RTM: Blockchain That Support Revocable Transaction Model

TL;DR

This paper introduces GateChain, a blockchain supporting a revocable transaction model (RTM) that allows safe withdrawal of incorrect account operations, addressing a key limitation in current blockchain systems.

Contribution

It proposes a novel RTM-enabled blockchain, GateChain, with an improved account model and transaction types to support revocable transactions securely and efficiently.

Findings

GateChain enables safe withdrawal of incorrect account operations.

The system leverages an improved account model and specialized transaction types.

GateChain demonstrates lower complexity and ease of deployment.

Abstract

In many typical application scenarios, it is necessary to revoke the incorrect account operations caused by user mis-operation, financial fraud, illegal hacking, etc. Unfortunately, users often blur the lines between the concept of "transaction state revocable" and "business status revocable", which result in revocable transaction not universally supported in blockchain systems at present. In this work, we propose GateChain , a blockchain that support revocable transaction model (RTM) on distributed ledger. Specifically, based on the state-of-the-art blockchain technologies, GateChain can safely withdraw the account status change operations by leveraging an improved account model and extra designed transaction types. On that basis, GateChain exploit the characteristics of functional completeness, easy to deployment and lower complexity.