1—This agreement (“Agreement”) is comprised in part through this document (“Document”) and in part through a smart contract (“Smart Contract”) which will be deployed on the Ethereum network (“Blockchain”) to an address known to the Agreement’s parties. Both the Document and the Smart Contract are integral to the Agreement.
2—There are two parties (“Parties”) to this Agreement, a buyer (“Buyer”) and a seller (“Seller”). The Parties will be identified by their respective public addresses on the Ethereum network. Buyer’s address will be stored in the buyer field of the Smart Contract; Seller’s will be stored in the seller field.
3—Seller agrees to sell an item (the “Item”) to be described in the personalProperty field of the Smart Contract by either Buyer or Seller for sum of Ethereum cryptographic to be defined by the salePrice field of the Smart Contact, which will be defined when the Smart Contract is deployed on the Ethereum network and later funded to the Smart Contract by the Buyer as explained in section 5 infra.
4—The Item will be transferred by a method documented in the Smart Contract in the methodOfDelivery field and title shall pass to Buyer when this Agreement is fully performed.
5—If Seller delivers the Item and Buyer fails to set the propertyDeliveredfield of the Smart Contract as explained in section 5(8) infra within a reasonable time then the Seller may demand return of the Item.
6—(A) In the event there is a conflict between this Document and the Smart Contract, the terms of the Smart Contract will control.
The new Blockchain for Dummies has use cases describing real blockchain networks, the latest from the IBM Blockchain Platform and more.
Blockchain can do for business what the internet did for communication
Every second of every day, businesses exchange value with suppliers, partners, customers and others. By value, we mean goods, services, money, data and more.
Each exchange of value is a transaction. Successful transactions need to be fast, precise and easily agreed on by parties participating in the transaction.
Blockchain for business provides a way to execute many more of these transactions — a much better way.
How does blockchain work?
As each transaction occurs – and the parties agree to its details – it’s encoded into a block of digital data and uniquely signed or identified.
Each block is connected to the one before and after it — creating an irreversible, immutable chain.
Blocks are chained together, preventing any block from being altered or a block being inserted between two existing blocks.
What makes blockchain for business better for business?
Blockchain creates a shared system of record among business network members, eliminating the need to reconcile disparate ledgers.
Each member of the network must have access privileges. Information is shared only on a need-to-know basis.
Consensus is required from all members and all validated transactions are permanently recorded. Even a system administrator can’t delete a transaction.
Blockchain networks are changing how business works
How can blockchain help you?
Create new business value
Organizations must continually improve business processes and explore new opportunities.
Blockchain helps build more efficient, enterprise business models.
Facilitating transactions with suppliers, partners and customers helps streamline business processes and transactions.
With blockchain, your business process network creates transactions using a distributed, permissioned, immutable ledger.
Leverage blockchain to transform your business
For a more detailed look at how a blockchain network operates and how you can use it, read the Introduction to distributed ledgers.
Explore the capabilities of the IBM Blockchain Platform – the only fully integrated enterprise-ready blockchain platform designed to help you accelerate the development, governance and operation of a multi-institution business network.
Get the details on Hyperledger Fabric and discover what’s unique about it, why it matters to business networks, and how to start using it.
The quick-start guide for developers explains how to build a kick-starter blockchain network and start coding with the IBM Blockchain Platform Starter Plan.
What can we solve together?
Discover how clients use IBM Blockchain now, to transform their business.