Blockchain-Based Multi-party Smart Contract for Service Digitalization and Automation
Abstract
Blockchain as a distributed-decentralized computing platform enables users to share, manage and monitor digitally signed assets through the smart contract. It finds application in numerous domains includes operations in the supply chain and transportation, by improving transparency and efficiency. The miss transparency and efficiency may induce enormous problems in the supply chain and causing human life loss and economic damages. Similarly, Beirut was the case where many lives were lost, and enormous economic losses resulting from the not transparent and efficient treatment of Dangerous Goods (DG). To avoid a situation where DG remains static in a seaport or any warehouse, and while the risk exposition is very high, we propose the concept of a multi-party smart contract. Multi-party SC will help in selecting the appropriate transporter to carry DG from port to any other destination according to the criteria specified in the blockchain. The responsibilities of all stakeholders involved in the SC are clearly defined.