A model for verification and validation of law compliance of smart contracts in IoT environment

Abstract

© 2021 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works

The interest of Industry 4.0 in smart contracts and blockchain technologies is growing up day by day. Smart contracts have enabled new kinds of interactions whereby contractors can even fully automate processes they agree on. This technology is really appealing in Internet of Things (IoT) domain because smart devices generate events for software agents involved in a smart contract execution, making full automation possible. However, smart contracts have to comply with national and international laws and accountability of participant's actions. Soundness of a smart contract has to be verified in terms of law compliance. Here, we propose a model for verification and validation of law compliance of smart contracts in IoT environments. The main goal of this article is to propose a formal model (based on multiagent logic and ontological description of contracts) for validating law compliance of smart contracts and to determine potential responsibilities of failures

Peer Reviewed

Postprint (author's final draft)