Name
Title | ||
|---|---|---|
A blockchain-adaptive contractual approach for multi-contracting organizational entities |
Abstract | ||
|---|---|---|
Every organization relies on a designed contract to manage the rules that guide and coordinate the activities within each organization. However, traditional and contracts have many challenges. This has created the need for automated digital contracts, which are largely used within organizations. Although these contracts provide their own sets of advantages, they still have a single point of failure and still rely on trusted parties that cannot enforce rules. This has caused the introduction of blockchain smart contracts to help organizations collaborate in a decentralized manner. However, most contracting approaches are still influenced by traditional contracting schemes and cannot leverage the blockchain’s features. This has made contracts designed over the blockchain network inefficient and difficult to manage. Existing contractual approaches also do not account for the full advantages of blockchain smart contracts due to a lack of focus in this area. The blockchain and its contracting mechanism are unique, and thus, a unique perspective must be brought in designing a contracting scheme that works efficiently with the blockchain and its inherent smart contracts. In this work, we develop a unique contractual approach that is adaptive to the blockchain and leverages its features in ensuring an efficient contracting scheme that is able to solve the major operations within organizations. We introduce a novel concept of contracting among blockchain networks using existing contract theory concepts to understand better how participants can work together across multiple organizations. We create a novel multi-contracting scheme for multiple parties to collaborate and work together efficiently between multiple organizations, ensuring the completion of projects and contract solidification. We develop a complex interlinked system of contracts to make contacts among multiple organizations easily traceable and manageable. We enhance this with a unique contract consolidation scheme to avoid redundancy. We utilize our proposed scheme to develop a uniquely transparent and fair workflow within organizations such as recruitment and employment leveraging blockchain-based oracle nodes. We extend this work to outsourced and sub-outsourced projects on the blockchain where an arbitration scheme is developed in multi-arbitration and multi-contracting scenarios. We also consider in our case in ex-facto situations. We tested our proposed blockchain-based idea over existing blockchain networks. Our results prove the feasibility and efficiency of our proposed idea. |
Year | DOI | Venue |
|---|---|---|
2022 | 10.1016/j.future.2022.02.003 | Future Generation Computer Systems |
Keywords | DocType | Volume |
Contracting,Blockchain,Smart contract,Human resource,Organization | Journal | 132 |
ISSN | Citations | PageRank |
0167-739X | 0 | 0.34 |
References | Authors | |
0 | 7 | |
Name | Order | Citations | PageRank |
|---|---|---|---|
| Bonsu Adjei-Arthur | 1 | 0 | 0.68 |
| Jianbin Gao | 2 | 0 | 0.68 |
| Qi Xia | 3 | 132 | 21.76 |
| Eliezer da Silva Tavares | 4 | 0 | 0.34 |
| Hu Xia | 5 | 10 | 4.91 |
| Sandro Amofa | 6 | 34 | 3.04 |
| Yu Wang | 7 | 0 | 0.34 |