A Hard-Timeliness Blockchain-Based Contract Signing Protocol

Abstract

In this article, we present the first proposal for contract signing based on blockchain that meets the requirements of fairness, hard-timeliness, and bc-optimism. The proposal, thanks to the use of blockchain, does not require the use of trusted third parties (TTPs), thus avoiding a point of failure and the problem of signatories having to agree on a TTP that is trusted by both. The presented protocol is fair because it is designed such that no honest signatory can be placed at a disadvantage. It meets the hard-timeliness requirement because both signatories can end the execution of the protocol at any time they wish. Finally, the proposal is bc-optimistic because blockchain functions are only executed in case of exception (and not in each execution of the protocol), with consequent savings when working with public blockchains. No previous proposal simultaneously met these three requirements. In addition to the above, this article clarifies the concept of timeliness, which previously has been defined in a confusing way (starting with the authors who used the term for the first time). We conducted a security review that allowed us to verify that our proposal meets the desired requirements. Furthermore, we provide the specifications of a smart contract designed for the Ethereum blockchain family and verified the economic feasibility of the proposal, ensuring it can be aligned with the financial requirements of different scenarios.