Concept for Controlled Business Critical Information Sharing Using Smart Contracts

Abstract

Trust management has been a topic of keen interest in recent years. There has been a lot of discussion as to what new opportunities it can bring to markets, what benefits it can offer, and what system development possibilities it enables for software development. In this paper we discuss trust management and business critical information sharing in a definite group of stakeholders called Circle of Trust. We examine the key features of the Circle of Trust in military environments. We address the most essential problems and obstacles to be considered before the benefits of Circle of Trust can be fully enabled therein. As a solution to problems with the information transfer management, we propose a novel conceptual approach which ensures the privacy of the data source and transparency of information sharing utilizing the blockchain technology and modern cryptographic solutions. In addition, the concept presented enables the quantitative information trade and objective control mechanism for contractual liabilities within the consortium. The discussion and views presented in this paper can be adopted in any organization with doubts concerning the sensitive and classified contents of supply chain management or current ICT systems.