WO2020225594A1

WO2020225594A1 - System and method for formulation of a secure digital contract

Info

Publication number: WO2020225594A1
Application number: PCT/IB2019/057072
Authority: WO
Inventors: Awadhesh Pratap Singh; Alok MISHRA; Sumit Vaid; Nitin Agarwal; Rajesh Kumar Singh; Vikrant Kulkarni; Kulbhushan Doshi; Shubham MALHOTRA; Yatendra Singh; Shreyas Chavan
Original assignee: Awadhesh Pratap Singh; Mishra Alok; Sumit Vaid; Nitin Agarwal; Rajesh Kumar Singh; Vikrant Kulkarni; Kulbhushan Doshi; Malhotra Shubham; Yatendra Singh; Shreyas Chavan
Priority date: 2019-05-06
Filing date: 2019-08-22
Publication date: 2020-11-12

Abstract

A system for formulation of a secure digital contract includes a contract processing subsystem. The contract processing subsystem includes a template recommendation module, configured to identify the one or more parameters by an analysing technique and provide a pre-arranged template. The processing subsystem includes a clause customization module, configured to customize plurality of clauses within the pre-arranged template by a customizing technique. The processing subsystem includes a clause reviewing module, configured to review a customized contract according to one or more inputs received from the plurality of registered users. The processing subsystem includes a contract authorization module, configured to authorize the contract after reviewing the plurality of customized clauses of the contract by the securing technique. Present disclosure enables fast and secure formulation of a digital contract.

Description

SYSTEM AND METHOD FOR FORMULATION OF A SECURE DIG ITAL

CONTRACT

This International Application claims priority from a complete patent application filed in India having Patent Application No. 201911018115, filed on May 06, 2019 and titled“SYSTEM AND METHOD FOR FORMULATION OF A SECURE DIGITAL CONTRACT”.

FIELD OF INVENTION

Embodiments of a present disclosure relates to a field of digital contract, and more particularly to system and method for formulation of a secure digital contract.

BACKGROUND

Blockchain is a new type of database system that maintains and records data in a way that allows multiple stakeholders to confidently and securely share access to the same data and information. During formulation of a contract, it is a vital requirement to get feedback from parties in a secure platform. Proper incorporation of the feedback from all the parties is essential to enable minimizing risk in the long run. Moreover, negotiation between parties may be fast and without any hassle as all are on digital platform and available anywhere.

In conventional approach, a system for generating of a smart contract containing a plurality of templates and clause libraries is disclosed. Here, the clauses are generated after receiving specification in a programmable clause. More efficient approach would be to use a machine learning approach to generate clauses according to the need of the user. Moreover, the generation of clauses would be fast by customizing the available template.

In another approach, the system uses a blockchain module configured to encrypt and store the generated contract on blockchain. The security of contract documents is enabled by the block chain platform. The more efficient approach would be to give extra layer of protection by using different securing algorithms. The parties can interact and accept the legal contract. Hence, there is a need for an improved system for formulation of a secure digital contract and a method to operate the same and therefore address the aforementioned issues.

BRIEF DESCRIPTION

In accordance with one embodiment of the disclosure, a system for formulation of a secure digital contract is provided. The system includes a contract processing subsystem. The contract processing subsystem includes a registration module. The registration module is configured to receive a plurality of registration details of a plurality of users. The contract processing subsystem also includes a retrieval module. The retrieval module is operatively couple to the registration module. The retrieval module is configured to retrieve one or more parameters from a plurality of registered users.

The contract processing subsystem also includes a template recommendation module. The template recommendation module is operatively coupled to the retrieval module. The template recommendation module is configured to identify the one or more parameters by an analysing technique and provide a pre-arranged template. The contract processing subsystem also includes a clause customization module. The clause customization module is operatively coupled to the template recommendation module. The clause customization module is configured to customize plurality of clauses within the pre-arranged template by a customizing technique.

The contract processing subsystem also includes a clause reviewing module. The clause reviewing module is operatively coupled to the clause customization module. The clause reviewing module is configured to review a customized contract according to one or more inputs received from the plurality of registered users.

The contract processing subsystem also includes a contract authorization module. The contract authorization module is operatively coupled to the clause reviewing module. The contract authorization module is configured to authorize the contract after reviewing the plurality of customized clauses of the contract by a securing technique.

A contract memory subsystem is operatively coupled to the contract processing subsystem. The contract memory subsystem is configured to store the plurality of registration details of the plurality of users, the one or more parameters, the plurality of the customized clauses, the pre-arranged template, the authorized contract and the contract. Here, the contract memory subsystem is located on a blockchain platform.

In accordance with one embodiment of the disclosure, a method for formulation of a secure digital contract is provided. The method includes registering a plurality of registration details of a plurality of users. The method also includes retrieving one or more parameters from a plurality of registered users. The method also includes identifying the one or more parameters by an analysing technique. The method also includes recommending a pre-arranged template based on the identified the one or more parameters.

The method also includes customizing the plurality of clauses within the pre-arranged template by a customizing technique. The method also includes reviewing a customized contract according to one or more inputs received from the plurality of registered users.

The method also includes modifying the plurality of customized clauses by a modifying technique within the pre-arranged template based on one or more inputs received from the plurality of registered users. The method also includes authorizing a contract after reviewing the plurality of customized clauses of the contract by a securing technique.

To further clarify the advantages and features of the present disclosure, a more particular description of the disclosure will follow by reference to specific embodiments thereof, which are illustrated in the appended figures. It is to be appreciated that these figures depict only typical embodiments of the disclosure and are therefore not to be considered limiting in scope. The disclosure will be described and explained with additional specificity and detail with the appended figures.

BRIEF DESCRIPTION OF THE DRAWINGS

The disclosure will be described and explained with additional specificity and detail with the accompanying figures in which: FIG. 1 is a block diagram representation of a system for formulation of a secure digital contract in accordance with an embodiment of the present disclosure;

FIG. 2 is a schematic representation of an embodiment representing the system for formulation of the secure digital contract of FIG. 1 in accordance of an embodiment of the present disclosure;

FIG. 3 is a block diagram of a computer or a server in accordance with an embodiment of the present disclosure; and

FIG. 4 is a flowchart representing the steps of a method for formulation of a secure digital contract in accordance with an embodiment of the present disclosure. Further, those skilled in the art will appreciate that elements in the figures are illustrated for simplicity and may not have necessarily been drawn to scale. Furthermore, in terms of the construction of the device, one or more components of the device may have been represented in the figures by conventional symbols, and the figures may show only those specific details that are pertinent to understanding the embodiments of the present disclosure so as not to obscure the figures with details that will be readily apparent to those skilled in the art having the benefit of the description herein.

DETAILED DESCRIPTION

For the purpose of promoting an understanding of the principles of the disclosure, reference will now be made to the embodiment illustrated in the figures and specific language will be used to describe them. It will nevertheless be understood that no limitation of the scope of the disclosure is thereby intended. Such alterations and further modifications in the illustrated online platform, and such further applications of the principles of the disclosure as would normally occur to those skilled in the art are to be construed as being within the scope of the present disclosure.

The terms "comprises", "comprising", or any other variations thereof, are intended to cover a non-exclusive inclusion, such that a process or method that comprises a list of steps does not include only those steps but may include other steps not expressly listed or inherent to such a process or method. Similarly, one or more devices or subsystems or elements or structures or components preceded by "comprises... a" does not, without more constraints, preclude the existence of other devices, subsystems, elements, structures, components, additional devices, additional subsystems, additional elements, additional structures or additional components. Appearances of the phrase "in an embodiment", "in another embodiment" and similar language throughout this specification may, but not necessarily do, all refer to the same embodiment.

Unless otherwise defined, all technical and scientific terms used herein have the same meaning as commonly understood by those skilled in the art to which this disclosure belongs. The system, methods, and examples provided herein are only illustrative and not intended to be limiting.

In the following specification and the claims, reference will be made to a number of terms, which shall be defined to have the following meanings. The singular forms“a”, “an”, and“the” include plural references unless the context clearly dictates otherwise.

Embodiments of the present disclosure relate to a system for formulation of a secure digital contract. The system includes a contract processing subsystem. The contract processing subsystem includes a registration module. The registration module is configured to receive a plurality of registration details of a plurality of users. The contract processing subsystem also includes a retrieval module. The retrieval module is operatively couple to the registration module. The retrieval module is configured to retrieve one or more parameters from a plurality of registered users.

The contract processing subsystem also includes a clause reviewing module. The clause reviewing module is operatively coupled to the clause customizing module. The clause reviewing module is configured to review a customized contract according to one or more inputs received from the plurality of registered users.

FIG. 1 is a block diagram representation of a system for formulation of a secure digital contract (10) in accordance with an embodiment of the present disclosure. As used herein, the term“contract” refers to a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law. In one embodiment, the secure digital contract refers to contract that are monitored on digital platform for security.

The system (10) includes a contract processing subsystem (20). The contract processing subsystem (20) includes a registration module (40). The registration module (40) is configured to receive a plurality of registration details of a plurality of users.

In one embodiment, the registration details may be a name of the plurality of users, an address of plurality of users and the like. In another embodiment, the plurality of users comprises a promisor, a promisee, a third-party beneficiary, a legal official and the like.

As used herein, the term“promisor” is the party that makes the promise. As used herein, the term“promisee” is on the receiving end of the promise. As used herein, the term“third-party beneficiary” receives benefits of a contract, while not owing any obligation. The contract processing subsystem (20) also includes a retrieval module (50). The retrieval module (50) is operatively couple to the registration module (40). The retrieval module (50) is configured to retrieve one or more parameters from a plurality of registered users. In one embodiment, the one or more parameters from a plurality of registered users comprise contract agreement type, contract party names, contract party details and the like.

In one embodiment, the one or more parameters may be retrieved by an Optical Character Recognition technique. In one such embodiment, the Optical Character Recognition technique converts different types of documents, such as scanned paper documents, Portable Document Format (PDF) files or images captured by a digital camera into editable and searchable data.

In another embodiment, Robotics Process Automation (RPA) is enabled to capture, manipulate and interpret the one or more parameters. In such embodiment, the Robotics Process Automation (RPA) helps in manual work such as spelling check and the like. As used here,“Robotic process automation (RPA)” is the use of software with artificial intelligence and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform. Here, tasks can include queries, calculations and maintenance of records and transactions.

The contract processing subsystem (20) also includes a template recommendation module (60). The template recommendation module (60) is operatively coupled to the retrieval module (50). The template recommendation module (60) is configured to identify the one or more parameters by an analysing technique and provide a pre arranged template. In an alternative embodiment, one of the plurality of registered user may manually choose the required template according to the need.

In one embodiment, the pre-arranged template refers to service agreement contracts, employment contracts, partner contracts and the like. In another embodiment, identifying the one or more parameters includes identifying contract agreement type. In one such embodiment, the analysing technique includes at least one of artificial intelligence technique and a machine learning technique.

In an exemplary embodiment, machine learning based Elasticsearch is configured to generate the relevant recommendations. As used herein, the term“Elasticsearch” is a search engine based on the Lucene library and provides a distributed, multitenant- capable full-text search engine with a HyperText Transfer Protocol (HTTP) web interface and schema-free JavaScript Object Notation (JSON) documents.

As used herein, “artificial intelligence” refers to sometimes called machine intelligence, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans and other animals, such as visual perception, speech recognition, decision-making, and translation between languages. As used herein, “machine learning” refers to an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed.

The contract processing subsystem (20) also includes a clause customization module (70). The clause customization module (70) is operatively coupled to the template recommendation module (60). The clause customization module (70) is configured to customize plurality of clauses within the pre-arranged template by a customizing technique.

In one such embodiment, the plurality of clauses for a contract comprises an assignment clause, a confidentiality clause, a consideration clause, a force majeure clause, an indemnification clause and the like. In another embodiment, the customizing technique includes at least one of artificial intelligence and machine learning. In another alternative embodiment, the contract is manually customized by one of the plurality of registered user according to the need.

The contract processing subsystem (20) also includes a clause reviewing module (80). The clause reviewing module (80) is operatively coupled to the clause customization module (80). The clause reviewing module (90) is configured to review a contract according to one or more inputs received from the plurality of registered users.

In one embodiment, reviewing the customized contract is performed within a predefined time interval based on the one or more inputs received from the plurality of registered users. In such embodiment, the predefined time interval enables fast formulation of the secure digital contract. In an alternative embodiment, the one of the plurality of registered users may manually review the customized clauses of the contract. The contract processing subsystem (20) also includes a clause modification module. The clause modification module is operatively coupled to the clause reviewing module (80). The clause modification module is configured to modify the plurality of generated clauses by a modifying technique within the pre-arranged template based on the one or more inputs received from the plurality of registered users. In one embodiment, the modifying technique includes at least one of artificial intelligence and machine learning.

In another embodiment, one of the plurality of registered users may modify manually according to the need. In another embodiment, Optical Character Recognition technique along with Robotics Process Automation (RPA) may be used to read the modifying points and modify accordingly.

The contract processing subsystem (20) also includes a contract authorization module (90). The contract authorization module (90) is operatively coupled to the clause reviewing module (80). The contract authorization module is configured to authorize the contract after reviewing the plurality of customized clauses of the contract by a securing technique.

In one embodiment, the securing technique includes digitally signing of the customized contract by an Elliptic Curve Digital Signature Algorithm (ECDSA) key. Here, in one embodiment, one of the plurality of registered users after all reviewing and modification, digitally signs the customized contract. In such embodiment, all parties digitally sign the customized contract. Here, customized contract is forwarded to legal authority for further verifications and after such process the contract becomes legally enforceable.

Furthermore, in such embodiment, one of the plurality of registered users digitally signs a contract and correspondingly shares ECDSA key. As used herein, the term “ECDSA key” refers to a secret number and known only to the person that generated the documents. In such embodiment, the authorization of customized contract enables extra security during sharing. As used herein, the term “digital signature” is a mathematical scheme for verifying the authenticity of digital messages or documents.

The system (10) also includes a contract memory subsystem (30). The contract memory subsystem (30) is operatively coupled to the contract processing subsystem (20). The contract memory subsystem (30) is configured to store the plurality of registration details of the plurality of users, the one or more parameters, the plurality of the customized clauses, the pre-arranged template, the authorized contract and the contract.

The contract memory subsystem (30) is located on a blockchain platform. As used herein, the term“blockchain” refers to a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.

FIG. 2 is a schematic representation of an embodiment representing the system for formulation of the secure digital contract of FIG. 1 in accordance of an embodiment of the present disclosure. Here, a first party (110) and a second party (100) want to form a contract of employment between each other. The first party (110) and the second party (100) at first registers on a platform through the registration module (40).

By the help of the retrieval module (50), certain parameters are retrieved from the first party (110) and the second party (100). Here, the parameters would be post details, time duration, probation details, and the like. In an exemplary embodiment, the details may be recognised by Optical Character Recognition technique from a hand written document.

With such above stated details, a template is recommended by a template recommendation module (60) with the help of machine learning based Elasticsearch configured to generate the relevant recommendations to the first party (110). Hence, a template regarding employment agreement is recommended.

In such pre-arranged employment agreement template, the clauses are customized by the customizing technique, which includes machine learning based incorporations. Such customizing is done by a clause customization module (70). In an exemplary embodiment, the first party (110) may manually customize the pre-arranged employment agreement template according to the need. The customised clauses of the contract may be forwarded or disclosed to the second party (100).

The second party (100) may review the customized clauses in the digital contract. After such review by a clause reviewing module (80), the modification module enables changes of the contract as per need of the second party (100). Here, reviewing and modification are based on the one or inputs from the second party (100). In an alternative exemplary embodiment, after customization the customized contract may be authorized without modification.

Furthermore, at last after all customized clauses of the digital contract are reviewed, the first party (110) may digitally sign the contract and generate ECDSA key. The second party (100) may digitally sign the customized contract with the generated ECDSA key. All such authorization is enabled by authorization module (90). The first party (110) may send authorized contract to the respective legal authority for further clarification. After such authorization the employment agreement becomes enforceable. The securing technique includes securing customized contract by using Elliptic Curve Digital Signature Algorithm.

The registration module (40), the retrieval module (50), the template recommendation module (60), the clause customization module (70), the clause reviewing module (80) and the contract authorization module (90) in FIG. 2 is substantially equivalent to the registration module (40), the retrieval module (50), the template recommendation module (60), the clause customization module (70), the clause reviewing module (80) and the contract authorization module (190) of FIG. 1.

FIG. 3 is a block diagram of a computer or a server (130) in accordance with an embodiment of the present disclosure. The server (130) includes processor(s) (150), and memory (120) coupled to the processor(s) (150).

The processor(s) (150), as used herein, means any type of computational circuit, such as, but not limited to, a microprocessor, a microcontroller, a complex instruction set computing microprocessor, a reduced instruction set computing microprocessor, a very long instruction word microprocessor, an explicitly parallel instruction computing microprocessor, a digital signal processor, or any other type of processing circuit, or a combination thereof.

The memory (120) includes a plurality of modules stored in the form of executable program which instructs the processor (150) to perform the method steps illustrated in Fig 1. The memory (120) has following modules: the registration module (40), the retrieval module (50), the template recommendation module (60), the clause customization module (70), the clause reviewing module (80) and the contract authorization module (90). The registration module (40) is configured to receive a plurality of registration details of a plurality of users. The retrieval module (50) is configured to retrieve one or more parameters from a plurality of registered users. The template recommendation module (60) is configured to identify the one or more parameters by an analysing technique and provide a pre-arranged template. The clause customization module (70) is configured to customize plurality of clauses within the pre-arranged template by a customizing technique.

The clause reviewing module (80) is configured to review a customized contract according to one or more inputs received from the plurality of registered users. The contract authorization module (90) is configured to authorize the contract after reviewing the plurality of customized clauses of the contract by the securing technique.

Computer memory elements may include any suitable memory device(s) for storing data and executable program, such as read only memory, random access memory, erasable programmable read only memory, electrically erasable programmable read only memory, hard drive, removable media drive for handling memory cards and the like. Embodiments of the present subject matter may be implemented in conjunction with program modules, including functions, procedures, data structures, and application programs, for performing tasks, or defining abstract data types or low-level hardware contexts. Executable program stored on any of the above-mentioned storage media may be executable by the processor(s) (150).

FIG. 4 is a flowchart representing the steps of a method for formulation of a secure digital contract (160) in accordance with an embodiment of the present disclosure. The method (160) includes registering a plurality of registration details of a plurality of users in step 170. In one embodiment, registering the plurality of registration details of the plurality of users includes registering the plurality of registration details of the plurality of users by a registration module.

The method (160) also includes retrieving one or more parameters from a plurality of registered users in step 180. In one embodiment, retrieving the one or more parameters from the plurality of registered users includes retrieving the one or more parameters from the plurality of registered users by a retrieving module. The method (160) also includes identifying the one or more parameters by an analysing technique in step 190. In one embodiment, identifying the one or more parameters by the analysing technique includes identifying the one or more parameters by a template recommendation module.

The method (160) also includes recommending a pre-arranged template based on the identified the one or more parameters in step 200. In one embodiment, recommending the pre-arranged template based on the identified the one or more parameters includes recommending the pre-arranged template based on the identified the one or more parameters by the template recommendation module.

The method (160) also includes customizing the plurality of clauses within the pre arranged template by a customizing technique in step 210. In one embodiment, customizing the plurality of clauses within the pre-arranged template by the customizing technique includes customizing the plurality of clauses within the pre arranged template by the customizing technique by a clause customization module.

The method (160) also includes reviewing a customized contract according to one or more inputs received from the plurality of registered users in step 220. In one embodiment, reviewing the customized contract according to the one or more inputs received from the plurality of registered users includes reviewing the customized contract according to the one or more inputs received from the plurality of registered users by a clause reviewing module.

The method (160) also includes modifying the plurality of customized clauses by a modifying technique within the pre-arranged template based on one or more inputs received from the plurality of registered users in step 230. In one embodiment, modifying the plurality of customized clauses by the modifying technique within the pre-arranged template based on one or more inputs received from the plurality of registered users includes modifying the plurality of customized clauses by the modifying technique within the pre-arranged template based on one or more inputs received from the plurality of registered users by a clause modification module.

The method (160) also includes authorizing a contract after reviewing the plurality of customized clauses of the contract by a securing technique in step 240. In one embodiment, authorizing a contract after reviewing the plurality of customized clauses of the contract by the securing technique includes authorizing a contract after reviewing the plurality of customized clauses of the contract by the securing technique by a contract authorization module.

The method (160) further includes storing the plurality of registration details of a plurality of users, the one or more parameters, the plurality of the customized clauses, the pre-arranged template, the authorized contract and the contract.

In one embodiment, storing the plurality of registration details of a plurality of users, the one or more parameters, the plurality of the customized clauses, the pre-arranged template, the authorized contract and the contract includes storing the plurality of registration details of a plurality of users, the one or more parameters, the plurality of the customized clauses, the pre-arranged template, the authorized contract and the contract by a contract memory subsystem.

In another embodiment, storing the plurality of registration details of a plurality of users, the one or more parameters, the plurality of the customized clauses, the pre arranged template, the authorized contract and the contract includes storing the plurality of registration details of a plurality of users, the one or more parameters, the plurality of the customized clauses, the pre-arranged template, the authorized contract and the contract comprises storing on a blockchain platform.

Present disclosure of system and method for formulation of a secure digital contract enables fast formulation of digital contract. The present disclosure uses Elliptic Curve Digital Signature Algorithm for extra security. First party digitally signs the customized contract and provides the second party with ECDSA key. Here, the second finally authorises the customized contract after review and modification by digitally signing using ECDSA key.

Further, analysing technique enables selecting a pre-arranged template for formulation of a digital contract. Moreover, present disclosure easily customizes a pre-arranged template of contract by a customizing technique. The present disclosures enables easy formulation of digital contracts.

While specific language has been used to describe the disclosure, any limitations arising on account of the same are not intended. As would be apparent to a person skilled in the art, various working modifications may be made to the method in order to implement the inventive concept as taught herein.

The figures and the foregoing description give examples of embodiments. Those skilled in the art will appreciate that one or more of the described elements may well be combined into a single functional element. Alternatively, certain elements may be split into multiple functional elements. Elements from one embodiment may be added to another embodiment. For example, order of processes described herein may be changed and are not limited to the manner described herein. Moreover, the actions of any flow diagram need not be implemented in the order shown; nor do all of the acts need to be necessarily performed. Also, those acts that are not dependant on other acts may be performed in parallel with the other acts. The scope of embodiments is by no means limited by these specific examples.

Claims

WE CLAIM:

1. A system for formulation of a secure digital contract (10), comprising:

a contract processing subsystem (20), comprising: a registration module (40) configured to receive a plurality of registration details of a plurality of users; a retrieval module (50) operatively couple to the registration module (40), and configured to retrieve one or more parameters from a plurality of registered users; a template recommendation module (60) operatively coupled to the retrieval module (50), and configured to identify the one or more parameters by an analysing technique and provide a pre arranged template; a clause customization module (70) operatively coupled to the template recommendation module (60), and configured to customize plurality of clauses within the pre-arranged template by a customizing technique; a clause reviewing module (80) operatively coupled to the clause customization module (70), and configured to review a customized contract according to one or more inputs received from the plurality of registered users; a contract authorization module (90) operatively coupled to the clause reviewing module (80), and configured to authorize the contract after reviewing the plurality of customized clauses of the contract by the securing technique; and a contract memory subsystem (30) operatively coupled to the contract processing subsystem (20), and configured to store the plurality of registration details of the plurality of users, the one or more parameters, the plurality of the customized clauses, the pre-arranged template, the authorized contract and the contract, wherein the contract memory subsystem is located on a blockchain platform.

2. The system (10) as claimed in claim 1, wherein reviewing the customized contract is performed within a predefined time interval based on the one or more inputs received from the plurality of registered users.

3. The system (10) as claimed in claim 1, wherein further comprising a clause modification module operatively coupled to the clause reviewing module (80), and configured to modify the plurality of generated clauses by a modifying technique within the pre-arranged template based on the one or more inputs received from the plurality of registered users.

4. The method for formulation of a secure digital contract (160), comprising: registering, by a registration module, a plurality of registration details of a plurality of users (170); retrieving, by a retrieval module, one or more parameters from a plurality of registered users (180); identifying, by a template recommendation module, the one or more parameters by an analysing technique (190); recommending, by the template recommendation module, a pre-arranged template based on the identified the one or more parameters (200); customizing, by a clause customization module, the plurality of clauses within the pre-arranged template by a customizing technique (210); reviewing, by a clause reviewing module, a customized contract according to one or more inputs received from the plurality of registered users (220); modifying, by a clause modification module, the plurality of customized clauses by a modifying technique within the pre-arranged template based on one or more inputs received from the plurality of registered users (230); and authorizing, by a contract authorization module, a contract after reviewing the plurality of customized clauses of the contract by the securing technique (240).

5. The method (160) as claimed in claim 4, wherein reviewing, by the clause reviewing module, the customized contract is performed within a predefined time interval based on the one or more inputs received from the plurality of registered users.

6. The method (160) as claimed in claim 4, further comprising storing, by a contract memory subsystem, the plurality of registration details of a plurality of users, the one or more parameters, the plurality of the customized clauses, the pre arranged template, the authorized contract and the contract.

7. The method (160) as claimed in claim 6, wherein storing of the plurality of registration details of a plurality of users, the one or more parameters, the plurality of the customized clauses, the pre-arranged template, the authorized contract and the contract, comprises storing on a blockchain platform.