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 language | English |
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Pages (from-to) | 861-876 |
Number of pages | 16 |
Journal | KSII Transactions on Internet and Information Systems |
Volume | 16 |
Issue number | 3 |
DOIs | |
Publication status | Published - 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