FlexiContracts: A Novel and Efficient Scheme for Upgrading Smart Contracts in Ethereum Blockchain

Abstract: Blockchain technology has revolutionized contractual processes, enhancing efficiency and trust through smart contracts. Ethereum, as a pioneer in this domain, offers a platform for decentralized applications but is challenged by the immutability of smart contracts, which makes upgrades cumbersome. Existing design patterns, while addressing upgradability, introduce complexity, increased development effort, and higher gas costs, thus limiting their effectiveness. In response, we introduce FlexiContracts, an innovative scheme that reimagines the evolution of smart contracts on Ethereum. By enabling secure, in-place upgrades without losing historical data, FlexiContracts surpasses existing approaches, introducing a previously unexplored path in smart contract evolution. Its streamlined design transcends the limitations of current design patterns by simplifying smart contract development, eliminating the need for extensive upfront planning, and significantly reducing the complexity of the design process. This advancement fosters an environment for continuous improvement and adaptation to new requirements, redefining the possibilities for dynamic, upgradable smart contracts.