Scalable Blockchain Based Smart Contract Execution

Abstract

Blockchain, or distributed ledger, provides a way to build various decentralized systems without relying on any single trusted party. This is especially attractive for smart contracts, that different parties do not need to trust each other to have a contract, and the distributed ledger can guarantee correct execution of the contract. Most existing distributed ledger based smart contract systems process smart contracts in a serial manner, i.e., all users have to run a contract before its result can be accepted by the system. Although this approach is easy to implement and manage, it is not scalable and greatly limits the system's capability of handling a large number of smart contracts. In order to address this problem, we propose a scalable smart contract execution scheme that can run multiple smart contract in parallel to improve throughput of the system. Our scheme relies on two key techniques: a fair contract partition algorithm leveraging integer linear programming to partition a set of smart contracts into multiple subsets, and a random assignment protocol assigning subsets randomly to a subgroup of users. We prove that, our scheme is secure as long as more than 50% of the computational power is possessed by honest nodes. We then conduct experiments with data from existing smart contract system to evaluate the efficiency of our scheme. The results demonstrate that our approach is scalable and much more efficient than the existing smart contract platform.