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Processes and data in e-commerce. Smart contract based B2B electronic transaction execution and verification - Reference model

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1 Scope

This document provides a reference model intended to support the analysis and design of B2B electronic transactions utilizing smart contracts. The model identifies and defines five core components that constitute the foundational elements for such transactions, as follows:

  • authentication and responsibility of transaction parties;

  • transaction procedure and execution;

  • transaction consensus mechanism;

  • transaction verification mechanism;

  • security controls.