A Model for Verification and Validation of Law Compliance of Smart-Contracts in IoT Environment

Abstract : 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 work is to propose a formal model (based on multi-agent logic and ontological description of contracts) for validating law compliance of smart contracts and to determine potential responsibilities of failures.

 EXISTING SYSTEM :

 ? The Update Fuel Payment updates the existing information by sending a request to the proposed blockchain system, and after a successful response, the data are repopulated on the user interface. ? Some of the existing studies deploy heavy consensus algorithms on the devices that are components of the IoT system, like gateways. However, these IoT gateways have limited storage space. ? Many existing platforms do not have a facility for lightweight nodes, and full nodes’ deployment must be done on gateways for verification of blocks and transactions. ? The developed method is based on Ethereum, and allows the user to audit all interactions between the design and the blockchain platform as long as the network of blockchain exists.

 DISADVANTAGE :

 ? The focus of the survey is narrowed down to smart contract functional behavior and does not embody problems related to other blockchain-related execution aspects, such as scalability, consensus, interaction with IoT systems, etc. ? Based on a contract CFG, this approach allows recognizing traces that contain problematic sequences of program states and instructions. ? Some of these properties also resemble software design patterns, which capture the recurrent problems in smart contract development, e.g., State Machine, Access Restriction, Ownership. ? However, model-checking suffers from the state explosion problem, which requires the users to apply abstraction techniques for smart contracts or assume a set of simplifications to its execution.

 PROPOSED SYSTEM :

 • The proposed system is capable of data sharing among the users of the system while securing sensitive information. • The proposed model can share data among the system’s users while securing sensitive information. • The proposed method is divided into three actors: a charging station, a vehicle, and a driver. • The proposed electric car charging company architecture consists of three parts: the client (the car user), the server (the charging station), and the blockchain smart contract. • Adaptive Blockchain-based Electric Vehicle Participation (AdBEV) scheme is proposed to reduce the power fluctuation level.

 ADVANTAGE :

 ? In smart contract verification, the existing applications indicate if the contract is vulnerable ,gas-inefficient , or a honeypot . ? In this survey, we look beyond the security aspect and aim to provide a general taxonomy of domain-specific properties, which may also impact the correctness, privacy, efficiency, and fairness of smart contracts. ? These approaches are designed to identify vulnerable code patterns, integer arithmetic bugs , honeypots , gas-inefficient bytecode patterns, etc. ? We are also interested in establishing the links between the various types of properties and the formalism used in supporting them. ? Behavior-Interaction-Priority (BIP) is a layered framework used to model the interaction between smart contracts and users.