Smart Legal Contracts on the IBM Blockchain Platform
A Guest Post by Dan Selman, CTO at Smart Contract Pioneers, Clause.io
We are proud to annouce that this week Clause became the first IBM Business Partner to publish a sample to the new IBM Blockchain Platform samples gallery.
The sample tracks perishable goods on the blockchain and uses a Smart Legal Contract running on Clause to capture the contractual terms and penalty calculations between food products, importers and shippers.
Matt Roberts, Clause Integration Lead, led the effort to build the sample and worked closely with IBM engineers to ensure that the overall user experience of integrating Clause and IBM Blockchain Platform is quick and easy. A big ‘Thank You’ to the IBM Blockchain team for this very successful collaboration and their professionalism!
The creation of the blockchain network and the deployment of the sample (including the Hyperledger Composer business network and the frontend application) is automated using IBM’s build and deploy pipeline running in the cloud.
Once deployed the sample allows you to simulate the delivery of a shipment of avocados from a Grower to an Importer. You can add temperature and humidity sensor readings for the shipment, and a Smart Legal Contract on Clause is used to calculate the cost of the shipment.
The state of the Grower, Shipment and Importer (including their account balances) is kept on the blockchain, while the sensitive contractual terms are executed off-chain on the Clause platform.
As you interact with the sample you can see the transactions (blocks) that are being stored on the blockchain, along with the call to the Clause platform to calculate the price of the shipment based on the terms in the contract.
We are really excited by IBM Blockchain Platform Starter Plan as it drastically reduces the time and complexity to stand-up a production grade blockchain, and includes the ability to invite and manage network participants.
Combine IBM Blockchain Platform with Smart Legal Contracts from Clause and you now have the ability for blockchain participants to transact, based on the terms and conditions specified in a legally enforceable Smart Legal Contract. Integrating legal contracts with blockchain data is a game-changer for many blockchain scenarios.
You can get started with IBM Blockchain Platform and Clause via this link.
[ This article was produced by Dan Selman and Clause.io and is republished here with the team’s kind permission. All graphics belong to Clause.io. ]