Automating the granting process via smart contracts

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.

 

 

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Accelerate innovation
within your organization

Find out how the DEIP blockchain can fit your business needs

Accelerate innovation
within your organization

Find out how the DEIP blockchain can fit your business needs

Open Innovation Network