SmartCon: A Blockchain-Based Framework for Smart Contracts and Transaction Management

A smart contract can be used for automating business processes triggered by specific events caused by IoT sensors, data feeds, or other applications. A blockchain-based smart contract management system is an innovative technology foreseen to automate future business-to-business (B2B) processes. By optimizing business workflow operations, especially in multi-party arrangements, blockchain can play central role in business process re-engineering. In this paper we present a multi-organizational smart contract management system in which a user can create, deploy, and execute smart contracts. This research article consists of two parts; in the first part, we have compared existing smart contract management systems based on different characteristics that can play a vital role in selecting a particular system for a specific business need. In the second part, we have proposed a framework for a blockchain-based smart contract management system. It is a unified architecture that supports both DAO and organizational level blockchain-based smart contract execution. There are two types of separate blockchains used in the proposed framework; SBlockchain and TBlockchain. SBlockchain is used to store smart contracts, whereas all the data generated by the smart contracts stores inside the TBlockchain. In addition, each smart contract has some terms and clauses which are necessary for some event execution. Various components of the framework and their implementation have been described in detail with the help of relevant use-cases.