Ontologies for commitment-based smart contracts

Smart contracts gain rapid exposure since the inception of blockchain technology. Yet there is no unified ontology for smart contracts. Being categorized as coded contracts or substitutes of conventional legal contracts, there is a need to reduce the conceptual ambiguity of smart contracts. We applied enterprise ontology and model driven architectures to abstract smart contracts at the essential, infological and datalogical level to explain the system behind computation and platform independent smart contracts rather than its functional behavior. This conceptual paper introduces commitment-based smart contracts, in which a contract is viewed as a business exchange consisting of a set of reciprocal commitments. A smart contract ensures the automated execution of most of these commitments