RheaNet

Digital Dispute Resolution Platform for Maritime Trade Finance Powered by Ethereum ChainLink Ecosystem

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Inspiration

Inspired by the impact of damage caused by the Ever Given blockage on the suez canal and having understood the difficulties due to increased human intervention and lack of adequate use of available technology after gaining dispute resolution and maritime experience, we felt the need to create a platform which made maritime trade, transport and dispute resolution easy, so that the time and money otherwise spent on the same could be utilised to promote trade and growth of the economy.

What it does

It hosts and facilitates maritime transactions and dispute resolutions arising from these transactions. It generates smart contracts for which governs maritime trade and automates performance of contract. Oracles are integrated with the contract to give real time data of contractual performance so that steps such as payment of compensation for work done or initiation of dispute for work not performed can be implemented. The genesis block for each transaction also stores evidence pertaining to the transaction, such as pre-contractual negotiation, temperature logs of shipping containers etc. The Platform tokenise Bills of Lading as ERC 1155 tokens for efficient transfer and verifiability. It supports fractionalisation of NFTs if the Bill of Lading is to be amended. The Platform supports dispute resolution for shipping disputes. Contract breach oracle collects data on breach and initiates dispute. Dispute Notification oracle notifies parties on initiation of dispute so they can prepare their claims and defence. Dispute Evidence Oracle collects evidence for resolution on dispute. The dispute is adjudicated by anonymous arbitrators. Minimal anti-collusion infrastructure will also be used to prevent bias. Voting by arbitrators is via staking and quadratic voting. The arbitral award (decision) is made part of the original smart contract which is automatically performed on covenants of the contract being fulfilled. Any damages paid will be made from the Resolution Reserve Vault.

Resolution Reserve Vault collects reserve amounts from parties at the time of creating smart contract. This is used for payment of consideration for performance of contract or payment of damages for breach and post dispute resolution. Excess amount is returned. No fee is to be paid for arbitration. The amount is vault is given out as loans (eg. flash loans). Money generated from it is used to run the Platform and pay the arbitrator. As Maritime voyages take months to be completed. By the time the amount is to be returned, Platform will have generated reasonable income without relying on fees by parties. The high fees paid for dispute resolution, can instead be used to generate more trade, thereby contributing to the growth of the economy.

How we built it

  • ChainLink Oracle Node Deployment
  • ChainLink External Adapter for IPFS
  • ChainLink Oracle Clients for Dispute Evidence
  • ChainLink Oracle Clients for Dispute Notification
  • Bill of Lading as an ERC 1155 NFT Aggregator
  • Shipping Goods as an ERC 721 NFT
  • Bill of Lading Based Fractionalization of ERC 1155
  • Dispute Resolution Reserve Vault using ERC 20 Vaults
  • Sale Agreement on OpenLaw Template
  • Dispute Resolution using OpenLaw OpenCourt

Challenges we ran into

  • OpenLaw Template Customization
  • Arbitrum Rollup Integration with ChainLink Oracles

Accomplishments that we're proud of

  • Integration of Anonymous and Quadratic Voting for Arbitration
  • Integration of Arbitrum Rollups with ChainLink Oracles
  • Deployment of ChainLink Oracle Nodes
  • Creation of Fractional NFT for Bill of Lading

What we learned

  • Arbitrum Rollups
  • ChainLink Local Node Setup
  • ChainLink External Adapter for IPFS

What's next for RheaNet

Onboard P&I clubs, banks, insurers, arbitral institutions, shipping companies and other stakeholders to make maritime trade, transport and dispute resolution more efficient

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