Using the Blockchain and Smart Contracts to Manage Grants Jason E. - - PowerPoint PPT Presentation

Using the Blockchain and Smart Contracts to Manage Grants

Jason E. Barkeloo jason@Knowbella.Tech

Simplified Evolution of Network Architecture

Centralized Distributed Decentralized

Blockchain

Cryptographically secure and globally distributed ledger

Blockchain

Immutable: Not changeable by anyone after the fact Transparent: Everyone can see the entry Trusted: Even when the parties who write to it are not trusted by each other, because trust is not needed

What is a Smart Contract?

Smart Contract

Computer program that is stored and runs on the blockchain Defines set of rules and procedures relating to a binding agreement between parties like a traditional contract, but unlike its paper counterpart, it can automatically enforce these obligations.

How Smart Contracts Can Improve Grant Funding?

US Patent Filing 62/555,989

Systems and Methods for Providing a Decentralized Platform for Connecting Members of an Open-Science Community

SUMMARY

• 1. Decentralized platform for connecting members
• f an open-science community
• 2. Connecting researchers with collaborators and/
• r funders
• 3. Generating decentralized electronic contract
• 4. Track progress of research project and direct

payment of funds in awarded tranches

Researchers Grantors

Have Resources Have Know-How

Both share the desire to advance science!

Researchers Grantors

Have Resources Have Know-How

Prepare Smart Contract

• 1. Define a number of

tranches of research; each tranche defines:

Budget Time frame Description of deliverables

• 2. Reference immutable

copies of original proposal

IPFS or Swarm

• 3. Store all grant monies

Ether or Helix. Converts to stable-coin to avoid FX Risk.

Once “Executed” the contract is:

• 1. Sent to the Blockchain
• 2. Process starts

Immediately, or Pre-determined date

Smart Contract

• 2. Research

performed

• 1. Distribute funds

to researchers for current tranche

• 3. Research results

published

• 4. Grantors vote to

accept and continue to next tranche

Life-cycle of a Funding Tranche

• 1. Continues until all

tranches have been completed; Or

• 2. Some failure occurs:

Unexpected discovery; Run out of time; Failure to vote

Safe premature exit

• 4. Remaining funds

returned to grantors

Immediate Benefits

Reduced overhead costs to manage grants Increased speed of grant awards Increased collaboration

Contact

Jason E. Barkeloo jason@Knowbella.Tech

305: Proposal submitted for community-based project 310: Funds committed by community 315: Community-based peer review and voting of proposal 320: Contract activated and 1st portion of research begins 325: If time met, 2nd tranche of funding unlocked 330: Working toward meeting deliverable goal 335: Working toward meeting deliverable goal 340: Deliverable/manuscript submitted 345: Community votes; “Yes” and next tranche delivered 350: If “No” vote reached, funds redistributed to new proposal

blocks Genesis block

405: Proposal submitted for community-based project 410: Funds committed by grantor 415: Helix token sale; goal met and researcher notified 420: Purchase of Helix tokens recorded 425: Countdown for meeting 1st research goal begins 430: Funds unlocked and provided to researcher 435: Working toward meeting deliverable goal 440: Working toward meeting deliverable goal 445: Deliverable provided and recorded to blockchain 450: Helix holders vote; “Yes” and next tranche delivered 455: If “No” vote reached, funds redistributed to grantors