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Standards Development
The proposed project aims to define the reference model, including components, procedures and necessary data to execute smart contract-based B2B electronic transactions. Therefore, the scope of the project is as follows:
- definition of components necessary for smart contract-based B2B electronic transaction execution
- the component description and requirements
- execution of B2B electronic transactions and verification procedures on smart contract
- data used for B2B electronic transactions on smart contract.
This project aims to standardize a B2B electronic transaction model based on a smart contract mechanism. Smart contracts using blockchain technology have a mechanism that automatically executes when the conditions of the coded contract are satisfied, and the smart contract records the execution result in the blockchain to ensure the reliability of the execution details. The essential characteristics of smart contracts allow the execution of electronic transactions between companies to be reliably executed without the intervention of a third party, and their characteristics minimize the possibility of disputes arising from contract violations. Therefore, if smart contracts are applied to B2B electronic transactions, the effect of simplifying the transaction process and reducing costs can be expected
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