Application & Security of Smart Contract in Financial Industries

Blockchain is an emerging technology that has the potential to revolutionize the global industry and create a trusted relationship in a multi-party business network. While there are several practical use cases where Blockchain has been applied, one specific area is the Art industry, where it is a natural fit in the way art forensics and transactions are conducted, tracked, and recorded. Estimating the worldwide annual art trade at $200 billion, about 3% ($6 billion) is attributed to illicit cultural property, ranging from counterfeit and forgeries to smuggled goods and outright theft. With the help of Blockchain, there is a high possibility to neutralize the threats in lost revenue globally. As a result, I propose several models on high-value commodities to solve privacy-related issues based on provenance information. In addition, there is a trend in Open APIs and data sharing to provide better and innovative financial services. Data regulations aim to improve consumers’ privacy and control over their data. However, it still confronts the challenges of properly managing and protecting users’ privacy in an open data sharing paradigm. I propose a provenance-provided data sharing model and an automated consent management model via Blockchain to meet open banking requirements. Employing the Proof of Authority consensus mechanism to balance the business flexibility and efficiency with client privacy control. In my future work, I plan to focus my research on detecting vulnerabilities in smart contracts. Firstly, I will conclude all smart contract vulnerabilities. And try to find common malicious patterns in smart contracts to detect vulnerabilities.