Blockchain Oracles: Implications for Smart Contracts in Legal Reasoning and Addressing the Oracle Problem
Publication Name
ACM International Conference Proceeding Series
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.
Open Access Status
This publication is not available as open access
First Page
296
Last Page
303
Funding Sponsor
Research and Innovative Technology Administration