Smart Contract Generation and Execution System

Smart Contract Generation and Execution System

This paper mainly describes a system and method that allows the first party and the second party to generate and execute smart contracts on a distributed ledger platform. The system also has a built-in mediator selection and execution dispute resolution tool. The following is a summary of the key points:

Smart Contract Generation and Deployment:

Negotiation and Selection: The first party and the second party determine the terms of the transaction through negotiation and jointly select a mediator from the social network platform.

Template Customization: The two parties select a suitable smart contract template based on the terms of the transaction and customize the negotiable elements in the contract through the user interface.

Deployment and Execution: After customization, the smart contract is generated and deployed to a distributed ledger platform such as the blockchain for execution.

Mediator Selection and Dispute Resolution:

Mediator Selection: The mediator is jointly selected by the two parties from the available mediators on the social network platform and is designated as the person to resolve contract disputes.

Dispute Resolution Tool: The smart contract authorizes the mediator to resolve disputes through a series of smart contract actions, which may include the allocation of funds, etc.

User Interface and User Experience:

Dynamic Interface: The user interface is dynamically generated based on the contract status and user identity, and displays the operations that the user is allowed to perform.

User experience annotations: The smart contract code contains user experience annotations to guide the generation of the user interface and simplify user interaction.

Smart contract terms and execution:

Terms customization: Smart contract terms are customized based on the transaction terms negotiated by both parties, including the designation of mediators.

Fund custody: The system allows funds to be held in custody on the smart contract platform for safekeeping during the contract execution process.

Execution status: The execution status of the contract (such as pending, sealed, disputed, etc.) is displayed to all parties in real time through the user interface.

Technical implementation and interaction process:

Variable replacement and compilation: After the variables in the smart contract are replaced by the parameters specified by the user, they are compiled into a format suitable for the blockchain.

Event notification: The smart contract updates the display content of the user interface through event notifications during execution.

API interface: The system interacts with the blockchain network through the API interface to deploy and query smart contracts.

Application scenarios and flexibility:

Application scenarios: The system is particularly suitable for transactions between service providers and consumers in the "gig economy", such as translation, food delivery, etc.

Flexibility: Smart contract templates and mediator selection mechanisms provide a high degree of flexibility and can adapt to different types of transaction needs.

Automation and security:

Automated process: From contract generation to deployment and execution, the entire process is highly automated, reducing human intervention and potential errors.

Security assurance: Blockchain technology ensures the immutability and transparency of smart contracts, and improves the security of transactions.

Short answer questions:

How are smart contracts generated?

The generation of smart contracts involves the first and second parties negotiating the terms of the transaction, jointly selecting a mediator from the social networking platform, and selecting a suitable smart contract template based on the terms of the transaction. The two parties customize the negotiable elements in the contract through the user interface. After the customization is completed, the smart contract is generated and compiled into a format suitable for the blockchain, and finally deployed to a distributed ledger platform such as the blockchain for execution.

What is the role of the mediator in a smart contract?

The role of the mediator in a smart contract is to resolve disputes that may arise between the two parties to the transaction. The mediator is selected by the two parties to the transaction from the available mediators on the social networking platform and is designated as the resolver of the contract dispute. The smart contract authorizes the mediator to resolve the dispute through a series of smart contract actions, which may include the allocation of funds, etc., to ensure that the dispute is resolved fairly and efficiently.

What are the characteristics of the user interface of a smart contract?

The user interface of a smart contract is dynamically generated. The interface dynamically displays the operations that the user is allowed to perform based on the contract status and user identity, ensuring that users can only see and perform operations related to their current status. In addition, the smart contract code contains user experience annotations to guide the generation of the user interface, simplify the user interaction process, and improve the user experience.

How are funds escrowed in smart contracts?

In smart contracts, fund escrow is achieved by securely storing funds on the smart contract platform. Once the contract is signed and deployed to the blockchain, the relevant funds will be locked in the smart contract until the contract execution is completed or the dispute is resolved. This method ensures the security of funds and prevents any party from misappropriating funds during the execution of the contract.

How is the execution status of a smart contract monitored?

The execution status of a smart contract is monitored in real time through the user interface. The user interface displays the current status of the contract (such as pending, sealed, disputed, etc.) and dynamically updates the displayed content based on the status changes. In addition, during the execution process, the smart contract sends update information to the user interface through an event notification mechanism to ensure that users can understand the execution progress and status changes of the contract in real time.