Authors :
Shruti Gatkal; Pornima Borole; Anushka Kawale; Abhijit Mahajan
Volume/Issue :
Volume 7 - 2022, Issue 11 - November
Google Scholar :
https://bit.ly/3IIfn9N
Scribd :
https://bit.ly/3HWFcpF
DOI :
https://doi.org/10.5281/zenodo.7478925
Abstract :
Blockchain is a peer-to-peer distributed ledger
technology that makes the records of any digital asset
transparent and immutable and works without involving a
third party. Hence, it is independent of a third party and
termed as ‘decentralized’. Blockchain is an emerging
technology and is gaining a lot of popularity, as it is scalable
and also has the ability to manage risks. Blockchain is
transforming the way value is exchanged, it has expanded
technical capabilities to achieve a higher level of innovation
and developer products. Blockchain is the most recent
technology that can be adopted for data security. This paper
aims to make any legal contracts, such as agreements, and
property registries, as well as other assets in India using
blockchain for solving issues like avoiding third parties,
brokerage services, trusty transactions, etc. It makes it safer
as well as non-repudiable. We are proposing a Web3 system
that is providing a platform for both parties to make legal
contracts using smart contracts and deploy it on blockchain
to make safer contracts by inheriting blockchain properties.
A smart contract is a digital contract that automatically
executes the terms of an agreement by itself. In layman’s
terms, it is a computer code that holds the terms of a
contract. It stores in decentralized, distributed public
blockchain networks that contracting parties can access
from anywhere and at any time. With these designs, this
digital type of contract runs on blockchain nodes that
cannot be changed. This makes the smart contract legal
contracting decentralized, free of brokerage services as well
paperless that is digital. This solution demands
transparency, participation and cooperation society
demands. Hence, would help to obstruct corruption and
make government services more efficient.
Keywords :
Ethereum Blockchain, Smart Contracts, Machine Readable Legal Agreements.
Blockchain is a peer-to-peer distributed ledger
technology that makes the records of any digital asset
transparent and immutable and works without involving a
third party. Hence, it is independent of a third party and
termed as ‘decentralized’. Blockchain is an emerging
technology and is gaining a lot of popularity, as it is scalable
and also has the ability to manage risks. Blockchain is
transforming the way value is exchanged, it has expanded
technical capabilities to achieve a higher level of innovation
and developer products. Blockchain is the most recent
technology that can be adopted for data security. This paper
aims to make any legal contracts, such as agreements, and
property registries, as well as other assets in India using
blockchain for solving issues like avoiding third parties,
brokerage services, trusty transactions, etc. It makes it safer
as well as non-repudiable. We are proposing a Web3 system
that is providing a platform for both parties to make legal
contracts using smart contracts and deploy it on blockchain
to make safer contracts by inheriting blockchain properties.
A smart contract is a digital contract that automatically
executes the terms of an agreement by itself. In layman’s
terms, it is a computer code that holds the terms of a
contract. It stores in decentralized, distributed public
blockchain networks that contracting parties can access
from anywhere and at any time. With these designs, this
digital type of contract runs on blockchain nodes that
cannot be changed. This makes the smart contract legal
contracting decentralized, free of brokerage services as well
paperless that is digital. This solution demands
transparency, participation and cooperation society
demands. Hence, would help to obstruct corruption and
make government services more efficient.
Keywords :
Ethereum Blockchain, Smart Contracts, Machine Readable Legal Agreements.
