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Burn-to-claim : An asset transfer protocol for blockchain interoperability
Pillai, Babu Biswas, Kamanashis Hóu, Zhé Muthukkumarasamy, Vallipuram
Pillai, Babu
Biswas, Kamanashis
Hóu, Zhé
Muthukkumarasamy, Vallipuram
Abstract
The future of multi-blockchain architecture depends on the emergence of new protocols that enable consensus between trustless cross-blockchain participants. However, interoperability between blockchains remains a research challenge. The existing interoperability approaches provide integration through solutions using a middleware system, making it difficult to gain confidence in the security and correctness of the process. A cross-blockchain protocol must provide a self-verifiable state proof that encodes trust in the transfer process to guarantee consensus. Inspired by the burn-address concept, we propose a Burn-to-Claim cross-blockchain protocol to exchange assets between two networks. The proposed protocol transfers assets from one blockchain system to another so that the asset is burned from the source blockchain and recreated on the destination blockchain. Our protocol makes use of digital signatures, hash-time-locks and integration mechanisms to perform cross-blockchain transactions in a distributed manner. We theoretically prove that the proposed cross-blockchain protocol transfers assets securely and correctly. In addition, the experimental results demonstrate the feasibility of the Burn-to-Claim protocol when used in an application environment.
Keywords
blockchain, interoperability, cross-chain protocol, multi-chain asset transfer, multi-blockchain architecture
Date
2021
Type
Journal article
Journal
Computer Networks
Book
Volume
200
Issue
Page Range
1-15
Article Number
Article 108495
ACU Department
Peter Faber Business School
Faculty of Law and Business
Faculty of Law and Business
Collections
Relation URI
Source URL
Event URL
Open Access Status
License
All rights reserved
File Access
Controlled