Enabling Localized Execution Of Smart Contracts Via Distributed Event Beacons

Modern smart contracts save their state transitions on a distributed ledger, such as blockchain [3, 4] or a particularly configured cloud [1]. These approaches necessitate storage and synchronization of large amounts of distributed data, leading to scalability deficiencies in decentralized permissionless smart contract platforms. In this poster, we introduce a novel concept of local execution of smart contracts which only required synchronizing the transaction data between the members of the private channel, without the need to storing state transitions on the distributed storage. To achieve this, we design a distributed storage-free decentralized beacon network that allows to perform provenance signatures of the state transitions for all members of the channel.