Research on Multiparty Payment Technology Based on Blockchain and Smart Contract Mechanism

Abstract

As a peer-to-peer “P2P” distributed ledger, the blockchain has the advantages of decentralization, no trust, open autonomy, and nontampering. Therefore, many users are willing to conduct transactions in blockchain cryptocurrency systems such as Bitcoin and Ethereum. However, the throughput of traditional blockchain is extremely low, and the transaction is so delayed. The payment channel network is the most promising solution to expand the blockchain for widespread use. Achieving secure instant payment on the payment channel can significantly increase transaction throughput and reduce transaction delays. When the payment channel is closed, the balance in the channel will be returned to an account on the blockchain. In this paper, we discuss the design and the implementation of a multiparty payment channel network based on smart contracts. Where a two-party payment channel is designed based on blockchain and smart contracts, a new multiparty payment channel is established on the basis of the payment channel. A detailed definition and description are given, and the creation, update, and closing functions of the multiparty payment channel are designed. Moreover, we design a multiparty payment channel smart contract, deploy it to the local private blockchain, and conduct simulation and testing. The delay time of different transaction methods is counted, and the network topology type, transaction amount, and other factors are studied. The impact of transaction success rate and the gas consumption of different transaction methods are analyzed through multiple sets of experimental statistics.