Ricardian Contracts for Industry 4.0 via the Arrowhead Contract Proxy

Abstract

Industry 4.0 will require unprecedented degrees of integration across organizational boundaries, which will put new demands on infrastructure for managing agreements between industrial stakeholders. In this paper, we present a systemof-systems architecture for cross-organizational negotiation of Ricardian contracts. We also describe our implementation of it, based on Eclipse Arrowhead, and how it can produce nonrepudiable contracts between local clouds, potentially owned by distinct parties. We discuss how our architecture could impact current business paradigms, as well as arguing that our design, in contrast to most solutions based on smart contracts, avoids to deviate significantly from contemporary legal praxis, which should create better opportunity for industry adoption.

Survey on Decentralized Auctioning Systems

“…For smart contracts to be utilized as evidence in a court of law or by a trusted expert, extra parsing of the code contract's language must be conducted. Ricardian contracts include code prose for transaction traceability as well as legal language that can be used as evidence [124]. These contracts can be implemented in blockchain systems along with distributed ledger technologies such as an exchange network [125].…”