Sumary
Indastry: Retail
BeFund`s service: Smart contracts
BeFund`s team: 2 project managers, 7 developers
Technologies: Solidity, Phyton, JS, HTML, CSS
Terms: 3,5 month
Cost: >$250K
About the client
Unfortunately, under the terms of the non-disclosure agreement (NDA), we cannot disclose the name of the client company and specific features of the project. However, by mutual agreement, we are able to publicize the general provisions of the project and some key solutions. In the case of your cooperation with BeFund, all issues regarding the publicity of information will be discussed individually.
What`s the problem?
About situation:
A contract between two individuals or companies is always a responsible matter. And when several parties are involved in the same agreement, the responsibility is multiplied several times. BeFund’s clients from Western Europe have been in the retail business for many years and know how difficult it is to work with numerous papers. After all, several participants are involved in the logistics chain: seller, supplier, sales representative and many others. Under such conditions, it is very easy to make a mistake. But it is simply worse when a party does not fulfill the terms of the contract and looks for ways to make excuses for its own help.
That is why our clients release affordable blockchain technologies and make it easier to work with the terms once and for all. This became possible with the replacement of conventional agreements with smart contracts and the creation of a decentralized application that ensures their execution. The developers of BeFund are already dealing with similar projects, but this scale is different: the number of participants, the large number of smart contracts themselves and the mechanism of their verification.
So the task was interesting and has the potential for a possible expansion of all pages in the future. The main goals of the project are:
The goals of project:
- Development of a decentralized application for all participants of agreements;
- Creation of smart contracts and their implementation in the blockchain;
- Development of a mechanism for checking smart contracts and establishing the responsibility of the parties to the agreement;
- Elimination of the possibility of centralized storage of information and influence on it by any party.
Solution by BeFund
Binance Smart Chain was chosen for the operation of smart contracts, since an extremely large number of transactions in one day and even one hour is expected. This blockchain, compared to others, can provide a high speed of transaction confirmation at a relatively moderate price, which allows customers to reduce the cost of maintaining smart contracts. It is also worth noting that even the total price for gas during a calendar month is lower than the previous costs of customers for commissions and services of intermediaries.
In this case, the main task of the blockchain is encryption of the agreement to avoid attempts to forge it and decentralized storage with the possibility of review by any party participating in it. Therefore, each recipient of a transaction from the desired smart contract will create a new transaction that will be tied to the main transaction and recorded in the chain block. This is how confirmation of a contract concluded between an unlimited number of participants arises. The smart contract itself specifies its content, participants and their responsibilities. Currently, these are documents such as a sales contract, a deed of transfer, an application, a cooperation agreement, and others.
All participants of the smart contract link their transactions to the master, which at the end of the cycle is returned to the party that initiated it. This is how the block closes. The authentication mechanism is based on the reconciliation of public keys: those used at the beginning of the block are compared with those that appeared at the end. So the main achievements of the project are:
