Announcing Knowledge Contracts: An Intelligent Contract Service
1st Jan 2017
Knowledge Contracts enable Hub Culture members to self-execute binding contracts to other members in the community and feature a defined set of over 60 standardized elements, terms and conditions easily appended to the body of each agreement. Knowledge Contracts can be executed with fixed, hourly or monthly rates denominated in VEN, USD, EUR, YEN, RMB, GBP, and over a dozen other currencies, gold or carbon. Contracts self generate data from the contracting parties HubID, and can be generated freely without charge to the user or recipient.
Once executed, a contract recipient can choose to accept, amend or reject the contract, upon which the contract is returned to the sender and stored in a secure digital vault with other HubID information. A receipt for the transaction is also generated to the Open Audit Initiative, a blockchain auditing mechanism powered by Ven using Ethereum technologies currently in beta testing.