboli

2022

In the evolving context of distributed ledger technologies, the standardization of smart contracts is necessary. Smart contracts are tamper-proof computer programs. Due to their security and flexibility, it is possible to exploit smart contracts in a wide variety of use cases. In particular, it could be possible to automate legally recognized contracts by leveraging smart contracts. To this extent, some standards regarding the proper management of smart contracts are surging. However, there are still many technological misconceptions regarding smart contracts. This study describes smart contracts from multiple perspectives and identifies and clarifies some of the most common misconceptions regarding smart contracts. This study also provides some guidelines and insights on the proper management of smart contracts. This study can be a valuable resource for future standards on smart contracts. INDEX TERMSBlockchain, Chaincode, Guidelines for smart contracts, Standard I. INTRODUCTION