AU2019201432A1 - A system, method, computer program and data signal for creating, executing and verifying an electronic agreement - Google Patents

A system, method, computer program and data signal for creating, executing and verifying an electronic agreement Download PDF

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Publication number
AU2019201432A1
AU2019201432A1 AU2019201432A AU2019201432A AU2019201432A1 AU 2019201432 A1 AU2019201432 A1 AU 2019201432A1 AU 2019201432 A AU2019201432 A AU 2019201432A AU 2019201432 A AU2019201432 A AU 2019201432A AU 2019201432 A1 AU2019201432 A1 AU 2019201432A1
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AU
Australia
Prior art keywords
agreement
parties
accordance
portal
electronic
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Abandoned
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AU2019201432A
Inventor
Greg Lee
Keith Redenbach
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
Redenbach Lee Lawyers Pty Ltd
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Redenbach Lee Lawyers Pty Ltd
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Filing date
Publication date
Priority claimed from AU2018903452A external-priority patent/AU2018903452A0/en
Application filed by Redenbach Lee Lawyers Pty Ltd filed Critical Redenbach Lee Lawyers Pty Ltd
Publication of AU2019201432A1 publication Critical patent/AU2019201432A1/en
Abandoned legal-status Critical Current

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q50/00—Systems or methods specially adapted for specific business sectors, e.g. utilities or tourism
    • G06Q50/10—Services
    • G06Q50/18—Legal services; Handling legal documents
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
    • H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
    • H04L9/32—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols including means for verifying the identity or authority of a user of the system or for message authentication, e.g. authorization, entity authentication, data integrity or data verification, non-repudiation, key authentication or verification of credentials
    • H04L9/3236—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols including means for verifying the identity or authority of a user of the system or for message authentication, e.g. authorization, entity authentication, data integrity or data verification, non-repudiation, key authentication or verification of credentials using cryptographic hash functions
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q2220/00—Business processing using cryptography
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
    • H04L63/00—Network architectures or network communication protocols for network security
    • H04L63/04—Network architectures or network communication protocols for network security for providing a confidential data exchange among entities communicating through data packet networks
    • H04L63/0428—Network architectures or network communication protocols for network security for providing a confidential data exchange among entities communicating through data packet networks wherein the data content is protected, e.g. by encrypting or encapsulating the payload
    • H—ELECTRICITY
    • H04—ELECTRIC COMMUNICATION TECHNIQUE
    • H04L—TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHIC COMMUNICATION
    • H04L9/00—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols
    • H04L9/50—Cryptographic mechanisms or cryptographic arrangements for secret or secure communications; Network security protocols using hash chains, e.g. blockchains or hash trees

Abstract

The invention broadly provides a method for executing and verifying an electronic agreement. The method comprises the steps of, providing an encrypted a hashed electronic agreement via a computer accessible portal to at least two parties, providing means for access to the portal to each of the at least two parties, allowing each of the at least two parties to access the agreement via the portal. Upon access to the portal, each of the at least two parties can verify the authenticity of the electronic agreement by comparing the hashed electronic agreement to an agreement held by the each of the at least two parties, and if the agreement is authentic, electronically executing the agreement. EXECUTION OF SMART CONTRACT ON BLOCKCHAIN ~-22,-2 LegalContract Hash Too] Create aMEW 15naty et - i, taracisins *aory2 0 MEWwale Emailry 300igaore 32-u~ Emai sw.o1S 1 KyOln o ~ Email AlSignalses2 ~~~ /'Aessre I~~~~~~ SPmve nnPos 24 L "'44- FIE 2a24

Description

A SYSTEM, METHOD, COMPUTER PROGRAM AND DATA SIGNAL FOR CREATING, EXECUTING AND VERIFYING AN ELECTRONIC AGREEMENT
Technical Field of Invention [0001] The present invention relates to a system, method, computer program and data signal for creating, executing and verifying an electronic agreement.
Background [0002] Since the invention of Contract Law by the common law courts, and the reception and establishment of written contracts as a way in which to provide a legally enforceable means by which parties can enter an agreement, parties have negotiated written contracts as a way to avoid disputes over the agreement.
[0003] The advent of computerized technology such as word processing, combined with international communications systems such as the Internet, has aided in both the drafting and negotiation of contracts such that contracts are regularly reduced to writing in very detailed and explicit form.
[0004] Certain legal requirements exist to ensure that contracts are executed correctly, as the risk of not executing a contract correctly can be that the contract is found not to be legally binding. However, such legal requirements have largely developed in an era that predated computerized document creation and Internet communication and are not easily adapted to operate effectively (and with legal effect) over an electronic medium.
2019201432 28 Feb 2019 [0005] It is with these problems in mind that the present embodiments have been developed.
Summary of the Invention [0006] In a first aspect, the invention provides a method for executing and verifying an electronic agreement, comprising the steps of, providing an encrypted a hashed electronic agreement via a computer accessible portal to at least two parties, providing means for access to the portal to each of the at least two parties, allowing each of the at least two parties to access the agreement via the portal, whereby upon access to the portal, each of the at least two parties can verify the authenticity of the electronic agreement by comparing the hashed electronic agreement to an agreement held by the each of the at least two parties, and if the agreement is authentic, electronically executing the agreement.
[0007] In one embodiment, the method comprises the further step of determining the intended jurisdiction of the electronic agreement and providing the correct means for electronically executing the agreement for the intended jurisdiction.
[0008] In one embodiment, the method comprises the further step of providing the executed agreement to a third party, wherein the third party verifies the execution of the agreement.
[0009] In one embodiment, the verification of the agreement is provided by the third party to a publicly accessible location on a computing network.
[0010] In one embodiment, the publicly accessible location is accessed via a software application.
2019201432 28 Feb 2019 [0011] In one embodiment, the method comprises the initial step of utilising a hashing software application to create a hash of the electronic agreement.
[0012] In one embodiment, the method comprises the further step of generating a public key and private key pair for each of the at least two parties, wherein each of the at least two parties is provided with the respective public key and private key pair.
[0013] In a second aspect, the invention provides a system for executing and verifying an electronic agreement, comprising providing an encrypted a hashed electronic agreement via a computer accessible portal to at least two parties, providing means for access to the portal to each of the at least two parties, allowing each of the at least two parties to access the agreement via the portal, whereby upon access to the portal, each of the at least two parties can verify the authenticity of the electronic agreement by comparing the hashed electronic agreement to an agreement held by the each of the at least two parties, and if the agreement is authentic, electronically executing the agreement.
[0014] In one embodiment, the system determines the intended jurisdiction of the electronic agreement and providing the correct means for electronically executing the agreement for the intended jurisdiction.
[0015] In one embodiment, the system provides the executed agreement to a third party, wherein the third party verifies the execution of the agreement.
[0016] In one embodiment, the verification of the agreement is provided by the third party to a publicly accessible location on a computing network.
2019201432 28 Feb 2019 [0017] In one embodiment, the publicly accessible location is accessed via a software application.
[0018] In one embodiment, a hashing software application creates a hash of the electronic agreement.
[0019] In one embodiment, a public key and private key pair is generated for each of the at least two parties, wherein each of the at least two parties is provided with the respective public key and private key pair.
[0020] In a third aspect, the invention provides a computer program including at least one instruction arranged to be executable on a computing system, wherein the instruction is arranged to carry out the method steps in accordance with the first aspect of the invention.
[0021] In a fourth aspect, the invention provides a data signal including at least one instruction arranged to be executable on a computing system, wherein the instruction is arranged to carry out the method steps in accordance with the first aspect of the invention.
Brief Description of the Drawings [0022] Further features of the present invention are more fully described in the following description of several non-limiting embodiments thereof. This description is included solely for the purposes of exemplifying the present invention. It should not be understood as a restriction on the broad summary, disclosure or description of the invention as set out above. The description will be made with reference to the accompanying drawings in which:
2019201432 28 Feb 2019 [0023] FIG. 1 is an example computing system on which a method and/or a computer program may be operated, in accordance with an embodiment of the invention;
[0024] FIG. 2 is a flowchart illustrating the method steps of executing a smart contract in accordance with an embodiment of the invention;
[0025] FIG. 3 is a flowchart illustrating the method steps of generating a document hash and creating a wallet for signatories in accordance with an embodiment of the invention;
[0026] FIG. 4 is a flowchart illustrating the method steps of creating a smart contract and notifying relevant parties in accordance with an embodiment of the invention;
[0027] FIG. 5 is a flowchart illustrating the method steps of verifying document integrity in accordance with an embodiment of the invention;
[0028] FIG. 6 is a flowchart illustrating the method steps of a signatory transaction and a smart contract execution in accordance with an embodiment of the invention;
[0029] FIG. 7 is a flowchart illustrating the method steps of a public declaration of identity and execution of a smart contract in accordance with an embodiment of the invention; and [0030] FIG. 8 is a flowchart illustrating the method steps of an alternative public declaration of identity and execution of a smart contract in accordance with an embodiment of the invention.
Detailed Description of Preferred Embodiments
2019201432 28 Feb 2019 [0031] In the ensuing description, where like numerals are utilised across different Figures, it is intended that like numerals refer to like features, steps and or integers.
[0032] Embodiments of the present invention generally relate to a system, method, computer program and data signal for creating, executing and verifying an electronic agreement.
[0033] In more detail, the embodiment described herein is a decentralised, Ethereum (or similar) blockchain-based, smart-contract execution medium that allows parties to securely verify and execute agreements.
[0034] The embodiment will be described in more detail hereinbelow, with reference to an example computing system.
The Computing System [0035] One embodiment of the computing system in accordance with the invention is shown at FIG. 1.
[0036] In FIG. 1 there is shown a schematic diagram of a computing system, which in this embodiment is a computing system 100 suitable for use with an embodiment of the present invention. The computing system 100 may be used to execute application and/or system services such as a computer program and an interface in accordance with an embodiment of the present invention.
[0037] With reference to FIG. 1, the computing system 100 may comprise suitable components necessary to receive, store and execute appropriate computer instructions. The components may include a processor 102, read only memory (ROM) 104, random access memory
2019201432 28 Feb 2019 (RAM) 106, an input/output devices such as disc drives 108, remote or connected mobile devices 110 (such as computers, smartphones or tablets and the like), and one or more communications link(s) 114.
[0038] The computing system 100 includes instructions that may be installed in ROM 104, RAM 106 or disc drives 112 and may be executed by the processor 102. There may be provided a plurality of communication links 114 which may variously connect to one or more user devices 110, such as computers, smartphones or tablets, wherein the one or more user devices have a user interface for interacting with user by collecting and displaying data or information using the conventional means provided by such devices. At least one of a plurality of communications link 114 may be connected to an external computing network through a telecommunications network.
[0039] In one particular embodiment the device may include an embodied software algorithm 116 in accordance with an embodiment of the invention, which may reside on the storage device 112. It will be understood that the embodied algorithm may reside on any suitable storage device, which may encompass solid state drives, hard disc drives, optical drives or magnetic tape drives. The embodied algorithm 116 may reside on a single physical storage device or may be spread across multiple storage devices, either locally or remotely.
[0040] The computing system 100 includes a suitable operating system 118 which may also reside on a storage device or in the ROM of the server 100. The operating system is arranged to interact with the embodied algorithm 116 and with one or more computer programs to cause the server to carry out the steps, functions and/or procedures in accordance with the embodiments of the invention described herein.
2019201432 28 Feb 2019 [0041] The user interface 110 of one or more mobile devices facilitates the collection and display of user data for the computing system 100. The user interface 110 may be a program or website accessed on a computer or mobile device via a communication network, such as the Internet.
Executing and Verifying an Agreement [0042] Referring to FIG. 2, there is shown a system and method 200 for executing a smart contract in accordance with an embodiment of the invention. Firstly, an agent 202a, such as an artificial intelligence or machine learning algorithm, or alternatively a person, such as a lawyer (labelled 'RL' in FIG. 2) creates an electronic legal contract 204. The electronic legal contract 204 is parsed through a hash tool 206 to create a document hash (an electronic file) 208, which is then held, along with a smart contract, on an Ethereum (or similar) blockchain.
[0043] Contemporaneously, the agent 202a also creates a MEW wallet (210 and 212) for each of the signatories to the contract. In the example of FIG. 2, two signatories 210 and 212 are created. Each signatory is assigned a public key (214 and 218 respectively) and a corresponding Key File (216 and 220 respectively). For clarity, the Public key/Key file pair are labelled SI and S2 in FIG. 2. The public keys 214 and 218 are both stored in the Ethereum blockchain 222.
[0044] Once the contract 204, hash 208, and public keys 214 and 218 have been generated (generally labelled as 226), all of the abovementioned electronic files and keys, along with identity information is packaged in an email 228 (or any other appropriate electronic delivery mechanism) and forwarded electronically to all signatories to the contract, represented in FIG. 2 by the single icon 230, although it will be understood that the icon 230 is a diagrammatic representation of two or more entities, and may be natural persons, corporations, institutions, legal representatives, other
2019201432 28 Feb 2019 legal entities, or representative software programs which act as proxies for the aforementioned entities.
[0045] Simultaneously, the respective key file unique to each signatory is sent to each signatory in separate emails 234 and 244 (or by any other appropriate electronic mechanism) and forwarded to each signatory 236 and 246. That is, in the example given in FIG. 2, Key File (SI) is electronically delivered to Signatory 1 and Key File (S2) is delivered to Signatory 2.
[0046] Each Signatory subsequently combines the document hash, their respective public key, their respective private key, and a transmission message (labelled as 238 and 248 respectively for Signatory 1 and Signatory 2).
[0047] This combination of files and data is provided to the MEW online portal (240 and 250) to provide access to the Ethereum blockchain, to thereby incorporate transmission message 1 and 2 respectively into the blockchain. In this manner, information is added to the blockchain and by extension to the smart contract 224.
[0048] Referring to FIGs. 3 and 4, there is shown in more detail the system and method generally described with reference to FIG. 2 above. In FIG. 3, there is shown the steps involved in creating a document hash using a hash tool. A legal document 300 is parsed through a hash tool 302 to create a document hash 304. This process is generally labelled 306 [0049] Contemporaneously, a MEW wallet 300 is created for signatories, as also shown in FIG. 3. An agent 'RL' (308) accesses a MEW online portal 310 and utilises an encrypted password 312 to create a new MEW wallet 314, which in turn generates a public key 316a and a keystore file 316b which can be delivered to a signatory 318.
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2019201432 28 Feb 2019 [0050] It will be understood that the hash is stored in an agreed form of contract on the blockchain in a private format arranged such that only the parties can access the hash, as shown in FIG. 4. An agent 'R.L' 400 utilises the document hash 402 and two public keys 404 via a MEW online portal 406 to create an Ethereum blockchain smart contract 408, comprising a smart contract 410, a document hash 412 and two public keys 414 and 416. The contract is simultaneously stored on an online repository accessible to anyone in possession of the login credentials, such as shown in FIG. 4. An agent 418 may then notify signatories by sending an email 420 to the signatories 422. An agent 424 may also notify an individual of their private key by sending an email 426 containing the private key to the signatory 428.
[0051] As shown in FIG. 5, a person in possession of the credentials for the relevant online repository, the hash and the original contract can verify that the hash is a representation of the original document. A legal contract 500 can be parsed through a hash tool 502 to generate a document hash 504. The hash may then be utilised to match the document 500 against another document.
[0052] In more detail, the contract document is stored privately with controlled access (e.g. in an online repository) while the hash is stored within a smart contract on the Ethereum (or similar) blockchain. A person utilises the original document 500 on the github repository (github repo) 502 and uses the hash tool 504 to reproduce the hash 506 to verify that what is on the chain represents the original document with non-repudiation.
[0053] Agreement to the terms of the contract by parties who do so by utilising their wallets - the use of wallets means that the signing of the contract is traced to the parties.
2019201432 28 Feb 2019 [0054] Referring now to FIG 6, there is shown a process for a signatory transaction and for smart contract execution. A signatory 600 sends a document hash, transaction message, and two public keys (all denoted by 602) via a MEW online portal, to generate a smart contract 606 which incorporates the document hash, transaction message and keys.
[0055] The Ethereum packaged contract (labelled 616 once executed) comprises the smart contract 614, document hash 608, the two public keys 610 and 612, and the two transaction messages 618 and 620.
[0056] Referring now to FIGs. 7 and 8, the parties use their public key to publicly declare who they are in the smart contract (700, 702 and 704 and 800, 802 and 804) and use an open source Ethereum (or similar) wallet such as MEW (or similar) to send a transaction to the smart contract, including the hash they wish to agree to and a message that includes their name, the date and their intention to sign the contract. The smart contract verifies both the document hashes and that they are a signatory to the hash, and post via public or a private social media or other platform (e.g. Twitter).
[0057] The parties also can use the document hash to publicly declare who that they have executed the signed smart contract (706, 708 and 710 and 806, 808 and 810) and use an open source Ethereum (or similar) wallet such as MEW (or similar) to send a transaction to the smart contract, including the hash they wish to agree to and a message that includes their name, the date and their intention to sign the contract, and post via a public or private social media or other platform (e.g. Twitter).
[0058] The smart contract subsequently emits an event to the blockchain as well as stores the state within the contract. This process holds true under the assumption that the private keys of the participants (and their encryption passwords) remain secret.
2019201432 28 Feb 2019 [0059] The system and method is capable of satisfying specific legal requirements for one or more of various legal jurisdictions, particularly legal requirements pertaining to the execution of deeds, by use of what has been dubbed the Auditable Blockchain Contract Documentation Execution system (ABCDE).
[0060] The system and method combines relevant aspects of electronic negotiating and preparing executable versions of the contract, together with Blockchain technology based on the Ethereum (or similar) platform.
[0061] In addition, the system allows for auditing of the execution of contract in a manner as has never been created in commercial use or production before. The system and method streamlines existing systems and methods by:
1. Creating a verifiable, auditable system of contract management and execution;
2. Facilitating the execution of contracts to occur in a secure and encrypted Blockchain Environment;
3. Enable large-scale contracts to be executed regardless of each parties' location.
Advantages [0062] As described hereinabove, embodiments of the invention provide at least two advantages. Firstly, the use of blockchain ensures the parties are executing a final agreed version of a deed and then consummating execution in a manner that is legally binding and acceptable to a court of law.
[0063] As a corollary, the invention permits lawyers to conclude that by using this method of execution the parties have signed, sealed and delivered a deed to the requisite requirements of legislation, wherein
2019201432 28 Feb 2019 embodiments of the invention may be easily adapted to suit the particular requirements of any jurisdiction.
[0064] Secondly, as embodiments of the invention utilize hash technology, authorized third parties can audit the execution (e.g. a court may audit the execution) such that the final version executed can be determined.
Disclaimers [0065] Throughout this specification, unless the context requires otherwise, the word comprise or variations such as comprises or comprising, will be understood to imply the inclusion of a stated feature or group of features but not the explicit exclusion of any other feature or group of features.
[0066] Those skilled in the art will appreciate that the embodiments described herein are susceptible to obvious variations and modifications other than those specifically described and it is intended that the broadest claims cover all such variations and modifications. Those skilled in the art will also understand that the inventive concept that underpins the broadest claims may include any number of the steps, features, and concepts referred to or indicated in the specification, either individually or collectively, and any and all combinations of any two or more of the steps or features may constitute an invention.
[0067] Where definitions for selected terms used herein are found within the detailed description of the invention, it is intended that such definitions apply to the claimed invention. However, if not explicitly defined, all scientific and technical terms used herein have the same meaning as commonly understood to one of ordinary skill in the art to which the invention belongs.
2019201432 28 Feb 2019 [0068] Although not required, the embodiments described with reference to the method, computer program, computer interface and aspects of the system can be implemented via an application programming interface (API), an application development kit (ADK) or as a series of program libraries, for use by a developer, for the creation of software applications which are to be used on any one or more computing platforms or devices, such as a terminal or personal computer operating system or a portable computing device, a smartphone or a tablet computing system operating system, or within a larger server structure, such as a 'data farm' or within a larger computing transaction processing system.
[0069] Generally, as program modules include routines, programs, objects, components and data files that perform or assist in the performance of particular functions, it will be understood that the functionality of the method, computer program and computer interface defined herein may be distributed across a number of routines, programs, objects or components to achieve the same functionality as the embodiment and the broader invention claimed herein. Such variations and modifications are contemplated by the inventor and are within the purview of those skilled in the art.
[0070] It will also be appreciated that where methods and systems of the present invention and/or embodiments are implemented by computing systems or partly implemented by computing systems then any appropriate computing system architecture may be utilised without departing from the inventive concept. This includes standalone computers, networked computers and dedicated computing devices that do not utilise software as it is colloquially understood (such as field-programmable gate arrays).
[0071] Where the terms computer, computing system, computing device and mobile device are used in the specification, these terms are
2019201432 28 Feb 2019 intended to cover any appropriate arrangement of computer hardware for implementing the inventive concept and/or embodiments described herein.
[0072] Where the terms software application, application, computer program and program are used in the specification when referring to an embodiment of the invention, these terms are intended to cover any appropriate software which is capable of performing the functions and/or achieving the outcomes as broadly described herein.
[0073] Where reference is made to communication standards, methods and/or systems, it will be understood that the devices, computing systems, servers, etc., that constitute the embodiments and/or invention or interact with the embodiments and/or invention may transmit and receive data via any suitable hardware mechanism and software protocol, including wired and wireless communications protocols, such as but not limited to second, third and fourth generation (2G, 3G, and 4G) telecommunications protocols (in accordance with the International Mobile Telecommunications-2000 (IMT-2000) specification), Wi-Fi (in accordance with the IEEE 802.11 standards), Bluetooth (in accordance with the IEEE 802.15.1 standard and/or standards set by the Bluetooth Special Interest Group), or any other radio frequency, optical, acoustic, magnetic, or any other form or method of communication that may become available from time to time.

Claims (16)

  1. Claims:
    1. A method for executing and verifying an electronic agreement, comprising the steps of, providing an encrypted a hashed electronic agreement via a computer accessible portal to at least two parties, providing means for access to the portal to each of the at least two parties, allowing each of the at least two parties to access the agreement via the portal, whereby upon access to the portal, each of the at least two parties can verify the authenticity of the electronic agreement by comparing the hashed electronic agreement to an agreement held by the each of the at least two parties, and if the agreement is authentic, electronically executing the agreement.
  2. 2. A method in accordance with claim 1, comprising the further step of determining the intended jurisdiction of the electronic agreement, and providing the correct means for electronically executing the agreement for the intended jurisdiction.
  3. 3. A method in accordance with claim 1 or 2, comprising the further step of providing the executed agreement to a third party, wherein the third party verifies the execution of the agreement.
  4. 4. A method in accordance with claim 3, whereby the verification of the agreement is provided by the third party to a publicly accessible location on a computing network.
  5. 5. A method in accordance with claim 4, wherein the publicly accessible location is accessed via a software application.
  6. 6. A method in accordance with any one of the preceding claims, comprising the initial step of utilising a hashing software application to create a hash of the electronic agreement.
    2019201432 28 Feb 2019
  7. 7. A method in accordance with any one of the preceding claims, comprising the further step of generating a public key and private key pair for each of the at least two parties, wherein each of the at least two parties is provided with the respective public key and private key pair.
  8. 8. A system for executing and verifying an electronic agreement, comprising providing an encrypted a hashed electronic agreement via a computer accessible portal to at least two parties, providing means for access to the portal to each of the at least two parties, allowing each of the at least two parties to access the agreement via the portal, wherein upon access to the portal, each of the at least two parties can verify the authenticity of the electronic agreement by comparing the hashed electronic agreement to an agreement held by the each of the at least two parties, and if the agreement is authentic, electronically executing the agreement.
  9. 9. A system in accordance with claim 8, comprising determining the intended jurisdiction of the electronic agreement, and providing the correct means for electronically executing the agreement for the intended jurisdiction.
  10. 10. A system in accordance with claim 8 or 9, comprising providing the executed agreement to a third party, wherein the third party verifies the execution of the agreement.
  11. 11. A system in accordance with claim 10, wherein the verification of the agreement is provided by the third party to a publicly accessible location on a computing network.
  12. 12. A system in accordance with claim 11, wherein the publicly accessible location is accessed via a software application.
    2019201432 28 Feb 2019
  13. 13. A system in accordance with any one of claims 8 to 12, comprising utilising a hashing software application to create a hash of the electronic agreement.
  14. 14. A system in accordance with any one claims 8 to 13, comprising generating a public key and private key pair for each of the at least two parties, wherein each of the at least two parties is provided with the respective public key and private key pair.
  15. 15. A computer program including at least one instruction arranged to be executable on a computing system, wherein the instruction is arranged to carry out the method steps in accordance with any one of claims 1 to 7.
  16. 16. A data signal including at least one instruction arranged to be executable on a computing system, wherein the instruction is arranged to carry out the method steps in accordance with any one of claims 1 to 7.
AU2019201432A 2018-09-13 2019-02-28 A system, method, computer program and data signal for creating, executing and verifying an electronic agreement Abandoned AU2019201432A1 (en)

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AU2018903452A AU2018903452A0 (en) 2018-09-13 A system, method, computer program and data signal for creating, executing and verifying an electronic agreement
AU2018903452 2018-09-13

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Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN115239316A (en) * 2022-09-26 2022-10-25 国网山东省电力公司物资公司 Block chain round-trip audit letter verification method

Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN115239316A (en) * 2022-09-26 2022-10-25 国网山东省电力公司物资公司 Block chain round-trip audit letter verification method

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