Towards a Mechanism for Protecting Seller’s Interest of Cash on Delivery by using Smart Contract in Hyperledger
Ha Xuan Son, Minh Ha Hoang, Nguyen Ngoc, Hai H. Trieu, Quoc Nghiep, Van Dai, Thinh Phu Do, Phuc Hien Nguyen · International Journal of Advanced Computer Science and Applications · 2019
In emerging economies, with the explosion of e-commerce, payment methods have increasingly enhanced security. However, Cash-on-Delivery (COD) payment method still prevails in cash-based economies. Although COD allows consumers to be more proactive in making payments, it still appears to be vulnerable by the appearance of a third party (shipping companies). In this paper, we proposed a payment system based on “smart contract” implemented on top of blockchain technology to minimize risks for parties. The platform consists of a set of rules that each party must follow including specific delivery time and place, cost of delivery, mortgage money; thereby, forcing parties to be responsible for their tasks in order to complete the contract. We also provided a detailed implementation to illustrate the efficiency of our model.