Smart Contracts using Blockchain Technology
The system is intended to serve as a means of converting unofficial, verbal contracts and agreements to digital forms, inorder to ensure faithfulness, integrity and unity among participants of the contract. It will play a significant role in authenticating agreements that other authorities do not re
Project Title
Smart Contracts using Blockchain Technology
Project Area of Specialization
Project Summary
The system is intended to serve as a means of converting unofficial, verbal contracts and agreements to digital forms, inorder to ensure faithfulness, integrity and unity among participants of the contract. It will play a significant role in authenticating agreements that other authorities do not recognize as official. Along with the usefulness in the society, the project is expected to help our team by exposure to decentralized systems, to provide experience that will be broadly recognized by different organizations. However, this all will come at a cost of effort, due to the complications in the system regarding distributed systems, network management and security, which are some of the concerns to name. If the project achieves success, in areas it is expected, it can be a great innovation and will effectively serve for common use.
Project Objectives
1. System will allow users to digitize verbal contracts.
2. Digital contracts will ensure data integrity and authenticity.
3. Users will be able to view their contracts and contacts participating in them.
Project Implementation Method
The system will be developed in order of components like network, client interactivity, web application and user interfaces. Implementation will be divided into small parts for development and will be distributed equally among the team members, who will work, simultaneously for independent functionalities and collaboratively for dependent ones. Also this phase will be distributed over time to ensure proper monitoring of the progress and assessment of project.
Benefits of the Project
1. The system will assure authenticity of contracts that are decided verbally or informally
2. The system will ensure recording of informal agreements while maintaining proper integrity of information
3. System will allow the user to view, create and manage multiple documents with single consistent interface.
Technical Details of Final Deliverable
1. System will be using a Blockchain Technology as underlying architecture.
2. Hyperledger Framework by Linux Foundation is selected as the framework for blockchain.
3. NodeJS SDK and Javascripting will be used at server and client side.
Final Deliverable of the Project
Type of Industry
Technologies
Sustainable Development Goals
Required Resources
| Item Name | Type | No. of Units | Per Unit Cost (in Rs) | Total (in Rs) |
|---|---|---|---|---|
| Node Server | Equipment | 1 | 70000 | 70000 |
| Total in (Rs) | 70000 |
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