Hierarchical Design and Execution of Smart Contracts in Blockchain

Abstract

In light of the multiple legal issues, compliance and disruptions caused by the pandemic, organisations searching for new solutions need to know what smart contracts are and how they would function under the legal doctrine of force majeure in light of COVID-19. The Blockchains which use Bitcoin type of scripts have been popular as payment solutions, but it is less used as smart contracts. In the case of multi-level games and incremental project payments, there is a high potential to use Bitcoin type of scripts, but it is not being used currently. Interestingly, there have been attempts to associate smart contract mainly using Ethereum Blockchain but not with Bitcoin type of scripts. This article intends to demonstrate the novelty of designing smart contracts using Bitcoin type of scripts for hierarchical execution of smart contracts. An attempt is done to show its application in two use cases (multi-level reward games payment and incremental project payment). An evaluation is done with three methods each having a combination of pros and cons based on the requirements which aids in understanding for transparency and control over funds through Blockchain.