Smart contracts - Revision history

Designing Buildings at 08:09, 16 November 2020

2020-11-16T08:09:45Z

← Older revision		Revision as of 08:09, 16 November 2020
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	* Audit trails: Simple audit trails and records in real time can simplify the resolution of claims and disputes.		* Audit trails: Simple audit trails and records in real time can simplify the resolution of claims and disputes.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Collaborative practices for building design and construction.		* Collaborative practices for building design and construction.
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	* Smart construction.		* Smart construction.

−	=== External resources ===	+	= External resources =

	* Blockgeeks - [http://blockgeeks.com/guides/smart-contracts/ Smart contracts]		* Blockgeeks - [http://blockgeeks.com/guides/smart-contracts/ Smart contracts]

−	[[Category:~~Research_/_Innovation~~]] [[Category:DCN_Research,_Development_and_Innovation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Research,_Development_and_Innovation]] [[Category:Research_/_Innovation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings at 11:26, 10 February 2017

2017-02-10T11:26:02Z

← Older revision		Revision as of 11:26, 10 February 2017
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	= Introduction =		= Introduction =

−	Smart contracts are negotiated, verified and automated by a computerised protocol. Digital Built Britain recommended smart contracts for construction procurement as a replacement for paper-based contracts.	+	Smart contracts are negotiated, verified and automated by a computerised protocol. Digital Built Britain recommended smart contracts for construction procurement in level 3 BIM (building information modelling) as a replacement for paper-based contracts.

	Smart contracts can provide better protection through digital archiving, have the flexibility to be changed during the project, and are easier to administer, resulting in lower transaction costs and faster transactions.		Smart contracts can provide better protection through digital archiving, have the flexibility to be changed during the project, and are easier to administer, resulting in lower transaction costs and faster transactions.
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	= Types of blockchain =		= Types of blockchain =

−	Some of the smart contract systems, ~~known~~ as ‘blockchains’, that are currently available include:	+	Some of the smart contract systems, sometimes referred to as ‘blockchains’, that are currently available include:

−	~~===~~ Bitcoin ~~===~~	+	* Bitcoin: A digital currency that processes transactions but is limited in terms of processing documents.
−		+	* Side Chains: Run adjacent to Bitcoin, offering more scope for processing contracts.
−	A digital currency that processes transactions but is limited in terms of processing documents.	+	* NXT: A public blockchain platform providing smart contract templates.
−		+	* Ethereum:The most advanced public blockchain platform for coding whatever smart contract is required.
−	~~===~~ Side Chains ~~===~~	+
−		+
−	Run adjacent to Bitcoin, offering more scope for processing contracts.	+
−		+
−	~~===~~ NXT ~~===~~	+
−		+
−	A public blockchain platform providing smart contract templates.	+
−		+
−	~~===~~ Ethereum ~~===~~	+
−		+
−	The most advanced public blockchain platform for coding whatever smart contract required.	+

	= Intelligent contracts =		= Intelligent contracts =

−	Intelligent contracts differ from smart contracts in that they ask questions of the contract users. From the answers they use logic to plan, create and negotiate bespoke contracts, adopting only the clauses relevant to the particular project and users.	+	Intelligent contracts differ from smart contracts in that they ask questions of the contract users. From the answers received, they use logic to plan, create and negotiate bespoke contracts, adopting only the clauses relevant to the particular project and users.

	The hope of those developing intelligent contracts is that the standard forms of contract could be entirely replaced by one single access questionnaire portal. Intelligent contract systems could also be developed to import smart elements into longer digital contracts, such as:		The hope of those developing intelligent contracts is that the standard forms of contract could be entirely replaced by one single access questionnaire portal. Intelligent contract systems could also be developed to import smart elements into longer digital contracts, such as:
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	* Automating the delivery of agreed contracts for digital execution.		* Automating the delivery of agreed contracts for digital execution.
	* Updated the programme of works based on variations or compensation events.		* Updated the programme of works based on variations or compensation events.
−	* Automating ~~the payment of money~~ to supply chain.	+	* Automating payments to the supply chain.
−	* Releasing ~~copyright~~ documents.	+	* Releasing documents.
−	* Submitting claims ~~from companies~~.	+	* Submitting claims.

	= Advantages of smart contracts =		= Advantages of smart contracts =

−	Smart contracts have been ~~noted as having~~ their flaws. For instance, ~~if the blockchain were~~ to ~~be hit by~~ viruses, and ~~it is unclear how such smart contract transactions could be appropriately taxed~~. However, the ~~proposed~~ advantages of smart contracts include ~~the following~~:	+	Smart contracts have been criticised for their flaws. For instance, vulnerability to viruses, taxation of transactions, liability for errors and so on. However, the advantages of smart contracts might include:

	* Autonomy: Removes the need for intermediaries.		* Autonomy: Removes the need for intermediaries.
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	* Blockgeeks - [http://blockgeeks.com/guides/smart-contracts/ Smart contracts]		* Blockgeeks - [http://blockgeeks.com/guides/smart-contracts/ Smart contracts]

−	[[Category:Research_/_Innovation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:Research_/_Innovation]] [[Category:DCN_Research,_Development_and_Innovation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings at 11:21, 10 February 2017

2017-02-10T11:21:03Z

← Older revision		Revision as of 11:21, 10 February 2017
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	= Introduction =		= Introduction =

−	Smart contracts ~~provide an exchange of assets as the performance of a contract that is~~ negotiated, verified and automated by a computerised protocol~~. In so doing, the services of an intermediary can be avoided~~. Digital Built Britain recommended smart contracts for construction procurement as a replacement for paper ~~collaborative~~ contracts.	+	Smart contracts are negotiated, verified and automated by a computerised protocol. Digital Built Britain recommended smart contracts for construction procurement as a replacement for paper-based contracts.

−	~~Some of the benefits of using smart~~ contracts ~~are that they are said to~~ provide better protection through digital archiving, have the flexibility to be changed during the project, and are easier to administer, ~~thereby~~ resulting in ~~decreased~~ transaction costs.	+	Smart contracts can provide better protection through digital archiving, have the flexibility to be changed during the project, and are easier to administer, resulting in lower transaction costs and faster transactions.

−	The term was originally coined in 1994 by the computer scientist Nick Szabo. He referred to smart contracts as being used to bring the practice of contract law to the design of e-commerce protocols between strangers on the Internet.	+	The term was originally coined in 1994 by the computer scientist Nick Szabo. He referred to smart contracts being used to bring the practice of contract law to the design of e-commerce protocols between strangers on the Internet.

−	~~The~~ term can ~~often~~ be misused to describe contracts which are produced electronically, reducing the need for paper. While this process ~~simplifies~~ contracts, it does not provide innovation in terms of how they are planned or used.	+	However, the term can be misused to describe contracts which are produced electronically, reducing the need for paper. While this process can help simplify contracts, it does not provide innovation in terms of how they are planned or used.

−	~~By contrast,~~ smart contracts ~~transfer an asset or currency into a program which~~ automatically ~~validates a condition determining whether the asset should go~~ to ~~one party or~~ the ~~other~~. In this sense it has been compared to a vending machine, whereby a simple transaction results in a contract ~~appearing in an account,~~ without the need for the ‘middle man’ of the lawyer ~~or letting agency~~ to produce ~~the contract document~~.	+	Truly smart contracts automatically validate conditions to determine the action that the contract requires. In this sense it has been compared to a vending machine, whereby a simple transaction results in a contract without the need for the ‘middle man’ of the lawyer to produce documentation.

	= Types of blockchain =		= Types of blockchain =

Editor at 17:43, 6 February 2017

2017-02-06T17:43:59Z

← Older revision		Revision as of 17:43, 6 February 2017
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	=== Related articles on Designing Buildings Wiki ===		=== Related articles on Designing Buildings Wiki ===

−	* Building management systems.
	* Collaborative practices for building design and construction.		* Collaborative practices for building design and construction.
	* Construction 2025.		* Construction 2025.
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	* Digital Built Britain.		* Digital Built Britain.
	* Essentials of a contract.		* Essentials of a contract.
		+	* Procurement route.
	* Smart construction.		* Smart construction.

Editor: Created page with "= Introduction = Smart contracts provide an exchange of assets as the performance of a contract that is negotiated, verified and automated by a computerised protocol. In so doin..."

2017-02-06T17:42:36Z

Created page with "= Introduction = Smart contracts provide an exchange of assets as the performance of a contract that is negotiated, verified and automated by a computerised protocol. In so doin..."

New page

= Introduction =

Smart contracts provide an exchange of assets as the performance of a contract that is negotiated, verified and automated by a computerised protocol. In so doing, the services of an intermediary can be avoided. Digital Built Britain recommended smart contracts for construction procurement as a replacement for paper collaborative contracts.

Some of the benefits of using smart contracts are that they are said to provide better protection through digital archiving, have the flexibility to be changed during the project, and are easier to administer, thereby resulting in decreased transaction costs.

The term was originally coined in 1994 by the computer scientist Nick Szabo. He referred to smart contracts as being used to bring the practice of contract law to the design of e-commerce protocols between strangers on the Internet.

The term can often be misused to describe contracts which are produced electronically, reducing the need for paper. While this process simplifies contracts, it does not provide innovation in terms of how they are planned or used.

By contrast, smart contracts transfer an asset or currency into a program which automatically validates a condition determining whether the asset should go to one party or the other. In this sense it has been compared to a vending machine, whereby a simple transaction results in a contract appearing in an account, without the need for the ‘middle man’ of the lawyer or letting agency to produce the contract document.

= Types of blockchain =

Some of the smart contract systems, known as ‘blockchains’, that are currently available include:

=== Bitcoin ===

A digital currency that processes transactions but is limited in terms of processing documents.

=== Side Chains ===

Run adjacent to Bitcoin, offering more scope for processing contracts.

=== NXT ===

A public blockchain platform providing smart contract templates.

=== Ethereum ===

The most advanced public blockchain platform for coding whatever smart contract required.

= Intelligent contracts =

Intelligent contracts differ from smart contracts in that they ask questions of the contract users. From the answers they use logic to plan, create and negotiate bespoke contracts, adopting only the clauses relevant to the particular project and users.

The hope of those developing intelligent contracts is that the standard forms of contract could be entirely replaced by one single access questionnaire portal. Intelligent contract systems could also be developed to import smart elements into longer digital contracts, such as:

* Automating the delivery of agreed contracts for digital execution.
* Updated the programme of works based on variations or compensation events.
* Automating the payment of money to supply chain.
* Releasing copyright documents.
* Submitting claims from companies.

= Advantages of smart contracts =

Smart contracts have been noted as having their flaws. For instance, if the blockchain were to be hit by viruses, and it is unclear how such smart contract transactions could be appropriately taxed. However, the proposed advantages of smart contracts include the following:

* Autonomy: Removes the need for intermediaries.
* Trust: Documents are encrypted on a shared drive.
* Back-up: Documents are duplicated on the blockchain.
* Safety: Websites are encrypted, keeping documents safe.
* Speed: Removes time spent manually processing contract documents.
* Savings: Costs saved on intermediaries, and so on.
* Accuracy: Errors in manually filled-out documents can be avoided.
* Audit trails: Simple audit trails and records in real time can simplify the resolution of claims and disputes.

= Find out more =

=== Related articles on Designing Buildings Wiki ===

* Building management systems.
* Collaborative practices for building design and construction.
* Construction 2025.
* Construction contract.
* Contract documents.
* Digital Built Britain.
* Essentials of a contract.
* Smart construction.

=== External resources ===

* Blockgeeks - [http://blockgeeks.com/guides/smart-contracts/ Smart contracts]

[[Category:Research_/_Innovation]] [[Category:Contracts_/_payment]] [[Category:Procurement]]