First Smart Contract Allowing Cryptoasset Recovery

Beomjoong Kim, Hyong Joong Kim, Junghee Lee

Research output: Contribution to journalArticlepeer-review

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).

Original languageEnglish
Pages (from-to)861-876
Number of pages16
JournalKSII Transactions on Internet and Information Systems
Volume16
Issue number3
DOIs
Publication statusPublished - 2022 Mar 31

Keywords

  • Blockchain
  • central bank digital currency (CBDC)
  • cryptoasset
  • distributed ledger technology (DLT)
  • smart contract

ASJC Scopus subject areas

  • Information Systems
  • Computer Networks and Communications

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