Smart Collaboration Mechanism using Blockchain Technology

Bitcoin is a decentralized digital currency that was introduced to the world in 2008. The underlying technology behind bitcoin as well as the other cryptocurrencies which followed it is blockchain technology. Nowadays, collaborative engineering is gaining tremendous popularity, especially in the information technology industry. In the future, technological giants may have to work with each other to complete large projects of great importance and significance. In such projects, trust management is crucial. With multiple parties involved in such projects, it is important that no party monopolizes the project and adds patches which are not known to the other parties. In addition, no party should have the authority to disclose the full contents of the work to a third party. In this paper, we propose a blockchain based solution to the above issues. The only authentic version of the project would be the one maintained in the blockchain. Collaborators would broadcast the changes they make, and it would be added to the blockchain only after consensus from all parties. We use a threshold key system on private keys so that consensus is achieved. Our proposed system guarantees secure release of the project as well as non repudiation to collaborators.