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http://dx.doi.org/10.3837/tiis.2022.03.006

First Smart Contract Allowing Cryptoasset Recovery  

Kim, Beomjoong (School of Cybersecurity, Korea University)
Kim, Hyoung Joong (School of Cybersecurity, Korea University)
Lee, Junghee (School of Cybersecurity, Korea University)
Publication Information
KSII Transactions on Internet and Information Systems (TIIS) / v.16, no.3, 2022 , pp. 861-876 More about this Journal
Abstract
Cryptoassets such as Bitcoin and Ethereum are widely traded around the world. Cryptocurrencies are also transferred between investors. Cryptocurrency has become a new and attractive means of remittance. Thus, blockchain-based smart contracts also attract attention when central banks design digital currencies. However, it has been discovered that a significant amount of cryptoassets on blockchain are lost or stranded for a variety of reasons, including the loss of the private key or the owner's death. To address this issue, we propose a method for recoverable transactions that would replace the traditional transaction by allowing cryptoassets to be sent to a backup account address after a deadline has passed. We provide the computational workload required for our method by analyzing the prototype. The method proposed in this paper can be considered as a good model for digital currency design, including central bank digital currency (CBDC).
Keywords
Blockchain; central bank digital currency (CBDC); cryptoasset; distributed ledger technology (DLT); smart contract;
Citations & Related Records
Times Cited By KSCI : 2  (Citation Analysis)
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