An information system for the evaluation of blockchain smart contracts' effectiveness
An information system for the evaluation of blockchain smart contracts' effectiveness

Summary/Abstract: Blockchain smart contracts have quickly become a focal point of research and development. Their autonomous, decentralized, transparent and secure nature allows for enforcement of agreement between multiple parties, with no need for trust as a prerequisite and no intermediaries to facilitate the relationship. However, this shift in paradigm, the significant difference with conventional software, and a variety of decentralization specifics has made development of reliable and effective smart contracts extremely difficult. The tendency has been shown by the short, yet turbulent history of smart contracts, full of numerous attacks, exploits, thefts, and failures. In this paper, the authors address this by developing an information system for the automated evaluation of the effectiveness of blockchain smart contracts. The system implements a previously created formal model that is used to calculate the effectiveness of a smart contract, based on specified factors. The information system provides as a result the level of effectiveness in the form of an output metric called Smart Contract Index of Effectiveness, which quantifies the level of potential risk to the effectiveness of a smart contract. System requirements, architecture, technologies and process are discussed. Direction for future development of the information system and further specification of its scope and functionality is also provided.

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