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First Smart Contract Allowing Cryptoasset Recoveryopen access

Authors
Kim, BeomjoongKim, Hyoung JoongLee, Junghee
Issue Date
31-3월-2022
Publisher
KSII-KOR SOC INTERNET INFORMATION
Keywords
Blockchain; central bank digital currency (CBDC); cryptoasset; distributed ledger technology (DLT); smart contract
Citation
KSII TRANSACTIONS ON INTERNET AND INFORMATION SYSTEMS, v.16, no.3, pp.861 - 876
Indexed
SCIE
SCOPUS
KCI
Journal Title
KSII TRANSACTIONS ON INTERNET AND INFORMATION SYSTEMS
Volume
16
Number
3
Start Page
861
End Page
876
URI
https://scholar.korea.ac.kr/handle/2021.sw.korea/141884
DOI
10.3837/tiis.2022.03.006
ISSN
1976-7277
Abstract
Cryptoassets such as Bitcoin and Ethereum are widely traded around the world. Cryptocurrencies are also transferred between investors. Cryptocurrency has become a new and attractive means of remittance. Thus, blockchain-based smart contracts also attract attention when central banks design digital currencies. However, it has been discovered that a significant amount of cryptoassets on blockchain are lost or stranded for a variety of reasons, including the loss of the private key or the owner's death. To address this issue, we propose a method for recoverable transactions that would replace the traditional transaction by allowing cryptoassets to be sent to a backup account address after a deadline has passed. We provide the computational workload required for our method by analyzing the prototype. The method proposed in this paper can be considered as a good model for digital currency design, including central bank digital currency (CBDC).
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