Smart Contract Generation through NLP and Blockchain for Legal Documents
Sayyed Usman Ahmed, Abutalha Danish, Nesar Ahmad, Tameem Ahmad
Abstract
The rise in legislation and the need for task automation systems has resulted in an amplified requirement for software development. This is aimed at improving the accuracy and efficiency of reading and interpreting laws in legal activities, allowing for enhanced precision and swiftness. Currently, there is a need for analysts to interpret written legislation and then encode it into computer programs, which often leads to errors. As cryptocurrencies gain popularity, there is growing interest in utilizing Blockchain technology in the legal field. Specifically, smart contracts can be used to integrate business rules into laws and automate blockchain management. However, the process of writing fast and high-quality code can be improved by leveraging artificial intelligence based techniques such as natural language processing (NLP) to help practitioners. Despite reviewing the current state-of-the-art, there is a lack of existing work that combines smart contracts and NLP in the context of legislation analysis. This study work generates intelligent code from legislation analysis, utilizing NLP and Blockchain for this purpose. In this research work a pilot prototype for smart contract generation is developed and initial code samples are presented. This work demonstrates a promising results with 96% accuracy in Name Entity Recognition (NER) and also highlights the importance of smart contract generation through NLP.