Hybrid-Trusted Party Contract Agrees on Clients Input

Abstract

Modern applications implemented on distributed ledgers and blockchain platforms serve a wide variety of purposes in automating business and end-user processes. Smart contracts, which are immutable records of functions, are used to mitigate and reduce the administration cost of these implementations. This paper describes a hybrid-trusted multi-party contract to identify the input of a client and validate a transaction. A policy is defined to create the initial relationship, using trusted parties to authorize a particular input and verify that an owner initially owns that input. This ties the reality into the blockchain and requires that trusted parties set up the initial blockchain database. After that, transactions are performed without trusted third parties, reducing costs.