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A Trading Model Based on Legal Contracts Using Smart Contract Templates

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Blockchain and Trustworthy Systems (BlockSys 2019)

Part of the book series: Communications in Computer and Information Science ((CCIS,volume 1156))

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Abstract

Smart contracts are often used to automate the execution of transactions so that the fairness, credibility and traceability can be ensured. Generally, for different trading events, different smart contracts are needed to be developed so as to meet the needs. This may lead to a reduction in efficiency, especially when large-scale transactions occur. In addition, trading contracts have complex life cycle and terms. Developing a smart contract based on the context of a contract is extremely difficult. These characteristics may do harm to the application of smart contracts in e-commerce. To this end, this paper proposes a trading model based on legal contracts using smart contract templates. The model can dynamically construct, store, and invoke smart contracts based on a smart contract template and the context of a trading contract, thereby improving the reusability of smart contracts and reducing the difficulty for use. Third-party information, like logistics information, is used as the triggering condition of smart contracts to enhance the reasonableness of execution. In this paper, the garment acquisition contract is token as an example to describe the construction method of a smart contract template. Finally, combined with the experiment and the life cycle of a legal contract, the validity and rationality of the model is discussed. The comparison with legal trading contracts in performance is also conducted.

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Acknowledgments

This work was supported by Natural Science Foundation of Shanghai (No. 19ZR1401900), Shanghai Science and Technology Innovation Action Plan Project (No. 19511101802), and National Natural Science Foundation of China (No. 61472004, 61602109).

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Authors and Affiliations

  1. School of Computer Science and Technology, Donghua University, Shanghai, 201620, China

    Youqun Shi, Zihao Lu, Ran Tao, Ying Liu & Zhaohui Zhang

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  1. Youqun Shi
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  2. Zihao Lu
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  3. Ran Tao
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  4. Ying Liu
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  5. Zhaohui Zhang
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Corresponding author

Correspondence to Youqun Shi .

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Editors and Affiliations

  1. Sun Yat-sen University, Guangzhou, China

    Zibin Zheng

  2. Macau University of Science and Technology, Macau, China

    Hong-Ning Dai

  3. Guangdong University of Foreign Studies, Guangzhou, China

    Mingdong Tang

  4. Sun Yat-sen University, Guangzhou, China

    Xiangping Chen

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Shi, Y., Lu, Z., Tao, R., Liu, Y., Zhang, Z. (2020). A Trading Model Based on Legal Contracts Using Smart Contract Templates. In: Zheng, Z., Dai, HN., Tang, M., Chen, X. (eds) Blockchain and Trustworthy Systems. BlockSys 2019. Communications in Computer and Information Science, vol 1156. Springer, Singapore. https://doi.org/10.1007/978-981-15-2777-7_36

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  • DOI: https://doi.org/10.1007/978-981-15-2777-7_36

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  • Publisher Name: Springer, Singapore

  • Print ISBN: 978-981-15-2776-0

  • Online ISBN: 978-981-15-2777-7

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