Research on Automatic Commodity Trading Method based on Smart Contract
AUTHORS
Adewale Amoo,Ladoke Akintola University of Technology, Nigeria
ABSTRACT
Blockchain is a network-based technical solution for a set of distributed ledgers that are collectively maintained through decentralization and trustlessness. A smart contract is the most representative application of the blockchain from the 1.0 stage to the 2.0 stage, and it plays an important role in the construction of decentralized applications. According to the characteristics of blockchain without center and trustlessness, this article designs a commodity transaction smart contract based on blockchain technology. The release and execution of the smart contract in this article is implemented on the Ethereum private chain, and the transfer and payment functions of Ethereum are executed through the lightweight wallet plug-in Metamask of the Chrome browser. The execution of the smart contract is tested in the test network, and the operation of the smart contract is completed in the form of gas payment. Gas is the calculation work measurement for executing transactions in Ethereum, and there is a conversion relationship with Ether. The more Gas is paid when each contract is executed, the higher the chance of being packaged and stored first. The transaction model proposed in this paper realizes the decentralization of the system, the transaction and contact information is open, transparent, and non-tamperable, and the contract is automatically stored and executed. This design can greatly increase the transaction speed and gradually reach the performance of a centralized network. And providing an enterprise-level blockchain operating system makes application development and deployment easier.
KEYWORDS
Blockchain, Ethereum, Smart contract
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