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FROM PAPER CONTRACTS TO SMART CONTRACTS
Gabashvili N.,
Georgian Technical University, Associate Prof.
Gabashvili T.,
Georgian Technical University, Assistant Prof.
Kiknadze M.
Georgian Technical University, Full Prof.
DOI: 10.5281/zenodo.7479790
ABSTRACT
In today's technological world, a large number of different types of agreements are made and electronic data interchange (Electronic Data Interchange - EDI) is an information exchange communication technology and is an alternative to paper-based communication. While the contract is drawn up for the parties involved in the transaction, the information in the "fine print" is provided, the transaction is developed, the software and the confirmation of the transaction make the user partially accessible to the information that may be valuable or confidential to him. Actions carried out through the software can in some cases be potentially dangerous, these reasons can be: improper protection of information, the possibility of evading sanctions due to the interpretation and non-fulfillment of the agreement made by the parties.
Electronic means of payment leave some electronic traces and may become available to the interested party. Most consumers do not know if their names are associated with their purchases in databases, and significant portions of these transactions may be subject to processing and, more importantly, making the information public. Therefore, great importance is attached to data security and anonymity. This approach is offered by the decentralized environment-blockchain technology and the smart-contract computer transaction protocol integrated into it.
Smart contracts are the basis of the Decentralized Finance (DeFi) industry, and because they do not require the involvement of third parties, they become a very cheap, desirable, fast and flexible system. In the NFT industry, they are trying their best to implement smart contracts in projects.
Parties can rely on tamper-proof technology that controls the actions of the smart contract code so that processes are carried out automatically; This is how the contract code is practically enforced. This form of practical enforcement is achieved when all necessary actions are fully implemented in a computer program or technological environment.
Keywords: smart contracts, smart-contracts, blockchain technology.
Introduction
The institution of contract has been known since Roman law (the science that studies the law in ancient Rome and later in the entire Roman Empire). In Rome, the contract was called Contractus and the rules were regulated based on the existing normative system. In order for the agreement-transaction between the parties to become a contract, this agreement should have a certain form. It had to be in writing and had to meet a number of requirements, failure of which would result in the right or liability to file a lawsuit. [1].
From Roman law to the present day, the history of contracts has changed significantly.
Even today, the relationship between the parties is based on equality. The parties are not subject to each other, regardless of who they are: individuals, legal entities, the state, or others. But today, a contract does not always mean a document presented in writing and confirmed with a seal and signature. A contract is any agreement of private persons, by which the parties have rights and obligations. Such as everyday small con-
tracts (for example, traveling by bus, buying bread, borrowing money, asking for something, etc.), as well as complex and large financial contracts (for example, buying, leasing, renting, etc.) [2].
The development of technology has also contributed to the history of contracts in the form of "smart contract" (smart contract, intelligent contract, block-chain contract, digital contract). Where the term "smart" is quite common in today's digital reality and in this context refers to the property of automation - the ability of a computer program to perform certain actions as a result of an automated process. and "Contract" refers to an agreement reached between the parties as a result of legally enforceable rights and obligations. [3]
The working principle of intelligent contracts was described by Nick Szabo long before the advent of blockchain technology. Blockchain is a completely digital technology and was not connected to the outside world until the appearance of "smart contracts" and "oracles" in the technological market.
"Smart contract" is one of Nick Szabo's innovative projects. Nick Szabo is a renowned scientist in the field of informatics, cryptography and law and is a key figure in the crypto space. Despite speculation by some famous people (including Elon Musk) that Sabo may be the founder of Bitcoin and represent Satoshi Nakamoto, he has always denied this fact and managed to keep his identity private.
Main part
Nick Szabo first addressed smart contracts in 1994 (he published the project in 1996) and discussed them in another of his most important projects, Bitgold (it was the inspiration for projects like Bitcoin). Szabo was among the pioneers of digital money, and although the Bitgold project did not materialize, it became a cornerstone in the innovation of digital currencies.
Although the Bitcoin project was the first crypto project, it did not rely on Szabo's idea of smart contracts. The functionality of smart contracts was only implemented later with other projects such as Ethereum, EOS,... which paved the way for new cryp-tocurrencies. Smart contracts are embedded in almost all the latest blockchain technologies and crypto space, but Ethereum is the most common among them, which is largely due to smart contracts. In recognition of Nick Szabo's contribution, a unit/millionth of ETH is known as Szabo. [5]
Now, Szabo remains an important and unforgettable force in the crypto space and the world.
The smart contract aimed to enable the execution of transactions on the network based on a digital contract without the need or involvement of a third party. With this in mind, the contract functions as a concept of two parties that reflect their responsibilities towards each other.
According to Szabo, wet codes (paper-based contracts) are a thing of the past because they take more time and resources to execute than dry codes (smart contracts). [4].
A classic example of a smart contract is described by Nick Szabo on the example of vending machines. The user pays for the desired product with a token or coin, and by performing the correct actions, the result is guaranteed, the machine dispenses the selected product. This logic is programmed into the trading machine.
Unlike a classic contract, the terms of the agreement are fulfilled not by a person, but by a vending machine. An important nuance - the product is issued only after payment of a fee, and similar to the process of how a machine eliminates the need for a salesperson, a smart contract can replace intermediaries in many industries.
Smart contracts differ in the environment in which they are executed, it can be centralized or decentralized; That is, it can be implemented offline in a centralized or decentralized environment on the blockchain platform.
The image shows two types of smart contracts.
BLOCKCHAIN
b) Decentralized Smart Contract
A smart contract is a contract confirmed by a digital signature of the terms of the agreement and sanctions between the parties. A digital signature is a unique combination of characters or passwords. It is the result of cryptographic transformations, which is an analogue of a handwritten signature, gives the document legal value and protects it from forgery. It provides authentication, data integrity, reliability and confirmation that the digital signature is obtained from the owner of the closed (private) key and that the transaction is reliable even without an intermediary guarantee. All participat-
ing nodes in the Blockchain network have a mathematically generated pair of private and public keys. Cryptography uses a public key to create an encrypted message, while a private key creates a digital signature. The digital signature model goes through the following stages: the message in the form of plain text passes through the hashing algorithm, is generated and converted into a hashed message, the message contains the transaction issued by the sender. The hashed message is authenticated by the sender with the private key and sent to the blockchain network along with the plaintext format of the message.
Plan epïî
1. Owner stgm with the Private Key
VDIGITAL TOKEN
Digital Signature
Vérifie III Sigjiiture
2, Send Toten to the Vendor
3. Vilify Signature with the Public* Key (
Blockchain Participating nodes in the network perform digital signature verification, where the network can easily prove that the signature came from the owner of the private key using the public key of the corresponding sender. Digital signature and its verification is the basic concept of blockchain technology.
The terms of the agreement between the parties are written in the blockchain in the form of a smart contract, which is a set of codes/algorithms that perform certain actions, simply put, protocols that perform these actions according to "If/Then....Else" instructions. And according to the "if - then" condition, party A makes the payment, then party B receives e.g. The right to use immovable/movable property. In this transaction, two or more private individuals or companies can exist, and upon fulfillment of the condition, the smart contract completes the transaction and it is a guarantee of the fulfillment of the agreement, because in a decentralized system it is impossible to falsify or delete records. Also, data encryption ensures anonymity of participants.
The choice of programming language depends on the platform for which the smart contract is being created. Projects that are created between technologically distributed ledgers require the use of a language that is compatible with a particular blockchain platform. The creation of smart contracts on the Ethereum platform is the most active and supported by Solidity, Vyper languages. Solidity is an object-oriented high-level programming language for the implementation of smart contracts, it was most influenced by C++ with static typing (the types of variables are known at compile time) and the use of braces, and despite its relatively
young age, it is developing at a fast pace. However, knowing another programming language, especially JavaScript or Python, can help you understand the differences in smart contract languages [6].
The best crypto projects for smart contracts are: Ethereum (ETH); Cardano (ADA); Solana (SOL); Pol-kadot (DOT) and others.
An important factor is also the fact that mostly smart contracts work with the assets that are in their digital ecosystem. However, connecting the virtual and real environment is one of the main and important factors when working with smart contracts. For this, special programs "oracles" are used, this is a new technology, with the help of which it is possible to receive information from real databases and securely transfer it to one or several smart contracts. Data and sources can be multipurpose. For example, a database of sensor data or various financial products defined for weather forecasting, election results and other types of data. Smart contracts perform their functions based on their data. This allows blockchains to interact with the real world.
At the modern stage, the most common is a mixed model of a smart contract, when part of the contract is written in natural language, and part is given in the form of a smart contract. For example, in the part of the algorithm, the parties specify the method of payment of the price and the means of payment. In the remaining part, there are the dispute resolution rules, contract termination conditions, description of goods, force majeure conditions, etc.
Conclusion
With the advent of blockchain technology and smart contracts, it becomes possible to replace centralized arbitration with a decentralized infrastructure, which is focused on increasing the speed and efficiency of the implementation of the agreement for all participants involved in the agreement, and at the same time reducing possible risks and costs. Smart Contracts - this is an evolving and extensible platform that allows developers to model and generate their functional code for deployment on multiple blockchain platforms, and by synthesizing cryptocurrency and smart contracts provides great opportunities for legal-binding enforceabil-ity in various types of industrial fields.
According to Joshua Fairfield, it is possible to bring technology and law together so that, in addition to the proper functioning of the system, maximum protection of the rights of the parties is possible. He argues that law can develop side by side with technology, because law is a kind of technology that people create and
help them succeed in the face of technological development. [7].
References
1. V. Metreveli, Foundations of Roman Law, Tbilisi 2005, p. 72
2. Commentary on the Georgian Civil Code, Book Three, Tbilisi., 2001, p. 44
3. Smart Contracts: A Legal Framework and Guidance for Informed Legislators, 2018, p. 9
4. https://bitcoinethereumnews.com/crypto/nick-szabo-who-is-he-and-what-is-his-influence-on-mod-ern-cryptocurrencies-crypto-news/
5. https://nakamotoinstitute.org/smart-contracts/
6. https://ethereum.org/en/developers/docs/smart-contracts/languages/
7. Joshua A.T. Fairfield "Runawey Tecnology Can Law Keep Up?" Cambridge University Press 2021
CLOUD COMPUTiNG: A REViEW OF THE AVAiLABLE PLATFORMS
Seyidova I.,
Candidate of Technical Sciences Azerbaijan State Oil and Industry University, Azerbaijan
Hashimov O. Master
Azerbaijan State Oil and Industry University, Azerbaijan DOI: 10.5281/zenodo.7479794
ABSTRACT
Cloud computing is a technology that has been developing and up-to-date in recent years. All transactions made on personal computers through cloud computing have become possible through remote servers. By using cloud computing infrastructures, large-scale storage systems can be installed and high-level calculations can be made without installing server systems.
Examination of data in different dimensions of cloud computing infrastructures will be beneficial in data-based studies on cloud systems. In this study, different dimensions of data on cloud computing infrastructures were examined and what kind of strategies were followed in these dimensions and analysis of various platforms were examined. Based on past studies, it has been tried to predict the analysis of various platforms in cloud computing.
Keywords: Cloud computing, cloud data, dimensions of data in the cloud.
INTRODUCTION
Cloud computing fulfills the long-standing dream of computing as a utility and allows for the rental of IT capabilities, thus representing a modulation point in the natural characteristics of computing and IT service delivery (Rajkumar Buyya., et al., 2011, D. Parkhill ). Cloud computing provides services in the form of infrastructure, platform, or software as a service on a pay-as-you-go model. With the trend of the cloud model, power is shifting to consumers. This paradigm marks a rudimentary but massive shift from the traditional desk-top-as-a-platform model to the Internet-as-a-platform model. To provide infinite scalability, guaranteed performance, easy access, and near-constant availability, these computing platforms are typically deployed in clusters with huge numbers of servers hosted in dedicated data centers (D. Parkhill., et al., 1966). In the cloud, virtualization occurs at several levels. It can range from "what does what" (server and application virtualization) to "what goes where" (storage virtual-
ization) to "who does where" (mobility and virtual networks). The beauty of virtualized solutions is that the user can simultaneously run multiple operating systems on the same host.
Cloud computing has recently emerged as a shortcut to a specific type of data center or, more commonly, a group of data centers. Computing capabilities have become a bottleneck for systems using traditional grid computing, which requires higher hardware requirements. Cloud computing is a kind of computing platform distributed in a large-scale data center, which meets the requirements of scientific research and ecommerce by dynamically providing multiple types of server resources (Wenhong Tian., et al., 2010). The cloud computing platform uses virtualization technology to transparently and dynamically provide virtual computing and storage resources to meet various user requirements according to relative scheduling strategies [10]
1. COMPARATIVE ANALYSIS OF CLOUD COMPUTING
