IoT Based System for Rating Smart Contract to Evaluate Accuracy of Blockchain

Authors

  • Karaka Ramakrishna Reddy Research Scholar, Department of English, Koneru Lakshmaiah Education Foundation, Vaddeswaram, Guntur, Andhra Pradesh- 522502, India
  • S. Farhad Associate Professor, Department of English, Koneru Lakshmaiah Education Foundation, Vaddeswaram, Guntur, Andhra Pradesh- 522502, India
  • Ashutosh Panchbhai Assistant Professor, Symbiosis Law School, Pune, Maharashtra, India
  • Ashish Deshpande Assistant Professor, Symbiosis Law School, Pune, Maharashtra, India
  • Elangovan Muniyandy Department of Biosciences, Saveetha School of Engineering, Saveetha Institute of Medical and Technical Sciences, Chennai, Tamil Nadu, India
  • Amit Verma University Centre for Research and Development, Chandigarh University, Gharuan Mohali, Punjab, India

Keywords:

IoT system, smart contract, Blockchain, Accuracy

Abstract

The increasing adoption of blockchain technology has revolutionized various industries by providing a decentralized and secure environment for transactions. Smart contracts, self-executing contracts with coded terms, are a fundamental component of blockchain systems, ensuring transparency and automation. However, the accuracy and reliability of smart contracts are critical factors in ensuring the integrity of blockchain transactions. In this context, this research proposes an Internet of Things (IoT)-based system designed to evaluate and rate the accuracy of smart contracts within blockchain networks. The IoT infrastructure integrates real-world data from physical devices into the blockchain, creating a dynamic and responsive environment. Leveraging data from IoT-connected devices, the proposed system continuously monitors the execution of smart contracts, verifying their outcomes against real-world conditions. The collected data is then analyzed to assess the accuracy of the smart contracts in reflecting the intended business logic. Key components of the proposed system include a decentralized network of IoT sensors, data oracles for interfacing between the physical and digital realms, and a rating mechanism that quantifies the accuracy of smart contract executions. Machine learning algorithms may be employed to analyze historical data and predict potential discrepancies, contributing to the proactive improvement of smart contract accuracy. The evaluation framework takes into account parameters such as transaction speed, data integrity, and the consistency of smart contract outcomes with real-world events. The system aims to enhance the trustworthiness of blockchain transactions by providing users and stakeholders with a transparent and real-time rating of smart contract accuracy. This research contributes to the ongoing efforts to enhance the reliability and efficiency of blockchain technologies. The proposed IoT-based rating system offers a practical solution for businesses and organizations seeking to validate the accuracy of smart contracts in their blockchain transactions. The findings from this study are expected to have implications for industries relying on blockchain technology, including finance, supply chain, and healthcare, where precise execution of smart contracts is crucial for success. In present research digital marketing of NFT and crypto assets has been made considering factors that influences blockchain user engagement.

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Published

29.01.2024

How to Cite

Reddy, K. R. ., Farhad, S. ., Panchbhai, A. ., Deshpande, A. ., Muniyandy, E. ., & Verma, A. . (2024). IoT Based System for Rating Smart Contract to Evaluate Accuracy of Blockchain . International Journal of Intelligent Systems and Applications in Engineering, 12(13s), 735 –. Retrieved from https://ijisae.org/index.php/IJISAE/article/view/4702

Issue

Vol. 12 No. 13s (2024)

Section

Research Article

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