Smart contracts allow for automation and have the power to make a contractual relationship much more transparent. But while they could transform the

How to implement smart contracts safely

submited by

Style Pass

2021-05-12 03:46:02

Smart contracts allow for automation and have the power to make a contractual relationship much more transparent. But while they could transform the way agreements are managed, for example in the financial industry, they are at constant risk of being attacked.

A team at the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) is working with Spuerkeess to improve the security of smart contracts. SnT offers expertise in this area, in which there is a “lack of activity, skills and knowledge in Luxembourg,” said Prof. Radu State , Head of the Service and Data Management ( SEDAN ) research group at SnT.

Their work with Spuerkeess is part of SnT’s Partnership Programme , through which it collaborates with some 50 members from within industry and the public sector on strategic ICT areas of concern. This particular project is co-funded by SnT and Spuerkeess, and has received external funding from the Luxembourg National Research Fund (FNR).

A blockchain is a digital ledger of transactions that is duplicated and distributed across a network of computers. When set up correctly, this way of recording information makes it hard or impossible to change, hack, or cheat the system. However, if there are errors in the initial set-up of smart contracts, this can make the system vulnerable to attacks, as they cannot be modified and are already a high-interest target for criminals.