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Automating Agreements with the XDC Network

Words by R. Quincy Jones

Avg. 2 Min read

I started a series of templates to help other developers with their projects. I created a basic contract that allows you to manage and represent an asset, such as a stock, commodity, or even debt. The contract can also programmatically manage the means of management of the asset and assign metadata to describe its attributes.

The contract’s terms and conditions are embedded in the code and stored on the blockchain. Once deployed, the contract becomes immutable, meaning that its contents cannot be altered or tampered with. This immutability ensures that the agreed-upon terms cannot be changed without the consent of all parties involved. Additionally, the contract’s transparency allows all parties to view and verify its content, eliminating the need for trust in a central authority.

Automating Smart Contracts

The contract assigns a document hash to a variable, which represents the agreement between the parties. The document hash serves as a unique identifier for the agreement’s content and can be used to verify its integrity. By comparing the document hash provided by any party to the stored document hash, the contract can determine whether the agreement has been modified or tampered with.

The contract enables parties to sign the agreement by interacting with the smart contract using their respective addresses. Once a party signs the contract, their address is recorded, indicating their consent and commitment to the agreement. This digital signature provides a non-repudiable proof of the party’s involvement and prevents them from denying their participation later.

The contract includes functions for counterproposals, allowing either party to suggest modifications to the agreement by reassigning the document hash. This automation eliminates the need for manual communication and revision of physical documents. Furthermore, the contract keeps track of the total number of counterproposals, enabling parties to track the negotiation process accurately.

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