Smart Contracts - the format

Any contract.  Any monetary transaction.  Works with any language.  The format is simple and understandable.  Works for finance.  Works for legal.  Works for IT.

While it works to store past transactions, open transactions provide an exchange, so it works for stock exchanges, currency exchanges, or grocery store transactions.


One table with 5 columns:

Transaction ID

Commerce ID - person/entity identifier
Item Type - initiating value, terms, value, delivery, notice, status
Description - quantity and value OR terms OR status/notice messages
Time Stamp

Example - Selling 100 IBM for a final price of 4900 USD:

Initiating a transaction, 100 IBM, myCommerceID

Terms, 5000 USD, myCommerceID

Corresponding Value, 4900 USD, hisCommerceID

Accepted, contract, myCommerceID

Delivered, 100 IBM, myCommerceID

Delivered, 4900 USD, hisCommerceID

Completed, completed, myCommerceID

Completed, completed, hisCommerceID

Example - Buying 100 IBM for a final price of 5100 USD:

Initiating a transaction, 5000 USD, myCommerceID

Terms, 100 IBM, myCommerceID

Corresponding Value, 100 IBM, hisCommerceID

Modification, 5100 USD, hisCommerceID

Accepted, contract, myCommerceID

[deliveries on both sides of the contract]

1. Note the identical structure for both the Bid and Ask.  Everything is a commodity.

2. In-process transactions create a market place for goods and services.

3. The standard format allows other companies to participate.

The above is what I term a "transaction stack".