SOTF: Secure Organizational Transactions Framework Based on Bitcoin Payment Bridge

Abstract

Bitcoin is a decentralized cryptocurrency where all the transactions are saved in a ledger. Blockchains have good features to be used in different finance applications by using smart contract. Also, blockchains are attractive platform for many industrial domains, including the logistics and supply chain industries. Supply chain technology contributes to record every single asset through its flow, tracking orders, receipts, and payments. There are several relay protocols proposed in previous research; these relay protocols are used to connect different types of blockchains. In this paper, we present a Secure Organizational Transactions Framework (SOTF) based on bridge chain to connect private chain or consortium with public chain which reduces interaction with public blockchain and saves the organization details privately in private chain or consortium. The proposed framework makes it possible for smart contract services to acquire means of payment in the consortium and private chain. Moreover, the proposed framework automates the process of updating the payment non-interactively. In this paper, we validate the communication between organizations blockchain and bitcoin, and find out the development cost of the proposed framework which ensures the efficiency and feasibility of the proposed framework. The code of framework implementation is publicly available at GitHub.

Keywords

• Bitcoin
• organizations
• blockchain
• consortium blockchain
• supply chain
• smart contract