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.
A granting agency can use smart contracts to automate any parts of a granting lifecycle, for example, to disburse funds: as soon as certain terms of a smart contract are met, the agreement is automatically enforced – and an award is distributed to grantees. Grant giver can set any terms of distribution for a smart contract, for example:
- The grant should be distributed among Top-5 shortlisted proposals; the criteria for shortlisting proposals are X, Y, Z;
- The grant should be distributed only among research groups, where at least 2 members have had at least 2 publications each for the past 5 years;
- The review committee for the grant proposals should include at least 2 researchers with X publications in discipline Y for the past 5 years;
- The grant should be distributed during 2 years in 4 portions; each portion should equal $XXX and is distributed after the research group submits a progress report which is positively assessed by researchers Y and Z.