A New Approach to smart contracts

+6 votes
Well, during the one week time or so, i spent reading the QA section here, I can deduce that one major concern we have with smart contracts is the execution of code on every node on the blockchain, which is okay for blockchains maintained by small groups but not efficient for big organisations having large blockchain networks.

one approach was using a central authority, or server where we execute business logic, but again it put the whole idea of decentralization into the pit.

But can we not just use permissions in case of smart contracts too??Just like you use it for other purposes like issue,activate, send, receive etc,..like only those nodes will perform the logic which are permitted and whatever the result, it will be spread in blockchain for updation of the ledger of all concerned nodes...This way we can have multiple nodes(but finite and permitted) executing the contract so no point of putting trust on one authority, and it also provides decentralization.   

well, i am new to blockchain world and its just an idea i got...any thoughts on it...if its correct or possible? other  users in community are also welcomed to express their thoughts on this.
asked Oct 16, 2017 by pant3496
edited Oct 16, 2017 by pant3496

1 Answer

+1 vote
Yes, it would be possible to do this - have a group of trusted parties who each evaluate the code, and then post their signed opinion about the result. Or just have the code executed by those people who care about it, and the rest can ignore it.
answered Oct 16, 2017 by MultiChain
i have one more idea...say if an option is provided to attach a file or piece of code if required and it will only be retrieved by those with permissions to execute it. This way whenever a node receives a transaction(containing an asset or metadata to trigger the piece of code ) it can use that piece of code to process the data and act accordingly.and because it is a file and not hard-coded into blockchain.(sorry..i just realised..this is not feasible as anyone can change the code anytime this way). But this problem can also be tackled if we use validation of the script containing the logic everytime it is triggered with other nodes...i.e, transaction will not be sent if value is not signed by other users and ofcourse they will also execute the contract and validate if there is a change in code on one node.i will say again...easier said than done...everything is a theory.

ofcourse it is easy to say, and very difficult to do, and whatever i just suggested many contain many overheads and problem may not be visible to me.

Multichain is sufficient in performing many tasks with its current features  for which many other blockchain technologies use smart contracts...its just that there is more to every aspect of blockchain, even to smart contracts and there are many efficient ways to  implement them, its just that we haven't discovered them.