Importance

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Abstract

A method and system provides for digital automation of the transaction space. Digital contracts are programmed to reflect the intended activity or operations of the parties in connection with their purpose. Those contracts can be drafted, ratified and stored by parties situated at any global location, so that the contracts operate on a centralized platform, whereby computational activity is initiated based on the occurrence of events independent of the system. Briefly, the device provides the framework within which contracts operate when triggered by events in order to automatically perform their intended and programmed purpose. In part, the contracts and the instructions regarding functions contained within contracts are linked based on their common purpose, that is, a specific product or service. Dissemination of instructions and data is automated and the means for dissemination and communication between the system and the parties can be as simple as an internet connection, as well as other connections. The method and system make it possible to culminate with automatic payment to the parties.

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First Claim