• KSII Transactions on Internet and Information Systems
    Monthly Online Journal (eISSN: 1976-7277)

First Smart Contract Allowing Cryptoasset Recovery


Cryptoassets such as Bitcoin and Ethereum are widely traded around the world. Cryptocurren-cies are also transferred between investors. Cryptocurrency has become a new and attractive means of remittance. Thus, blockchain-based smart contracts also attract attention when cen-tral 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 recov-erable 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).


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Cite this article

[IEEE Style]
B. Kim, H. J. Kim and J. Lee, "First Smart Contract Allowing Cryptoasset Recovery," KSII Transactions on Internet and Information Systems, vol. 16, no. 3, pp. 861-876, 2022. DOI: 10.3837/tiis.2022.03.006.

[ACM Style]
Beomjoong Kim, Hyoung Joong Kim, and Junghee Lee. 2022. First Smart Contract Allowing Cryptoasset Recovery. KSII Transactions on Internet and Information Systems, 16, 3, (2022), 861-876. DOI: 10.3837/tiis.2022.03.006.

[BibTeX Style]
@article{tiis:25520, title="First Smart Contract Allowing Cryptoasset Recovery", author="Beomjoong Kim and Hyoung Joong Kim and Junghee Lee and ", journal="KSII Transactions on Internet and Information Systems", DOI={10.3837/tiis.2022.03.006}, volume={16}, number={3}, year="2022", month={March}, pages={861-876}}