Smart Contract Using Blockchain Technology: An Experimental Study
Funmilayo Celestina Ayeni, Kofi Sarpong Adu-Manu* and Charles Adjetey
Computer Science Department, Valley View University, Ghana
*Corresponding Author: Kofi Sarpong Adu-Manu, Computer Science Department, Valley View University, Ghana.
June 14, 2021; Published:
Blockchain technology has seen a massive amount of growth over the years, starting in 2009. The goal of the creation of blockchain technology was to reduce the power of third parties during transactions. However, blockchain technology gained much attention in the use of cryptocurrencies, especially bitcoin. Bitcoin is executed by changing physical cash to electronic cash at stated rates. Digital signatures identify individuals on the platform. The new proposed algorithm is implemented under Python using the SAGEMath library and evaluated. In our approach, only parties involved have copies of transactions that take place between them; however, in doing that, security becomes the most significant problem. This leads to introducing a novel algorithm that uses mathematical modelling to solve problems in other application areas for blockchain. We increased the number of nodes between 10 and 60 and observed that the proposed algorithm's running time remained at 9 seconds for 20 nodes, similar to PoW and PoS, whose running time was around 9 to 10 seconds. However, when the increased the number of nodes was increased to 60 with the exact transaction details, we observed that the running time of the proposed algorithm remained the same as 10 nodes [4 - 9 seconds], and the running-time for PoS and PoW algorithms increased to 42 and 30 seconds, respectively.
Keywords: Smart Contract; Blockchain; Bitcoin; Blockchain Technology
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