Smarter Criminals May Start Using Smart Contracts

Ari Juels, Elaine Shi and Ahmed Kosba have a different view. According to them, the smart contracts created on blockchain can be used as a perfect vehicle for committing crimes. They have also published a paper on the topic along with few sample criminal contracts they recently created on Ethereum.

The paper titled “The Ring of Gyges: Using Smart Contracts for Crime” includes references to few such contracts created by the authors on the newly launched Ethereum platform. The authors of this study believe that the smart contracts can also be used to build trust among the criminals in certain situations where it is hard to achieve.

As part of the study, they had created smart contract to secure services of a hacker as well as a hitman. By creating these smart contracts on Ethereum platform, they have established the possibility of cyber criminals using smart contracts to establish proof of work and to build trust among accomplices.

Even though there is a good chance of few criminals making use of smart contracts to commit acts of crime, the contributions of bitcoin and blockchain technology to the society can’t be ignored and it definitely will do more good than harm.



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