Blockchain Based Agreement

Apr 082021

With the implementation of Ethereum in 2015, based on blockchains, the “Smart Contract” is usually used specifically in the sense of a general calculation that takes place on a blockchain or a distributed Ledger. The U.S. National Institute of Standards and Technology describes an “intelligent contract” as a “collection of codes and data (sometimes called functions and state) provided by cryptographic transactions on the blockchain network. [16] In this interpretation, used z.B by ethereum Foundation[6] or IBM[17], an intelligent contract is not necessarily related to the conventional concept of a contract, but can be any type of computer program. An intelligent contract can also be considered a safeguarded procedure, as its execution and codified effects such as the transfer of a certain value between the parties are strictly enforced and cannot be manipulated after a transaction containing certain details of the contract is stored in a blockchain or a distributed ledger. This is because the actual execution of contracts is controlled and monitored by the platform, not by any server-side program that connects to the platform. [18] [19] Accenture Blockchain for Contracts records existing paper contracts and places them in a common blockchain database that each designated party can use to securely display contracts, revise and accept changes that are all recorded on the blockchain-Ledger. The blockchain is an incorruptible digital ledger that can be programmed to cover virtually all transactions with shared transparency. Each stage of the contract`s conclusion generates notifications and notifications to all parties involved and generates a common ledger of all activities. The result is final contracts that are stored electronically in a location accessible only by parties with access and with clearly recorded versions and activities. You can use smart contracts for everything from financial derivatives to insurance premiums, counterfeit contracts, real estate law, credit enforcement, financial services, court proceedings and crowdfunding agreements. The blockchain is one of the disruptive technical innovations of the latest computer paradigm.

Many applications, already notoriously hard and complex, have the chance to improve the service with the blessings of Blockchain and smart Contracts. The decentralized, stand-alone version with integrated transparency of blockchain-based smart contracts revolutionizes most applications with optimal and efficient functionality. The paper examines the important applications that have already benefited from smart contracts. We also highlight the future potential of smart blockchain-based contracts from this application perspective. Dr Farookh Khadeer Hussain is an Associate Professor in the School of Software at the University of Sydney. He is an associate member of the Advanced Analytics Institute and a core member of the Centre for Artificial Intelligence. His research focuses on trust-based computing, clouding objects, blockchains and machine learning.

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