Towards Secure and Trusted-by-Design Smart Contracts

Abstract

Distributed immutable ledgers, or blockchains, allow the secure digitization of evidential transactions without relying on a trusted third-party. Evidential transactions involve the exchange of any form of physical evidence, such as money, birth certificate, visas, tickets, etc. Most of the time, evidential transactions occur in the context of complex procedures, called evidential protocols, among physical agents. The blockchain provides the mechanisms to transfer evidence, while smart contracts - programs executing within the blockchain in a decentralized and replicated fashion - allow encoding evidential protocols on top of a blockchain. As a smart contract foregoes trusted third-parties and runs on several machines anonymously, it constitutes a highly critical program that has to be secure and trusted-by-design. While most of the current smart contract languages focus on easy programmability, they do not directly address the need of guaranteeing trust and accountability, which becomes a significant issue when evidential protocols are encoded as smart contracts.