Enabling recurring transactions and automated payments using smart contracts
Our blockchain-based prototype transforms asset rental and lease contracts, providing a secure and efficient solution. With smart contracts and decentralized technology, stakeholders benefit from transparency, reduced costs, and simplified management of agreements.
To initiate a contract with the Supplier, access the 'Proposed Contract' menu item on the landing page. Ensure that the correct Metamask account is used for the transaction, as the prototype automatically connects to the Metamask digital wallet when your account is entered. It's important to note that the responsibility of initiating the contract is assigned to the Supplier in the prototype. This is because the Supplier typically holds the necessary information regarding the service being offered, and it streamlines the process functionality.
The supplier is required to input the necessary information regarding the parties involved in the contract. This includes information for both the supplier and the customer. In this stage the supplier, fills in the information his own information. The information required here includes account type individual or company, the supplier's name and public address. It is important to note that the supplier's public address will be automatically filled in from the Metamask digital wallet. It is always a good practice to check that the right public address and account has been filled in by the prototype. However, the customer's name and public address must be known in advance by the supplier, who will also be responsible for inputting this information.
At this step, the supplier will be required to fill in the necessary details for the contract. Since this is an asset rental contract, the supplier will first specify this. Next, the supplier will indicate the type of contract, whether it is a recurring or a one-off transaction. For recurring contracts, the recurring monthly amount will be entered, while for one-off transactions, the amount of the transaction will be filled in. The supplier will then proceed to enter the start and end dates of the contract. Finally, the terms of the contract will be filled in, including the governing law and any additional clauses that are deemed necessary for the contract's purpose.
Once the supplier has filled in the necessary information regarding the parties involved in the contract and the contract details, they can proceed to submit the proposed contract. The supplier reviews the information entered to ensure its accuracy before submitting.
Upon receiving the proposed contract, the customer carefully reviews the contract details to ensure they align with their requirements. They should pay particular attention to the supplier's information, contract type, transaction amount, dates, and additional clauses. If discrepancies or concerns arise, the customer rejects the contract and communicates with the supplier for clarification or modifications so that the supplier can resubmit the contract.
After reviewing the proposed contract and any modifications negotiated with the supplier, the customer has the option to accept the contract. If the contract aligns with their expectations and they are satisfied with all the modifications, if any, the customer can proceed to accept the contract. By accepting the contract, the customer indicates their agreement to the terms and conditions outlined in the document. Customer accepts contract by clicking on the related accept contract button. This will trigger the customer MetaMask wallet to open and ask for confirmation. Customer clicks the confirm button under the MetaMask pop up.
Contract is written to the blockchain and accrual process starts (for recurring transactions) Once the supplier and customer reach a consensus on the contract, the prototype automatically writes the finalized contract to the blockchain. This ensures its immutability and transparency. Additionally, for recurring transactions, the prototype initiates the accrual process, which involves tracking and recording the ongoing transactions based on the contract terms. The accrual process enables accurate billing and ensures that the contractual obligations are executed in a timely manner.
In order to make the payment customer navigates to accepted contracts, and selects the related contract by clicking on view contract. After clicking the view payment contract information will be displayed, customer can then click on the payment button to make a payment. Customer enters the required payment amount in the pop up payment form, then clicks on submit. The MetaMask wallet will pop up for confirmation. Customer clicks confirm under the pop up. Another pop up with the confirmation will appear to show the state of the payment i.e. succesfull payment
The prototype includes a contract explorer component that extracts information from the blockchain and presents it in a user-friendly, human-readable format. Both the supplier and the customer can access the contract explorer to track and monitor the details of the contract. The explorer provides an intuitive interface that allows users to easily navigate and understand the contract terms, transaction rights, obligations, and payment information. By leveraging the blockchain's transparent and secure nature, the contract explorer offers real-time visibility into the contract's progress, enabling effective monitoring, communication, and management throughout its duration.