Grant Process Automation
Automate all stages of grant processing via smart contracts
What’s a smart contract
A smart contract is a self-enforced agreement between two or more parties the terms of which are written into lines of computer code. The DEIP blockchain provides an environment where smart contracts are created.
Processes that can be automated via smart contracts:
Automate the whole process of managing a grant
From processing a proposal to distributing a grant: a smart contract is executed, and a grant is automatically distributed after certain terms and conditions set by the grant maker are fulfilled.
A grant giver sets the terms of a smart contract: what processes it will regulate, on what terms, etc.
The grant giver puts money in escrow – it is kept by a third party until the terms of the smart contract are executed.
Grant process begins: proposals are evaluated and peer-reviewed, the process is regulated by a smart contract.
Funds are allocated from escrow to awardees as soon as the peer-review process is finished and the system has all the information to make a decision.