Modeling and Security Verification of State-Based Smart Contracts

Smart contracts are programs that stored on a blockchain ledger with code immutable after deployment. Thus, verifying the correct behavior of smart before deployment is vital. This paper demonstrates how security vulnerability verification in casino contract can be transformed to non-blocking verification. To this end, first modeled as interacting extended finite state machines (EFSM), one EFSM for each function. Modeling condition system, reveals system blocking. Investigating counterexample produced by shows transfer refused its receiver may block so all remaining funds forever locked into contract, thus revealing severe vulnerability. It then demonstrated same technique show absence vulnerability, model an improved indeed non-blocking.