SPESC-Translator: Towards Automatically Smart Legal Contract Conversion for Blockchain-based Auction Services

Smart contract is a set of digital executable protocols intended to make contractual clauses partially or fully self-executing, self-enforcing, or both. As the second-generation blockchain technology, smart contracts have greatly enriched the functional expression of blockchain to make application development more convenient. All related data of smart contracts, including program codes, intermediate states, and executed results, will be stored in blockchain to ensure that these data are not tampered with. Also, the consensus protocols of blockchain verify the correctness of the running process by executing the smart contract with the same input at all nodes. Therefore, the blockchain’s security mechanism with tamper-proof and traceable makes it possible for smart contracts to be recognized by law.