Blockchain Oracles: Implications for Smart Contracts in Legal Reasoning and Addressing the Oracle Problem
Pages 296 - 303
Abstract
This paper presents a comprehensive investigation into the role, functionalities, and complexities of blockchain oracles, focusing particularly on the implications for smart contracts in legal reasoning contexts. Oracles serve as a vital bridge to smart contracts’ inability to interact with external or “off-chain” data, enabling them to be used in a variety of real-world situations. Oracle’s integration, however, introduces a number of complexities, including security vulnerabilities, collectively referred to as the Oracle Problem. In addition to a review of existing literature, we also provide a mathematical analysis quantifying the computational complexity associated with automating legal reasoning and a novel design framework aimed at establishing oracles that are secure, efficient, and legally compliant. The paper aims to serve as a foundational text for researchers, legal practitioners, and blockchain developers, advancing the academic discourse surrounding blockchain oracles and their role in smart contracts.
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Index Terms
- Blockchain Oracles: Implications for Smart Contracts in Legal Reasoning and Addressing the Oracle Problem
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Published In
December 2023
1058 pages
ISBN:9798400708916
DOI:10.1145/3628797
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Association for Computing Machinery
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Published: 07 December 2023
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- Research-article
- Research
- Refereed limited
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- University of Wollongong - RevITAlise (RITA) Research Grant 2021
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SOICT 2023
SOICT 2023: The 12th International Symposium on Information and Communication Technology
December 7 - 8, 2023
Ho Chi Minh, Vietnam
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Overall Acceptance Rate 147 of 318 submissions, 46%
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