Timed Smart Contract Execution Using Oracle-Based Time Triggers
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Solution Overview
Problem
Existing smart contracts in blockchain systems lack efficient mechanisms for timing-based execution, particularly for transactions requiring fixed-time reconciliation between financial institutions.
Innovation Solution
A method and system for registering and executing timed smart contracts in a blockchain, utilizing an oracle contract to provide time information and configuring built-in blocks or regions with consumable resources to ensure timely execution, with mechanisms for selecting trusted oracles and verifying time accuracy.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If existing smart contract execution modes are used, then simple transaction execution is achieved, but timing-based execution capability is lacking
Solution Approach 1:
The execution mechanism is segmented into distinct components: timed smart contracts with time-triggered functions, oracle contracts for time information, and built-in blocks for execution management. This segmentation enables timing-based execution while maintaining clarity in each component's function.
Solution Approach 2:
An oracle contract serves as an intermediary between external time sources and the blockchain smart contracts. The oracle contract receives time information from trusted oracles and supplies it to timed smart contracts, enabling timing-based execution without direct external dependencies.
2Reliability
If timed smart contracts are executed without resource configuration, then execution simplicity is maintained, but infinite loops and resource exhaustion may occur
Solution Approach 1:
Consumable resources are configured in advance within built-in blocks before contract execution. This preliminary configuration establishes execution limits and safety parameters beforehand, preventing infinite loops and resource exhaustion during contract execution.
Solution Approach 2:
The system changes the parameter state by configuring consumable resources and execution conditions in built-in blocks. This parameter configuration enables the system to track and limit resource consumption, ensuring reliable execution while maintaining manageable complexity.
3Measurement precision
If multiple oracle contracts are deployed, then time information reliability is improved, but system complexity increases
Solution Approach 1:
The oracle contract is designed with multi-functionality to handle time information from multiple trusted oracles. A single oracle contract can receive and supply time information from different oracle sources, improving reliability without requiring separate contracts for each oracle.
Solution Approach 2:
Multiple oracle functions are merged into a unified oracle contract that manages time information from various sources. This consolidation improves time information reliability through multiple oracles while avoiding the complexity of managing separate oracle contracts for each function.
Data Source
AI summary
Disclosed are a registration method, an execution method, an execution apparatus and an execution system of a timed smart contract in a blockchain, and relates to the technical field of computers. The method includes: a registration request of the timed smart contract is received; according to the registration request, an interface for the timed smart contract connecting to an oracle contract is generated for the timed smart contract, where the oracle contract is deployed on the blockchain and configured to receive time information sent by a trusted oracle, so as to supply the time information to the timed smart contract through the interface. The management and execution of the timed smart contract are realized via the blockchain.