A Novel Validation Security Algorithm: Enhancing the Security of Financial Escrow Smart Contract Operations

Abstract

Security vulnerabilities of smart contracts are critically important to secure DApps. As they were traditionally constructed, contract structures do not provide for adaptive security measures that protect against unauthorized access, and malicious exploitation. In this paper, we present a novel smart contract security algorithm for Escrow Smart Contract Operations which takes advantage of the time and scores the risks and provides optional multi signature confirmation. Additionally, we devise a way to isolate the security layer from the core contract logic, making updates of it simpler and protection from new threats more adaptable. To confirm that these claims are robust, we provide a synthetic dataset and frameworks to that can simulate various scenarios of transactions, thereby giving sufficient coverage in terms of the evaluation of security. We show through our results that the security put in around these adaptive security mechanisms created significant reduction in unauthorized access, better anomaly detection and better overall security resilience and this is another reason why adaptive security mechanisms should be put around smart contracts.