Combining Natural Language Processing and Blockchain for Smart Contract Generation in the Accounting and Legal Field

Monteiro, Emiliano; Righi, Rodrigo da Rosa; Kunst, Rafael; Costa, Cristiano André da; Singh, Dhananjay

doi:10.1007/978-3-030-68449-5_31

Cited by 7 publications

(4 citation statements)

References 19 publications

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“…The paper [7] focuses on the creation of smart contracts using documents created according to a certain template to get contract criteria. The research [8] СЕКЦІЯ XIII. ІНФОРМАЦІЙНІ ТЕХНОЛОГІЇ ТА СИСТЕМИ studies the use of NLP for the generation of smart contracts in accounting and law fields.…”

Section: Section XIII Information Technologies and Systemsmentioning

confidence: 99%

Towards the Approach to Building Smart Contracts Based on Business Rules Using Natural Language Processing

Shynkarenko

Kopp²

2022

GoS

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This paper considers the smart contracts development process based on business rules using natural language processing as the research object. The research subject includes software components for creating smart contracts based on business rules using natural language processing. The research aims to simplify the software component development for decentralized systems by using smart contracts generation from business rules written in natural language. This study considers smart contract development approaches and technologies, intelligent text processing methods, as well as software development techniques using the Python programming language for the experimental implementation of the proposed solution. This study outlines the relevance of this research, provides a state-of-the-art analysis, proposes the improved procedure of smart contracts’ development and deployment, and suggests an algorithm for smart contract generation based on business rules.

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Section: Section XIII Information Technologies and Systemsmentioning

confidence: 99%

Towards the Approach to Building Smart Contracts Based on Business Rules Using Natural Language Processing

Shynkarenko

Kopp²

2022

GoS

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“…In spite of smart contracts being considered as one of the emerging technologies, there are other technologies as well where researchers are actively collaborating with each other to experiment and amalgamate smart contracts with other disciplines [16], [17], [155], [148], [122]. The smart contract has been providing immense benefits, but there are still various challenges on how to derive the smart contract from the legal contract as typically, regular paper contracts are written in natural language and hence create a high risk of vagueness, whereas a smart contract is a piece of code or a computer program.…”

Section: Active Research Topics In Smart Contracts and Emerging Techn...mentioning

confidence: 99%

“…Attorneys overlook these issues intentionally or unintentionally when they draft and analyze the contracts as they review and analyze thousands of legal contracts full of vague words and legal jargon. Instead, researchers are using NLP so that they can pinpoint the specific vague terms and provide correct revisions for improvement [122]. Furthermore, NLP experts are trying to create a computational model to generate smart codes from the analysis of legal contracts, using NLP and Blockchain-based smart contracts so that they don't leave room for vagueness.…”

Section: Natural Language Processingmentioning

confidence: 99%

“…As NLP technologies have been involved more in attempting to review, analyze, interpret, and generate the logic for the smart contract's development, more research is going on on the security side of the smart contracts where machine learning has been used [12], [17], [148], [122]. Just like NLP, machine learning is also considered to be a subset of AI.…”

Section: Machine Learning and Deep Learningmentioning

confidence: 99%

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Paradigm Shift from Vague Legal Contracts to Blockchain-Based Smart Contracts

Upadhyay

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In this dissertation, we address the problem of vagueness in traditional legal contracts by presenting novel methodologies that aid in the paradigm shift from traditional legal contracts to smart contracts. We discuss key enabling technologies that assist in converting the traditional natural language legal contract, which is full of vague words, phrases, and sentences to the blockchain-based precise smart contract, including metrics evaluation during our conversion experiment. To address the challenge of this contract-transformation process, we propose four novel proof-of-concept approaches that take vagueness and different possible interpretations into significant consideration, where we experiment with popular vendors' existing vague legal contracts. We show through experiments that our proposed methodologies are able to study the degree of vagueness in every interpretation and demonstrate which vendor's translated-smart contract can be more accurate, optimized, and have a lesser degree of vagueness. We also incorporated the method of fuzzy logic inside the blockchain-based smart contract, to successfully model the semantics of linguistic expressions. Our experiments and results show that the smart contract with the higher degrees of truth can be very complex technically but more accurate at the same time. By using fuzzy logic inside a smart contract, it becomes easier to solve the problem of contractual ambiguities as well as expedite the process of claiming compensation when implemented in a blockchain-based smart contract.

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