Kỷ yếu Hội nghị KHCN Quốc gia lần thứ XII về Nghiên cứu cơ bản và ứng dụng Công nghệ thông tin (FAIR); Huế, ngày 07-08/6/2019 DOI: 10.15625/vap.2019.00032 LEVERAGE THE BLOCKCHAIN TECHNOLOGY TO MANAGE SMART CONTRACT IN ASSET TRADING Quoc Nhan Vo 1 , Nhat Phuong Tran 1 , Van Dat Ngo 1 , Van Ha Truong 1 , Quyet Thang Huynh 2* , Nhu Hang Ha 1 , Duc Man Nguyen 1 1 Duy Tan University, Danang, Vietnam 2 Hanoi University of Science and Technology, Hanoi, Vietnam quocnhan810@gmail.com, nhatphuongb1@gmail.com, ngohavandat93ndc@gmail.com, vanha30111997@gmail.com, thanghq@soict.hust.edu.vn, hatnhuhang@duytan.edu.vn, mannd@duytan.edu.vn ABSTRACT: Blockchain technology is becoming a significant interest in many industries. A smart contract, a self-executing code on the blockchain, automatically implements the terms of the agreement between the parties. Smart contracts perform their functions like a normal contract. Smart contracts can enable individuals to own and control their digital identity containing reputation, data and digital assets. Smart contracts can find a wide range of potential application circumstances in the digital economy and intelligent industries, including financial services, government management, healthcare, e-commerce, and Internet of Things, among others, and also have been integrated into the mainstream blockchain-based development platforms, such as Ethereum. Though smart contracts are still far from mature, and major technical challenges such as security and privacy issues are still expecting further research efforts. In this study, we attempt to present an overview of blockchain-based smart contracts, aiming at inspiring further research toward this emerging research field. We introduced the operating mechanism and mainstream platforms of blockchain-enabled smart contracts and proposed an approach to deploying a smart contract on Ethereum network in asset trading. We experimented on Painting trading for demonstration of the proposed method. This paper is also aimed at providing helpful guidance and reference for future research efforts. Keywords: Blockchain, smart contract, asset trading, digital asset, Ethereum, Decentralized system. I. INTRODUCTION At present, cryptocurrency has become a buzzword in both industry and academia. Bitcoin has enjoyed massive success with it's capital market reaching USD 600 billion as of December 2017, but it was only USD 17.7 billion on December 31, 2016 [4]. With a specially designed data storage structure, transactions in the Bitcoin network could happen without any third party and the core technology to build Bitcoin is blockchain, which was first proposed in 2008 and implemented in 2009. Blockchain could be regarded as a public ledger, and all committed transactions are stored in a list of blocks. This chain grows as new blocks are appended to it continuously. Asymmetric cryptography and distributed consensus algorithms have been implemented for user security and ledger consistency. The blockchain technology generally has key characteristics of decentralization, persistency, anonymity, and auditability. With these traits, blockchain can significantly save the cost and improve the efficiency [2]. Since it allows payment to be finished without any bank or any intermediary, blockchain can be used in various financial services such as digital assets, remittance, and online payment. Additionally, it can also be applied to other fields including smart contracts, public services, Internet of Things (IoT), reputation systems and security services. Those fields favor blockchain in multiple ways. First, blockchain is immutable. The transaction cannot tamper once it is packed into the blockchain. Businesses that require high reliability and honesty can use blockchain to attract customers. Besides, blockchain is distributed and can avoid the single point of failure situation. As for smart contracts, the contract could be executed by miners automatically once the contract has been deployed on the blockchain [2,3,4, 5]. A Smart Contract serves a very similar function as a contract does in the real world. Contracts, in typical cases, involve two or more parties that agree on certain terms, sign the contract, and once these terms have been carried out and both parties are content, the contract is deemed fulfilled. Smart contracts employ the same principle but are able to operate automatically via an algorithm that has the terms of the contract embedded within it. This allows for trust in a space where setting up certain types of deals can be difficult [2][5][6]. Currently, there are not many projects in Viet Nam using Smart Contract-Blockchain in the application development. Many people are confused about the application of blockchain and they are confused between blockchain and bitcoin. There is no clarity about blockchain's applications that can be applied in the field of business in Viet Nam. Although there are many activities for the market, for practical application is still the way ahead. Enterprises, organizations, and people still find it difficult to deploy and apply blockchain technology in their business activities, managing and dealing with problems in their lives. With the value of Blockchain and the current state in Viet Nam [3,7,8], our research will approach this great potential and apply this to build a decentralized application for painting trading as a case study. In this study, we attempt to present an overview of blockchain-based smart contracts, aiming at inspiring further research toward this emerging research field. We introduced the operating mechanism and mainstream platforms