Decision Framework and Detailed Analysis on Privacy Preserving Smart Contract Frameworks for Enterprise Blockchain Applications

Abstract

Blockchains are globally gaining traction and gradually disrupting the traditional transactional eco-systems by eliminating the non-value adding parties in the value chain. Although blockchains enables digital currency transactions, distributed consensus models and provenance, the problem of scalability, security and privacy has to be solved for the blockchains to be utilized in its full potential. Typically all the transactions recorded in blockchain are visible to all the participants. Even though some blockchain frameworks offers private transactions they still lack transactional privacy and confidentiality. Privacy preserving smart contracts is an emerging field which guarantees the privacy of transactions during runtime and ensures confidentiality as well. In this paper we analyze various frameworks and methodologies and propose a systematic way of choosing the right privacy preserving smart contract framework for enterprise needs and requirements.