Method and system for processing transactions in a blockchain network

A system for processing transactions in a blockchain network, the system comprising:

• a memory storing instructions;
• one or more Input/Output (I/O) interfaces;
• and
• one or more hardware processors coupled to the memory via the one or more I/O interfaces, wherein the one or more hardware processors are configured by the instructions to:
• receive via a client among plurality of clients in a blockchain network, a request for processing a transaction from an end user;
• generate via the client, a first set of transaction proposals for the transaction;
• forward via the client, the first set of transaction proposals to one or more proving peers, identified among a plurality of endorsing peers in the blockchain network in accordance with an endorsement policy;
• execute via each of the one or more proving peers, a vericontract corresponding to the first set of transaction proposals, wherein the vericontract is a smart contract associated with a proof of correctness of execution of the smart contract by each of the one or more proving peers during an endorsement phase of a blockchain process, and wherein the vericontract is executed to generate an output and the proof using one of a) Verifiable Computing (VC) approach, b) a Trusted Execution Environment (TEE) approach and c) a hybrid approach comprising combination of the VC approach and the TEE approach;
• sending a first set of proposal responses to the client, wherein the first set of proposal responses are generated in terms of a set of verification data, by the one or more hardware processors via each of the one or more proving peers to the client, wherein each verification data among the set of verification data comprises the output accompanied with the proof generated during execution of the vericontract by each of the one or more proving peers;
• and
• process via the client, the first set of proposal responses for executing the transaction in the blockchain network based on one of a) an endorser-verify model and b) a committer-verify model, wherein the one or more hardware processors (104) are configured to process the first set of transaction proposal responses in accordance with the endorser-verify model by:
• creating and sharing by the client, a second set of transaction proposals to a set of verifying peers, wherein the second set of transaction proposals are generated for the received first set of proposal responses and comprises the set of verification data, and wherein the set of verifying peers are a set of endorsing verifiers identified among the plurality of endorsing peers in accordance with the endorsement policy for the endorser-verify model;
• processing the second set of transaction proposals, by the set of endorsing verifiers to verify the executed vericontract based on the set of verification data received in the second set of transaction proposals during the endorsement phase, wherein the verification is performed in accordance with a) the VC approach, b) the TEE approach and c) the hybrid approach used during execution of the vericontract;
• sending a second set of proposal responses generated by each of the set of endorsing verifiers, indicating endorsed transactions to the client in response to the processed second set of transaction proposals;
• broadcasting by the client to an orderer the endorsed transactions;
• ordering by the orderer, the endorsed transactions into a block and broadcasting the block to a plurality of committing peers of the blockchain network, wherein the plurality of committing peers comprise participating peers in the blockchain network;
• and
• committing the transaction to the blockchain network by the plurality of committing peers after verifying the endorsed transactions and validating results of the endorsed transactions.

One or more non-transitory machine readable information storage mediums comprising one or more instructions, which when executed by one or more hardware processors causes a method for processing transactions in a blockchain network, the method comprising:

• receiving via a client among plurality of clients in a blockchain network, a request for processing a transaction from an end user;
• generating via the client, a first set of transaction proposals for the transaction;
• forwarding via the client, the first set of transaction proposals to one or more proving peers, identified from among a plurality of endorsing peers in the blockchain network in accordance with an endorsement policy;
• executing via each of the one or more proving peers, a vericontract corresponding to the first set of transaction proposals, wherein the vericontract is a smart contract associated with a proof of correctness of execution of the smart contract by each of the one or more proving peers during an endorsement phase of a blockchain process, and wherein the vericontract is executed to generate an output and the proof using one of a) Verifiable Computing (VC) approach, b) a Trusted Execution Environment (TEE) approach, and c) a hybrid approach comprising combination of the VC approach and the TEE approach;
• sending a first set of proposal responses to the client, wherein the first set of proposal responses are generated in terms of a set of verification data, by the one or more hardware processors via each of the one or more proving peers to the client, wherein each verification data among the set of verification data comprises the output accompanied with the proof generated during execution of the vericontract by each of the one or more proving peers;
• and
• processing via the client, the first set of proposal responses for executing the transaction in the blockchain network based on one of a) a endorser-verify model and b) a committer-verify model, wherein processing the first set of transaction proposal responses in accordance with the endorser-verify model comprises:
• creating and sharing by the client, a second set of transaction proposals to a set of verifying peers, wherein the second set of transaction proposals are generated for the received first set of proposal responses and comprises the set of verification data, and wherein the set of verifying peers are a set of endorsing verifiers identified among the plurality of endorsing peers in accordance with the endorsement policy for the endorser-verify model;
• processing the second set of transaction proposals, by the set of endorsing verifiers to verify the executed vericontract based on the set of verification data received in the second set of transaction proposals during the endorsement phase, wherein the verification is performed in accordance with a) the VC approach, b) the TEE approach and c) the hybrid approach used during execution of the vericontract;
• sending a second set of proposal responses generated by each of the set of endorsing verifiers, indicating endorsed transactions to the client in response to the processed second set of transaction proposals;
• broadcasting by the client to an orderer the endorsed transactions;
• ordering by the orderer, the endorsed transactions into a block and broadcasting the block to a plurality of committing peers of the blockchain network, wherein the plurality of committing peers comprise participating peers in the blockchain network;
• and
• committing the transaction to the blockchain network by the plurality of committing peers after verifying the endorsed transactions and validating results of the endorsed transactions.