Smart Contracts for Blockchain-based Reputation Systems
- Publication Type:
- Thesis
- Issue Date:
- 2020
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Smart contracts are computer protocols that are meant to oversee, enforce, or verify performances or negotiations of contracts. These protocols ensure that no third parties are involved as a part of the transaction and ensure the security and credibility of the contracts. Reputation systems have been widely implemented in e-commerce applications and websites. Reputation systems provide a platform through which users can measure the trustworthiness or reliability of people offering online services or products. Previous researchers have already proposed the use of Blockchain technology for Reputation Systems.
A Blockchain is generally built on a peer-to-peer (P2P) network and adheres to a certain protocol for the communication amongst the blocks and for the validation of new blocks. However, through a systematic literature review, we have identified that the existing literature has not proposed the use of smart contracts for blockchain-based reputation systems. Using smart contracts in reputation systems can play a vital role by adding an additional layer of openness and security.
The contracts are secured using hash signature, which makes the smart contract “immutable” to alteration. The decentralized application (Dapp) used in the system offers large file storage, protection of the user personal data, low costs of transactions as well as easy bug fixing. Smart contracts can be used to implement the proof of reputation (POR) consensus algorithm which aims at providing quantification for the various systems that are built using the blockchain technology.
POR aims at using the reputation of the participants in the system to secure the network. In the event that a participant attempts to cheat on the smart contracts, they stand to face serious consequences both financially as well as brand wise. The consensus ensures that reputation is paramount in the blockchain system. The primary objective of this study is to propose and develop an intelligent framework termed (FarMed) that is centered on smart contracts-based reputation system.
The intelligence built into Farmed provides automated and reliable mechanisms for the following: (i) determining the current reputation value of a service provider; (ii) intelligent mechanisms for trust-based inferencing in different contexts; (iii) intelligently preventing people from manipulating reviews in the reputation system; and (iv) providing a platform for transferring the reputation value of a service provider to other service providers. Finally, in order to validate the performance and accuracy of the proposed framework in this thesis, software prototyping will be chosen as the model of choice.
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