Effective Smart Contracts for Supply Chain Contracts

Abstract

Blockchain is in its way of revolutionizing different sectors with its decentralized peer-to-peer networking. Smart contracts are the piece of software that have written rules to be executed automatically to update the state of the block chain in a systematic way. One of the main use of Smart contract is in Supply Chain management. Supply Chain management deals with lot of legal contracts at a time. Contracts are agreements between two or more parties that define the duties and obligations for execution of any kind of activities. In this research, we are trying to automate the supply chain related contracts by identifying the important entities such as contract type, start date, end date etc., by using Natural Language Processing methods, then convert the contract to smart contract. This provides an efficient template for creation of smart contracts from natural language contracts and thereby offer best smart contract template for a given type of contract in Supply Chain.