Abstract: Transaction executions/commits in a blockchain network need to be fast, robust and secure and thus calls for minimal latency in transaction commits. In an execute-order-commit blockchain network, latency is high due to smart contracts been executed at every endorsing node of the blockchain network. A method and system for processing transactions in the blockchain network is disclosed. The system discloses a veriblock architecture, which enables processing a transaction request by executing an associated smart contract along with a proof of correctness of execution of smart contract using only one endorser. Further, enables verifying the smart contract by multiple endorsers. The smart contract associated with the proof, referred herein as a vericontract, is executed to generate an output and the proof using one of a) Verifiable Computing (VC) approach, b) a TEE approach and c) a hybrid approach (combination of VC and TEE).

Abstract: Transaction executions/commits in a blockchain network need to be fast, robust and secure and thus calls for minimal latency in transaction commits. In an execute-order-commit blockchain network, latency is high due to smart contracts been executed at every endorsing node of the blockchain network. A method and system for processing transactions in the blockchain network is disclosed. The system discloses a veriblock architecture, which enables processing a transaction request by executing an associated smart contract along with a proof of correctness of execution of smart contract using only one endorser. Further, enables verifying the smart contract by multiple endorsers. The smart contract associated with the proof, referred herein as a vericontract, is executed to generate an output and the proof using one of a) Verifiable Computing (VC) approach, b) a TEE approach and c) a hybrid approach (combination of VC and TEE).