Automated Fairness Checking for Decentralised Applications

Opportunity

The global smart contracts market size was valued at approximately USD 2 billion in the year 2022 and is anticipated to grow to around USD 10 billion by 2030, driven by a CAGR of approximately 24%. The market growth is fuelled by increasing adoption of technologies such as Ethereum, Namecoin, Ripple, Rootstock (RSK) and others. Ethereum is expected to grow at the fastest pace due to its advanced coding and processing capabilities for smart contracts.

Technology

FairCon is an auditing software that automatically detects fairness issues in DApps running on blockchains technology. Blockchain applications, powered by smart contracts, support fund transfer and asset management in a decentralised and trustless environment. These applications include auctions, voting, token exchanges and more. FairCon identifies fairness that malicious parties could exploit to both application owners and users. Targeting companies developing their own DApps, FairCon offers audit and certification services to ensure fairness in operations. The goal is to make FairCon a practical industrial product, providing customised auditing and certification services for diverse blockchain applications.

Figure 1: Workflow of the FairCon framework. 

Applications & Advantages

Applications:

1. Auditing DApps for fairness issues.
2. Certification of DApps to ensure fairness in operations.
3. Support for companies developing DApps for various applications like auctions, voting, token exchanges, and asset management.
4. Protection against exploitation by malicious parties in blockchain-based applications.

Advantages:

1. Enhances trust and security in DApps by detecting and mitigating fairness issues.
2. Supports a wide range of blockchain applications, increasing its utility.
3. Offers customised auditing and certification services, catering to specific customer needs.
4. Aids in maintaining the profit and integrity of application owners and users by preventing exploitation.