Smart Contract

June 14, 2019

We created a transaction management algorithm model for Distributor Systems (Smart Contract)

Systems integration solutions, UAB, together with “Skaitos kompiuterių services”, started the implementation of the project” Development of Document Transaction Management Algorithm Model for Distributed Systems (SmartContract)” (project No. J05-LVPA-K-04-01050). For this Project European Union Regional Development Fund under the European Union Funds Investment Action Program 2014-2020 Operational Program Measure 01.2.1-LVPA-K-828 “Intelligence. Joint Science-Business Projects” was granted EU support of up to EUR 184 344.78.

The project essence is to create an algorithm which will manage document transaction for Distributed systems (SmartContract). This solution would provide technical capabilities to system manufacturers in an easy way to link data/documents produced by their software with cryptographic algorithms on a Distributed Ledger Technology (DLT) platform and to be able to read and verify information, which is already registered on the DLT platform. Integration of business processes with decentralised digitalisation technologies is a new and uncertain technological branch. Therefore, a systematic analysis of the use of DLT technology for business environment processes is required.

 The desired project outcome is to create a document transaction management algorithm for distributed systems (SmartContract). With this technology's help, organisations that apply such a document exchange and signing method will exchange certificate codes, and the intermediaries will complement these certificates with their unique codes. The issue and use of such certification would be quick and easy. This should enable the system manufacturers to associate data/documents of their systems stored locally easily and to register with the use of cryptographic algorithms on the selected DLT platform, and to be able to scan and verify information that is already registered on the DLT platform.

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