On the specification and verification of atomic swap smart contracts

Blockchain systems and smart contracts provide ways to securely implement multi-party transactions without the use of trusted intermediaries, which currently underpin many commercial transactions. However, they do so by transferring trust to computer systems, raising the question of whether code can be trusted. Experience with high value losses resulting from incorrect code has already shown that formal verification of smart contracts is likely to be beneficial. This note investigates the specification and verification of a simple form of multi-party transaction, atomic swaps. It is argued that logics with the ability to express properties of strategies of players in a multi-agent setting are conceptually useful for this purpose, although ultimately, for our specific examples, the less expressive setting of temporal logic suffices for verification of concrete implementations. This is illustrated through a number of examples of the use of a model checker to verify atomic swap smart contracts in on-chain and cross-chain settings.