Abstract
The emergence of blockchain technology has opened up opportunities for innovative solutions in various fields. One of these solutions is the concept of smart contracts(SCs), which can automate the execution of contract terms and conditions. In this paper, we introduce Collaborative Smart Contracts (CoSC), a novel approach that combines the benefits of smart contracts and collaborative decision-making. CoSC allows multiple parties to participate in the contract execution process, enabling a more transparent and fair system. We present an example of the application of CoSC in the real estate industry, specifically in the purchase and sale of properties. Our proposed approach utilizes a consortium blockchain network to create a secure and decentralized environment for CoSC. The CoSC platform facilitates communication, collaboration, and decision-making between the buyer, seller, and other relevant parties involved in the transaction. We evaluate the performance of the CoSC platform in terms of execution time, benefits, and security. With the CoSC platform, an average of 20+% success is achieved in terms of execution time. Our results demonstrate that CoSC is a promising solution for complex, multi-party transactions and can improve the efficiency, transparency, and trustworthiness of the real estate industry.
Similar content being viewed by others
Availability of data and materials
Data sharing not applicable to this article as no datasets were generated or analyzed during the current study.
References
Nakamoto S (2008) Bitcoin: a peer-to-peer electronic cash system. Decent Bus Rev. 31:21260
Szabo N, et al (1994) Smart contracts
Carreño R, Aguilar V, Pacheco D et al (2019) An iot expert system shell in block-chain technology with elm as inference engine. Int J InformTechnol Decision Making 18(01):87–104
Aguilera RC, Ortiz MP, Ortiz JP et al (2021) Internet of things expert system for smart cities using the blockchain technology. Fractals. 29(01):2150
Liu X, Muhammad K, Lloret J et al (2019) Elastic and cost-effective data carrier architecture for smart contract in blockchain. Future Generat Comput Syst 100:590–599
Lone AH, Naaz R (2021) Applicability of blockchain smart contracts in securing internet and iot: a systematic literature review. Comput Sci Rev 39(100):360
Demertzis K, Iliadis L, Tziritas N et al (2020) Anomaly detection via blockchained deep learning smart contracts in industry 4.0. Neural Comput Appl 32(23):17361–17378
Vacca A, Di Sorbo A, Visaggio CA et al (2021) A systematic literature review of blockchain and smart contract development: techniques, tools, and open challenges. J Syst Softw 174(110):891
Abou El Houda Z, Hafid AS, Khoukhi L (2019) Cochain-sc: An intra-and inter-domain ddos mitigation scheme based on blockchain using sdn and smart contract. IEEE Access 7:98893–98907
Huang Y, Bian Y, Li R et al (2019) Smart contract security: a software lifecycle perspective. IEEE Access 7:150184–150202
Moubarak J, Chamoun M, Filiol E (2020) On distributed ledgers security and illegal uses. Future Generat Comput Syst 113:183–195
Qian P, Liu Z, He Q et al (2020) Towards automated reentrancy detection for smart contracts based on sequential models. IEEE Access 8:19685–19695
Liao JW, Tsai TT, He CK et al (2019) Soliaudit: smart contract vulnerability assessment based on machine learning and fuzz testing. 2019 Sixth International Conference on Internet of Things: Systems. Management and Security (IOTSMS), IEEE, pp 458–465
Momeni P, Wang Y, Samavi R (2019) Machine learning model for smart contracts security analysis. 2019 17th International Conference on Privacy. Security and Trust (PST), IEEE, pp 1–6
Dorsala MR, Sastry V, Chapram S (2020) Fair payments for verifiable cloud services using smart contracts. Comput Secur 90(101):712
Gupta R, Tanwar S, Al-Turjman F et al (2020) Smart contract privacy protection using ai in cyber-physical systems: tools, techniques and challenges. IEEE access 8:24746–24772
Raja G, Manaswini Y, Vivekanandan GD, et al (2020) Ai-powered blockchain-a decentralized secure multiparty computation protocol for iov. In: IEEE INFOCOM 2020-IEEE Conference on Computer Communications Workshops (INFOCOM WKSHPS), IEEE, pp 865–870
Wang H, Guo C, Cheng S (2019) Loc-a new financial loan management system based on smart contracts. Future Generat Comput Syst 100:648–655
Aguilera RC, Ortiz MP, Banda AA et al (2021) Blockchain cnn deep learning expert system for healthcare emergency. Fractals 29(06):2150227
Kiyak YS, Coskun O, Budakoglu İİ (2019) Blokzinciri, akilli kontratlar ve sağlik alanindaki üç uygulama örneği. Hacettepe Saglik Idaresi Dergisi 22(2):457–466
Staifi N, Belguidoum M (2021) Adapted smart home services based on smart contracts and service level agreements. Concurrency Comput: Practice Exper 33(23):e6208
Hasan HR, Salah K (2019) Combating deepfake videos using blockchain and smart contracts. IEEE Access 7:41596–41606
Kim Y, Pak D, Lee J (2019) Scanat: identification of bytecode-only smart contracts with multiple attribute tags. IEEE Access 7:98669–98683
Zheng W, Zheng Z, Chen X et al (2019) Nutbaas: A blockchain-as-a-service platform. IEEE Access 7:134422–134433
Xiong W, Xiong L (2019) Smart contract based data trading mode using blockchain and machine learning. IEEE Access 7:102331–102344
Zhang S, Lee JH (2019) Smart contract-based secure model for miner registration and block validation. IEEE Access 7:132087–132094
Lee SM, Park S, Park YB (2019) Formal specification technique in smart contract verification. In: 2019 International Conference on Platform Technology and Service (PlatCon), IEEE, pp 1–4
Agrawal TK, Kumar V, Pal R et al (2021) Blockchain-based framework for supply chain traceability: A case example of textile and clothing industry. Comput Indust Eng 154(107):130
Marwala T, Xing B (2018) Blockchain and artificial intelligence. arXiv preprint arXiv:1802.04451
Du WD, Pan SL, Leidner DE et al (2019) Affordances, experimentation and actualization of fintech: A blockchain implementation study. J Strat Inform Syst 28(1):50–65
Wang X, Zha X, Ni W et al (2019) Survey on blockchain for internet of things. Comput Commun 136:10–29
Lu Y (2019) The blockchain: state-of-the-art and research challenges. J Ind Inform Integrat 15:80–90
Casino F, Dasaklis TK, Patsakis C (2019) A systematic literature review of blockchain-based applications: Current status, classification and open issues. Telemat Inform 36:55–81
Timucin T, BİRO\(heck{G}\)UL S, (2021) A survey: Making smart contracts really smart. Transact Emerg Telecommun Technol 32(11):4338
Sahai A, Pandey R (2020) Smart contract definition for land registry in blockchain. In: 2020 IEEE 9th International conference on communication systems and network technologies (CSNT), IEEE, pp 230–235
Panda SK, Mohammad GB, Nandan Mohanty S et al (2021) Smart contract-based land registry system to reduce frauds and time delay. Secur Privacy 4(5):e172
Soner S, Litoriya R, Pandey P (2021) Exploring blockchain and smart contract technology for reliable and secure land registration and record management. Wireless Personal Commun 121(4):2495–2509
Shinde D, Padekar S, Raut S et al (2019) Land registry using blockchain-a survey of existing systems and proposing a feasible solution. 2019 5th International Conference On Computing. Communication, Control And Automation (ICCUBEA), IEEE, pp 1–6
Kumar P, Dhanush G, Srivatsa D, et al (2019) A buyer and seller’s protocol via utilization of smart contracts using blockchain technology. In: International Conference on Advanced Informatics for Computing Research, Springer, pp 464–474
Joshi SM, Rajeswari K (2019) Efficient and accurate property title retrieval using ethereum blockchain. In: International Conference on Sustainable Communication Networks and Application, Springer, pp 424–438
Desic J, Lenac K (2020) Is blockchain technology the future of land registry digitalization? Zb Prav Fak Sveuc Rij 41:609
Funding
The authors have no relevant financial or non-financial interests to disclose.
Author information
Authors and Affiliations
Contributions
TT wrote the manuscript with support from SB. TT developed the theory and performed the computations, planned and carried out the simulations. SB verified the analytical methods. SB was in charge of overall direction and planning. All authors contributed to the interpretation of the results, provided critical feedback, and helped shape the research, analysis, and manuscript.
Corresponding author
Ethics declarations
Conflict of interest
The authors have no competing interests to declare that are relevant to the content of this article.
Ethical Approval
The submitted work is original and is not published elsewhere in any form or language (partially or in full).
Additional information
Publisher's Note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Timuçin, T., Biroǧul, S. Collaborative Smart Contracts (CoSC): example of real estate purchase and sale(s). J Supercomput 79, 13442–13461 (2023). https://doi.org/10.1007/s11227-023-05196-1
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11227-023-05196-1