One of GeoCertify’s core applications for blockchain technology is “smart contracts.”
GeoCertify is actively extending its Integrated Supply Chain to support futures, markets, and smart contracts.
Buyers and sellers in the GeoCertify community will be able to generate “futures” specifying a set of criteria—dates, terms, delivery, origin, production methods, etc. –for product lots that have not yet been produced. Such futures may be communicated privately, as a request from a buyer to a known supplier, for example, for a specific order. Or they may be offered through a GeoCertify marketplace—public or private—by the seller.
Buyers and sellers may also generate smart contracts tied to these “future” lots. The smart contract is linked to the specifications of the lot and may be executed automatically. For example, funding may be placed in escrow or transferred in stages according to various trigger events, such as completion of production stages, delivery, or final acceptance by the buyer.
Criteria, terms, and triggers can all be specified in the contract. Upon agreement, the entire program is then stored in an immutable blockchain, along with all activities related to its operation.