Public Key Infrastructure (PKI) is the fundamental of secure digital communications. It provides a secure means to authenticate identities over the Internet. Symmetric or asymmetric encryption schemes are widely used in identity authentication in any kind of PKI. The conventional PKI has several drawbacks due to the centralized and non-transparent design. Several recent research works utilize blockchain technology to overcome the limitations of conventional implementations of PKI.

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... ed PKI integrates blockchain technology with PKI to form a new type of decentralized PKI (DPKI). Several works utilize the currency property in blockchains to implement the reward-and-punishment mechanism. In this paper, we propose a smart contract-based PKI which utilizes the Ethereum smart contract to build a new type of blockchain-based PKI with the reward-and-punishment mechanism using ERC-20 tokens. It has several advantages over previous implementations of similar research that use Ethereum's main currency—Ether.