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Delegate contract signing mechanism based on smart contract
1School of Business Administration, Nanchang Institute of Technology, Nanchang, 330099, China.
Plos One
|August 19, 2022
Summary
This study introduces a delegate contract signing solution using Ethereum blockchain and smart contracts to prevent contract fraud. The proposed mechanism ensures secure contract signing and dispute resolution, enhancing trust in digital agreements.
Area of Science:
- Computer Science
- Information Security
- Blockchain Technology
Background:
- Information and interest asymmetry in contracts can lead to fraud.
- Current contract signing processes may lack transparency and security.
- Decentralized solutions are needed to mitigate risks in digital agreements.
Purpose of the Study:
- To propose a delegate contract signing solution to eliminate contract fraud risks.
- To leverage Ethereum blockchain and smart contracts for a secure signing mechanism.
- To establish algorithms for contract signing and dispute resolution.
Main Methods:
- Utilizing Ethereum blockchain and smart contract functionalities.
- Developing algorithms for requesting contract signing, successful signing, and dispute resolution.
- Implementing and testing smart contracts based on the proposed solution.
Main Results:
- A functional delegate contract signing mechanism was established.
- Smart contracts were designed, completed, and verified.
- The solution effectively addresses potential contract fraud risks.
Conclusions:
- The proposed delegate contract signing solution enhances security and transparency.
- Ethereum blockchain and smart contracts provide a robust framework for secure agreements.
- The developed smart contracts offer a verifiable and auditable solution for digital contract signing.
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