ABSTRACT
Every smart city relies on a specified set of contracts to govern the rules that control and coordinate operations. Traditional contracts in a smart city are inefficient. Instead, automatic digital contracts are used. These contracts offer their own set of benefits, but they still rely on trusted partners who cannot enforce restrictions. As a result, blockchain smart contracts were created to let smart cities collaborate decentralized. To use the blockchain's functionalities, traditional contracts must be used. This has made blockchain-based contracts inefficient and difficult to handle. Due to a lack of emphasis, existing contractual approaches do not fully account for the benefits of blockchain smart contracts. For a contracting system that works efficiently with the blockchain and its intrinsic smart contracts, a new approach is required.
An efficient contracting strategy that can solve the key operations within smart cities is presented in this chapter. We offer a novel idea of contracting among blockchain networks to better understand how members might collaborate across businesses. We devise an innovative multi-contracting strategy allowing numerous parties to efficiently interact and work together, ensuring project completion and contract solidification. We create a complicated interconnected system of contracts to track and manage multiple businesses' relationships. We add a unique contract consolidation mechanism to avoid duplication. Using blockchain-based oracle nodes, we build a unique transparent and fair process within organizations in smart cities. A multi-arbitration and multi-contracting arbitration scheme is created for outsourced and sub-outsourced blockchain projects. In our case, we consider ex-facto scenarios.
