A Triplicate Smart Contract Model using Blockchain Technology

Abstract

An emergent use of the blockchain technology is to enable the transfer of digital assets between two parties. An extension to this is the Smart Property in which physical assets could be transferred too. Another extension is the exchange of services of all kinds in form of digitally executed contracts. In this paper, the problems with existing attempts to implement an all-inclusive smart contract platform were identified and a new framework proposed. In this framework, the technical and legal terms of any contract could be executed digitally if prepared with appropriate legal prose and required parameters for each of the terms of the contract. The cores of the framework are the technical, business and legal models, which are connected to each other. The technical model adapts block chain technology while ensuring granularity in implementing the terms of the contract as presented by the legal model using legal prose and necessary parameters. Using the proposed framework, some questions that have persisted with current implementation of Smart contracts that involves the blockchain were answered. The framework improves the efficiency and practicability of using smart contract for physical assets and non-financial services with emphasis. The contribution is mainly on ensuring an adoptable and practicable smart contract platform.