Smart Contract Microservitization

Abstract

A smart contract is a computable protocol that automatically enforces contract terms in a computer, transforming real-world contract terms into digital promises of the virtual world. Early smart contracts have been stuck in the theoretical phase due to the lack of a credible execution environment and the means to control digital assets. With the emergence of blockchain technology, it has solved the problems mentioned above. Smart contracts are stored on blockchain, ensuring the credibility of contract execution through the joint execution of contracts by the various nodes in the blockchain network. However, the current technology of blockchain-based smart contracts is still not mature enough and faces many major challenges. Among them, the extensibility and performance of smart contracts are the most important and most concerned ones. This paper studies the extensibility and performance of smart contracts by combining blockchain-based smart contracts with cloud technologies to address the extensibility and performance issues of smart contracts. Combined with micro-service technology, a new type of smart contract architecture is proposed, and then the key technologies in each layer of the architecture are further studied.