THEREOF

TECHNICAL FIELD

[0001] The present invention relates generally to computer networks and specifically to an online transaction system.

BACKGROUND

[0002] Artworks are of various forms, such as paintings, sculptures, digital art, etc. Generally, old artworks can be traced to one of the several art periods. Various art periods, such as, renaissance, neoclassicism, modern art, contemporary art, have their own distinctive style. Typically, a panel of historians, artists, and scientists establishes authenticity of the old artworks. However, for contemporary artworks and digital artworks, it is very difficult to establish the rightful origin and the authenticity of the artworks. Moreover, the existence of copies and duplicates makes it even more difficult to trace and award the real artist. Therefore, selling these artworks for their correct price involves proving their originality and authenticity, and is an extremely difficult task for the artists.

[0003] Traditionally, artworks have been traded through art galleries and auction houses. The art galleries and the auction houses procure the artworks from the artists at low costs and sell with high profit margins. The profit margins of the arthouses are more than those of the artists, which may seem unfair considering the time and effort invested in the artwork by the artists. Further, since the art galleries and auction houses constitute maximum portion of the art sales and have elite buyers, the artists are forced to sell the artworks through the art galleries and auction houses. This reduces the exposure of the artists to the buyers. Moreover, since the identity of the artists are not directly known to the buyers, the buyers associate the artworks to the art galleries. Because of this, the recognition of the artists is lost and the credit for the artwork goes to the galleries. This hinders the careers of the artists and significantly affects their earnings. [0004] Big artistic projects may require collaboration from one or more artists. For instance, interior designing of hotels, museums, and churches may require artworks from hundreds of artists at the same time. In such cases, all the artists must have mutual understanding about the placement of their artworks and the theme of the project. Typically, the artists collaborate with each other using emails, social networks, or online project management services. However, these platforms are not optimized for the purpose of artistic collaboration, and hence, have many drawbacks. It is difficult for the artists to share the progress of their artwork with the numerous other artists working on the same project.

[0005] Thus, there is a need for an online transaction system that provides facility to the artists to collaborate on artistic projects and that connects the artists directly with the buyers.

SUMMARY [0006] This summary is provided to introduce concepts related to an online transaction system and an online transaction method. This summary is neither intended to identify essential features of the present invention nor is it intended for use in determining or limiting the scope of the present invention.

[0007] In an embodiment of the present invention, an online transaction method is provided. The online transaction method is implemented in a blockchain network. The online transaction method includes storing a primary smart contract logic in a smart contract logic unit. The primary smart contract logic includes one or more predefined primary conditions set by an operator. The smart contract logic unit generates a first primary smart contract between a first user and the operator based on the primary smart contract logic. The first user corresponds to a first computing device. The smart contract logic unit generates a second primary smart contract between a second user and the operator based on the primary smart contract logic. The second user corresponds to a second computing device. The method further includes receiving a first set of conditions from the first user and a second set of conditions from the second user by a communication unit. The smart contract logic unit generates a secondary smart contract between the first user and the second user based on the first and second sets of conditions. The secondary smart contract is indicative of an online transaction between the first and second users. A processor determines whether the first and second sets of conditions are fulfilled. Thereafter, the processor executes the first and second primary smart contracts when the first and second sets of conditions are not fulfilled. Further, the processor executes the secondary smart contract when the first and second sets of conditions are fulfilled. This completes the online transaction between the first and second users.

[0008] In another embodiment of the present invention, an online transaction system having a blockchain network is provided. The online transaction system includes a first computing device, a second computing device, a smart contract logic unit, and a processor. The first computing device corresponds to a first user. The first computing device is configured to provide a first set of conditions. The second computing device corresponds to a second user. The second computing device is configured to provide a second set of conditions. The smart contract logic unit is configured to store a primary smart contract logic including one or more predefined primary conditions set by an operator. The smart contract logic unit generates a first primary smart contract between the first user and the operator based on the primary smart contract logic. Further, the smart contract logic unit generates a second primary smart contract between the second user and the operator based on the primary smart contract logic. Thereafter, the smart contract logic unit generate a secondary smart contract between the first user and the second user based on the first and second sets of conditions. The secondary smart contract is indicative of an online transaction between the first and second users. The processor is configured to determine whether the first and second sets of conditions are fulfilled. The processor executed the first and second primary smart contracts when the first and second sets of conditions are not fulfilled. The processor executes the secondary smart contract when the first and second sets of conditions are fulfilled. This completes the online transaction between the first and second users.

[0009] In yet another embodiment of the present invention, an online transaction system is provided. The online transaction system includes a first computing device, a second computing device, a smart contract logic unit, a processor, and a blockchain network. The first computing device corresponds to a first user. The first computing device is configured to provide a first set of conditions. The second computing device corresponds to a second user. The second computing device is configured to provide a second set of conditions. The smart contract logic unit is configured to store a primary smart contract logic including one or more predefined primary conditions set by an operator. The smart contract logic unit generates a first primary smart contract between the first user and the operator based on the primary smart contract logic. The smart contract logic unit generates a second primary smart contract between the second user and the operator based on the primary smart contract logic. Further, the smart contract logic unit generates a secondary smart contract between the first user and the second user based on the first and second sets of conditions. The secondary smart contract is indicative of an online transaction between the first and second users. The processor is configured to determine whether the first and second sets of conditions are fulfilled. The blockchain network is configured to execute the first and second primary smart contracts when the first and second sets of conditions are not fulfilled. Further, the blockchain network execute the secondary smart contract when the first and second sets of conditions are fulfilled. This completes the online transaction between the first and second users.

[0010] In an embodiment, the processor resides in a server and the server is in communication with the first and second computing devices.

[0011] In another embodiment, the first and second primary smart contracts and the secondary smart contract are executed by the processor. [0012] In yet another embodiment, the server is in communication with the blockchain network.

[0013] In yet another embodiment, the first and second primary smart contracts and the secondary smart contract are executed by a computing node within the blockchain network.

[0014] In yet another embodiment, the secondary smart contract is between a plurality of users including the first and second users.

BRIEF DESCRIPTION OF ACCOMPANYING DRAWINGS [0015] The detailed description is described with reference to the accompanying figures.

[0016] Fig. 1 illustrates a schematic block diagram of an online transaction system in accordance with an embodiment of the present invention.

[0017] Fig. 2 illustrates a schematic block diagram of a blockchain network in accordance with an embodiment of the present invention.

[0018] Fig. 3 illustrates a schematic block diagram of a server in accordance with an embodiment of the present invention.

[0019] Fig. 4 is a flowchart illustrating a project implemented by a system in accordance with an embodiment of the present invention. [0020] Fig. 5 is a flowchart illustrating an online transaction method in accordance with an embodiment of the present invention.

[0021] Figs. 6A-6B are a flowchart illustrating an online transaction method in accordance with an embodiment of the present invention. [0022] It should be appreciated by those skilled in the art that any block diagrams herein represent conceptual views of illustrative systems embodying the principles of the present invention.

[0023] Similarly, it will be appreciated that any flow charts, flow diagrams, and the like represent various processes which may be substantially represented in computer readable medium and so executed by a computer or processor, whether or not such computer or processor is explicitly shown.

DETAILED DESCRIPTION [0024] The various embodiments of the present invention provide an online transaction system and an online transaction method.

[0025] In the following description, for purpose of explanation, specific details are set forth in order to provide an understanding of the present invention. It will be apparent, however, to one skilled in the art that the present invention may be practiced without these details. One skilled in the art will recognize that embodiments of the present invention, some of which are described below, may be incorporated into a number of systems.

[0026] However, the systems and methods are not limited to the specific embodiments described herein. Further, structures and devices shown in the figures are illustrative of exemplary embodiments of the present invention and are meant to avoid obscuring of the present invention.

[0027] Furthermore, connections between components and/or modules within the figures are not intended to be limited to direct connections. Rather, these components and modules may be modified, re-formatted or otherwise changed by intermediary components and modules. [0028] References in the present invention to“embodiment” mean that a particular feature, structure, characteristic, or function described in connection with the embodiment is included in at least one embodiment of the present invention. The appearances of the phrase“in one embodiment” in various places in the specification are not necessarily all referring to the same embodiment.

[0029] In an embodiment of the present invention, an online transaction method is provided. The online transaction method is implemented in a blockchain network. The online transaction method includes storing a primary smart contract logic in a smart contract logic unit. The primary smart contract logic includes one or more predefined primary conditions set by an operator. The smart contract logic unit generates a first primary smart contract between a first user and the operator based on the primary smart contract logic. The first user corresponds to a first computing device. The smart contract logic unit generates a second primary smart contract between a second user and the operator based on the primary smart contract logic. The second user corresponds to a second computing device. The method further includes receiving a first set of conditions from the first user and a second set of conditions from the second user by a communication unit. The smart contract logic unit generates a secondary smart contract between the first user and the second user based on the first and second sets of conditions. The secondary smart contract is indicative of an online transaction between the first and second users. A processor determines whether the first and second sets of conditions are fulfilled. Thereafter, the processor executes the first and second primary smart contracts when the first and second sets of conditions are not fulfilled. Further, the processor executes the secondary smart contract when the first and second sets of conditions are fulfilled. This completes the online transaction between the first and second users.

[0030] In another embodiment of the present invention, an online transaction system having a blockchain network is provided. The online transaction system includes a first computing device, a second computing device, a smart contract logic unit, and a processor. The first computing device corresponds to a first user. The first computing device is configured to provide a first set of conditions. The second computing device corresponds to a second user. The second computing device is configured to provide a second set of conditions. The smart contract logic unit is configured to store a primary smart contract logic including one or more predefined primary conditions set by an operator. The smart contract logic unit generates a first primary smart contract between the first user and the operator based on the primary smart contract logic. Further, the smart contract logic unit generates a second primary smart contract between the second user and the operator based on the primary smart contract logic. Thereafter, the smart contract logic unit generate a secondary smart contract between the first user and the second user based on the first and second sets of conditions. The secondary smart contract is indicative of an online transaction between the first and second users. The processor is configured to determine whether the first and second sets of conditions are fulfilled. The processor executed the first and second primary smart contracts when the first and second sets of conditions are not fulfilled. The processor executes the secondary smart contract when the first and second sets of conditions are fulfilled. This completes the online transaction between the first and second users.

[0031] In yet another embodiment of the present invention, an online transaction system is provided. The online transaction system includes a first computing device, a second computing device, a smart contract logic unit, a processor, and a blockchain network. The first computing device corresponds to a first user. The first computing device is configured to provide a first set of conditions. The second computing device corresponds to a second user. The second computing device is configured to provide a second set of conditions. The smart contract logic unit is configured to store a primary smart contract logic including one or more predefined primary conditions set by an operator. The smart contract logic unit generates a first primary smart contract between the first user and the operator based on the primary smart contract logic. The smart contract logic unit generates a second primary smart contract between the second user and the operator based on the primary smart contract logic. Further, the smart contract logic unit generates a secondary smart contract between the first user and the second user based on the first and second sets of conditions. The secondary smart contract is indicative of an online transaction between the first and second users. The processor is configured to determine whether the first and second sets of conditions are fulfilled. The blockchain network is configured to execute the first and second primary smart contracts when the first and second sets of conditions are not fulfilled. Further, the blockchain network execute the secondary smart contract when the first and second sets of conditions are fulfilled. This completes the online transaction between the first and second users.

[0032] In an embodiment, the processor resides in a server and the server is in communication with the first and second computing devices.

[0033] In another embodiment, the first and second primary smart contracts and the secondary smart contract are executed by the processor. [0034] In yet another embodiment, the server is in communication with the blockchain network.

[0035] In yet another embodiment, the first and second primary smart contracts and the secondary smart contract are executed by a computing node within the blockchain network. [0036] In yet another embodiment, the secondary smart contract is between a plurality of users including the first and second users.

[0037] Referring now to Fig. 1, an online transaction system (100) is provided in accordance with an embodiment of the present invention. The online transaction system (100) includes a plurality of computing devices (102) including first through fourth computing devices (l02a-l02d). The computing devices (102) are in communication with a server (104). The server (104) is connected to a database (106) and is in communication with a blockchain network (108). The blockchain network (108) includes a smart contract system (110).

[0038] The computing devices (102) correspond to a plurality of users of the online transaction system (100). The users may be artists making and selling artwork or customers buying the artwork from the artists. Examples of the computing devices (102) include smartphones, laptops, desktops, etc. The computing devices (102) may operate on various operating systems, such as, Windows ^® , Mac OS ^® , iOS ^® , Android ^® , etc. The computing devices (102) are in communication with the server (104) by way of wired or wireless communication networks. Examples of the wired or wireless communication networks include fiber optic cables, mobile communication networks, Wi-Fi, Wi-Max, etc. Each of the computing devices (102) includes a processor, a memory, an antenna, input/output devices, and other electronic circuits.

[0039] The first computing device (l02a) corresponds to a first user and the second computing device (l02b) corresponds to a second user. The first and second users may be artists or consumers registered on the online transaction system (100). In an example, the first and second users enter into an online transaction by way of the online transaction system (100). The online transaction is not limited to monetary transactions because the online transaction may be any type of interaction or any type of exchange of data, information, or commodities between the first and second users. In an example, the online transaction includes creation, completion, assignment, or ideation of an art project.

[0040] In one exemplary embodiment of the present invention, the online transaction system (100) may be implemented by a computing device (102) in form of a mobile application executable by a processor of the computing device

(102). Here, the computing device (102) may download the mobile application using the wireless network. In this, a set of instructions may be stored in the memory of the computing device (102). The instructions, when executed by the processor of the computing device (102) may cause the processor to execute the online transaction method. While executing the online transaction method, the computing device (102) may receive inputs from the user, process the input and may transmit the processed input to the server (104). The server (104) may also send one or more commands to the computing device (102) by way of the mobile application installed on the computing device (102).

[0041] In another exemplary embodiment of the present invention, the online transaction system (100) may be implemented by the computing device (102) in form of a plugin in a browser installed on the computing device (102). Here, the browser may collect input from the user of the computing device (102) and relay the input to the server (104). The server (104) may transmit commands to the computing device (102) through the plugin in the browser.

[0042] The server (104) hosts the online transaction system (100) that is implemented on the computing devices (102) in a distributed manner. The server (104) is connected to the database (106). The database (106) stores details of the users of the online transaction system (100). In an example, the server (104) maintains a plurality of user logins corresponding to the plurality of users. Here, each user may use a unique combination of user identifier and a corresponding password to access the online transaction system (100). The server (104) maintains a plurality of user accounts corresponding to the plurality of users. The user accounts include user information such as, name, age, contact number, address, email id of the users. The user accounts may also include professional information, such as, artworks created by the users, art portfolios of the users, history of completed contracts by the users, and so on. The user accounts may by stored in the database (106). [0043] The server (104) is in communication with the blockchain network

(108). The blockchain network (108) includes the smart contract system (110) which utilizes resources of the blockchain network (108).

[0044] Referring now to Fig. 2, the blockchain network (108) of Fig. 1 is provided in accordance with an embodiment of the present invention. The blockchain network (108) includes a public ledger that maintains a list of data records. The data records are connected to each other to form a“blockchain”, /. e. , a blockchain consists of blocks of data records. New blocks are added to the blockchain network (108) as new data records are created in the blockchain network (108). Each new block includes a hash of a previous block. Hence, each new block strengthens the blockchain network (108) by adding additional security.

[0045] As shown in Fig. 2, the blockchain network (108) includes a plurality of computing nodes (202) including first through fourth computing nodes (202a- 202d). Each computing node (202) includes a memory (204) which stores a ledger

(206). Each computing node (202) is connected to every other computing node (202) of the blockchain network (108), thereby forming an inter-connected network of computing nodes (202). Examples of the computing nodes (202) include, but are not limited to, personal computers, servers, smart phones, tablets, laptops, etc. The computing nodes (202) may also execute one or more programs within the blockchain network (108).

[0046] Each computing node (202) stores the ledger (206) or a part of the ledger (206). The ledger (206) includes information corresponding to transactions executed within the blockchain network (108). The transactions may be a part of the smart contract system (110) implemented within the blockchain network

(108).

[0047] The smart contract system (110) is implemented using the computing nodes (202) of the blockchain network (108). A smart contract is a transaction executed between two users (for e.g. an artist making the artwork and a buyer buying the artwork). The smart contract system (110) includes logic that is programmed by the server (104) into the smart contract system (110). The logic includes making decisions based on performance of both parties to the smart contract. In operation, input from one of the parties to the smart contract is encrypted and stored into the smart contract system (110). In an example, the input may include digital artwork or information about any physical artwork. The smart contract system (110) uses the logic to analyze and judge whether the input satisfies the criteria set by the logic are satisfied by the input received from the party. On the other hand, the other party to the smart contract may deposit a reward in to the smart contract system (110) in form of a transaction executed within the blockchain network (108). In an example, the reward may include money deposited by the other party. When the smart contract system (110) determines that the input satisfies the criteria of the logic, the smart contract system (110) transfers the reward to the party and transfers the input to the other party, thereby executing the smart contract between both the parties. In an example, transferring of input to the other party may include sending the digital artwork to the other party or transfer of the physical artwork to the other party. In an example, transferring reward to the party may include depositing the money in the user account of the other party. Since the execution of the smart contract is automated and does not include human intervention, the smart contracts are trustworthy and accurate. The smart contract is also recorded in multiple ledgers of the blockchain network (108). In an example, the smart contract is stored in the ledgers in form of one or more transactions between the parties to the smart contract. [0048] Referring now to Fig. 3, a server (104) is provided in accordance with an embodiment of the present invention. The server (104) includes a processor (302), a memory (304), a communication unit (306), an artificial intelligence (AI) unit (308), an interactive discussion platform (310), a smart contract logic (312), a blogging unit (314), and an art showcasing unit (316). The aforementioned components (302-316) are interconnected (connections not shown in Fig. 3 for simplicity).

[0049] The smart contract logic unit (312) stores the logic that is used for executing smart contracts in the blockchain network (108). In an example, the smart contract logic unit (312) can be reprogrammed by an administrator by way of the server (104). The smart contract logic is programmed into the blockchain network (108) by the smart contract logic unit (312).

[0050] The smart contract logic unit (312) stores a primary smart contract logic. The primary smart contract logic includes predefined conditions set by an operator of the online transaction system (100). In an example, the primary smart contract is a smart contract which is common to all the users of the online transaction platform (100). Examples of the primary smart contract include terms and conditions of usage, fair usage policies, confidentiality agreements, etc.

[0051] The smart contract logic unit (312) generates a first primary smart contract, between the first user and the operator, based on the primary smart contract logic. Similarly, the smart contract logic unit (312) generates a second primary smart contract, between the second user and the operator, based on the primary smart contract logic.

[0052] In an example, the online transaction system (100) includes multiple primary smart contracts. That is, the online transaction system (100) includes one or more primary smart contracts with every registered user thereof.

[0053] The communication unit (306) receives a first set of conditions form the first user and a second set of conditions form the second user. The smart contract logic unit (312) generates a secondary smart contract based on the first and second conditions.

[0054] In an example, the first and second conditions are mutually decided and agreed upon by the first and second users. For instance, the first user provides one or more conditions to the second user and the second user provides one or more conditions to the first user. The first and second users may deliberate or negotiate on the provided conditions before finalizing and providing the first and second sets of conditions to the smart contract logic unit (312). The first set of conditions may indicate the conditions to be fulfilled by the second user and the second set of conditions may indicate the conditions to be fulfilled by the first user. The online transaction between the first and second users is said to be completed when the first and second sets of conditions are fulfilled by the second and first users, respectively. The secondary smart contract is executed when the first and second sets of conditions are fulfilled by the first and second users and is indicative that the online transaction between the first and second users is successfully completed.

[0055] In an instance, either or both of the first and second users may fail to satisfy the first and second sets of conditions. In that case, the secondary smart contract is not executed and is indicative that the online transaction between the first and second users is not completed. However, even in such cases the first and second primary smart contracts are executed.

[0056] In an embodiment, the processor (302) determines whether the first and second sets of conditions are fulfilled. If both: the first and second sets of conditions are fulfilled, the processor (302) executes the secondary smart contract. However, if either or both of the first and second sets of conditions are not satisfied, the processor (302) executes the first and second primary smart contracts.

[0057] In an example, the secondary smart contract is executed between more than two users. For instance, if the art project involves more than two artists working on the art project, the secondary smart contract for said art project is executed between all the artists working on the art project. In this case, the smart contract logic unit (312) generates multiple primary smart contracts corresponding to the multiple users. Thereafter, the communication unit (306) receives multiple sets of conditions from the multiple users. The smart contract logic unit (312) generates a secondary smart contract between said multiple users based on the received multiple sets of conditions. The processor (302) checks whether every set of conditions is fulfilled. If the processor determines that not every set of conditions is fulfilled, the processor (302) executes the multiple primary smart contracts corresponding to the multiple users. If the processor (302) determines that all the sets of conditions are fulfilled, the processor (302) executes the secondary smart contract between said multiple users.

[0058] Thus, it will be easily understood by a person of ordinary skill in the art that the secondary smart contract is not limited to two users and may be executed between any number of users.

[0059] In another embodiment, the online transaction system (100) is hosted by the blockchain network (108). In this, a smart contract system (110) executes the secondary smart contract when both: the first and second sets of conditions are fulfilled. The smart contract system (110) executes the first and second primary smart contracts when either or both of the first and second sets of conditions are not fulfilled.

[0060] In yet another embodiment, the computing node (202) executes the secondary smart contract when both: the first and second sets of conditions are fulfilled. The computing node (202) executes the first and second primary smart contracts when either or both of the first and second sets of conditions are not fulfilled.

[0061] In an example, the computing node (202) is within the smart contract system (110).

[0062] In another example, the computing node (202) is within the server (104).

[0063] It may be understood to a person of ordinary skill in the art that the smart contracts may be executed in a distributed manner within the blockchain network (108) or in a centralized manner within the server (104). The present invention is equally applicable in the distributed manner and the centralized manner, both: operationally and effectively.

[0064] The interactive discussion platform (310) provides an interactive platform to the users for conducting discussions. The interactive discussion platform (310) may be utilized on the computing devices (102) as a chat feature. Using the interactive discussion platform (310), one user may send messages or other data, such as, but not limited to, videos, photos, 3D printing files, blueprints, artworks, project details, etc. to one or more other users. The interactive discussion platform (310) may provide: (i) one-to-one chat feature, wherein a user may communicate with another user; (ii) one-to-many chat feature, wherein one user may communicate with many other users; (iii) many-to-many chat feature, wherein many users may communicate with many other users. The interactive discussion platform (310) may also provide for group discussions wherein a group of users may discuss with each other regarding the artworks or any other subject of their choice. The groups may be: (i) open group discussions, wherein the users are free to join and participate in any discussion; and (ii) closed group discussions, wherein only the members of the group discuss within the group and the users who are not the members of the group are excluded from participation. [0065] There are many scenarios in which the interactive discussion platform

(310) may be utilized by the users. Some of the scenarios are as follows:

[0066] Example 1 : The artists may begin a chat with other artists to initiate an art project. Here, all the artists may collaborate to work for the art project. The artists may share their ideas, post updates of their work, set timelines, invite visits, setup meetings, etc. regarding the art project.

[0067] Example 2: The artists may initiate a chat with buyers to demonstrate their artworks or their artistic portfolio to the potential buyers. Here, the buyers may chat with the artists to provide feedback on their artworks, bargain for a price of the artworks, request a customized artwork, etc. In this case, the artist and the buyer may define their expectations and thereby, may enter into a smart contract wherein the artist may sell the artwork to the buyer.

[0068] Example 3 : An institutional buyer (for e.g. a hotel or a museum) may initiate a chat with many artists to initiate a collaborative art project. Here, the institutional buyer may enter into multiple smart contracts with multiple artists regarding different artworks that are a part of the collaborative art project. The institutional buyer may also provide an outline of the collaborative art project to all the artists contributing to the collaborative art project.

[0069] Example 4: The interactive discussion platform (310) may be utilized by the artists to receive testimonials from the buyers.

[0070] The art showcasing unit (316) is used by the artists to showcase their artworks, their previous projects, their portfolios, their clientele, and their testimonials to the other artists and the potential buyers. The art showcasing unit (316) may also provide facility to other users to rate the artworks or portfolios. The ratings may be used by the artists to showcase their proficiency or to attract potential buyers.

[0071] The blogging unit (314) is used by the users to share blog posts, portfolio reviews, status updates, etc. with the other users. The blogging unit (314) may provide dedicated blog space to a user. The user may also use the blogging unit (314) to create and post personal blogs.

[0072] The AI unit (308) uses an artificial intelligence engine to provide chatting, blogging, or transactional services to the users. The AI unit (308) may also use semantic processing to extract relevant information from the interactive discussion platform (310), the smart contract logic unit (312), the blogging unit (314), and the art showcasing unit (316) to derive information about the user. The derived information may be used to provide personalized services to the user or to provide targeted advertisements to the user. The AI unit (308) may also be used to monitor or generate the smart contract logic used for execution of the smart contracts. [0073] The server (104) may also provide different types of user accounts having different levels of privileges. For example, the server (104) may provide general user accounts having low level of privileges, premium user accounts having high level of privileges, and administrator accounts having privileges to modify settings of the server (104). The general and the premium user accounts may be provided to the users and the administrator account may be provided to the owner of the server (104).

[0074] In an example, the user accounts and the data stored in the database (106) may be encrypted to provide additional security to the data.

[0075] Referring now to Fig. 4, an implementation of a project is shown in accordance with an embodiment of the present invention.

[0076] At step 402, the art project is created at the server (104).

[0077] At step 404, the buyer deposits the reward into the smart contract system (110). In an example, the reward may include money deposited by the buyer.

[0078] At step 406, the smart contract system (110) receives the input form the artist in response to the art project. In an example, the input may be digital artwork or information about a physical artwork. [0079] At step 408, the smart contract system (110) evaluates the input to determine if the input satisfies the criteria set by the logic of the smart contract.

[0080] If at step 408, the smart contract system (110) determines that the input satisfies the criteria set by the logic of the smart contract, step 410 is executed. [0081] At the step 410, the smart contract system (110) transfers the input to the buyer through the blockchain network (108). In an example, transferring of input to the buyer may include sending the digital artwork to the buyer or transfer of the physical artwork to the buyer.

[0082] At step 412, the smart contract system (110) transfers the reward to the artist through the blockchain network (108). In an example, transferring reward to the artist may include depositing the money in the user account of the artist.

[0083] If at step 408, the smart contract system (110) determines that the input does not satisfy the criteria set by the logic of the smart contract, step 414 is executed.

[0084] At step 414, the server (104) terminates the art project between the artist and the buyer.

[0085] Referring now to Fig. 5, an online transaction method is shown in accordance with an embodiment of the present invention. [0086] At step 502, the smart contract logic unit (312) stores the primary smart contract logic. The primary smart contract includes the predefined conditions set by the operator.

[0087] At step 504, the smart contract logic unit (312) generates the first primary smart contract based on the primary smart contract logic. The first primary smart contract is between the first computing device (l02a) and the operator.

[0088] At step 506, the smart contract logic unit (312) generates the second primary smart contract based on the primary smart contract logic. The second primary smart contract is between the second computing device (l02b) and the operator.

[0089] At step 508, the communication unit (306) receives the first and second sets of conditions from the first and second computing devices (l02a and l02b) respectively.

[0090] At step 510, the smart contract logic unit (312) generates the secondary smart contract based on the first and second sets of conditions. The secondary smart contract is indicative of the online transaction between the first and second users.

[0091] At step 512, the processor (302) determines whether the first and second conditions are fulfilled by the second and first computing devices (l02b and l02a).

[0092] If at step 512, the processor (302) determines that the first and second conditions are fulfilled by the second and first computing devices (l02b and l02a), step 514 is executed.

[0093] If at step 512, the processor (302) determines that the first and second conditions are not fulfilled by the second and first computing devices (l02b and l02a), step 516 is executed.

[0094] At step 514, the processor (302) executes the secondary smart contract.

[0095] At step 516, the processor (302) executes the first and second primary smart contracts.

[0096] Referring now to Figs. 6A-6B, an online transaction method is shown in accordance with an embodiment of the present invention.

[0097] At step 602, the smart contract logic unit (312) stores the primary smart contract logic. The primary smart contract includes the predefined conditions set by the operator.

[0098] At step 604, the smart contract logic unit (312) generates the first primary smart contract based on the primary smart contract logic. The first primary smart contract is between the first computing device (l02a) and the operator. The first user corresponds to the first computing device (l02a). [0099] At step 606, the smart contract logic unit (312) generates the second primary smart contract based on the primary smart contract logic. The second primary smart contract is between the second computing device (l02b) and the operator. The second user corresponds to the second computing device (l02b).

[00100] At step 608, the communication unit (306) receives the first and second sets of conditions from the first and second users of the first and second computing devices (l02a and l02b) respectively.

[00101] At step 610, the smart contract logic unit (312) generates the secondary smart contract based on the first and second sets of conditions. The secondary smart contract is between the first and second users. The secondary smart contract is indicative of the online transaction between the first and second users.

[00102] At step 612, the processor (302) determines whether the first and second conditions are fulfilled by the second and first users of the second and first computing devices (l02b and l02a) respectively.

[00103] If at step 612, the processor (302) determines that the first and second conditions are fulfilled by the second and first users of the second and first computing devices (l02b and l02a) respectively, step 614 is executed.

[00104] If at step 612, the processor (302) determines that the first and second conditions are not fulfilled by the second and first users of the second and first computing devices (l02b and l02a) respectively, step 616 is executed. [00105] At step 614, the processor (302) executes the secondary smart contract, thereby completing the online transaction between the first and second users.

[00106] At step 616, the processor (302) executes the first and second primary smart contracts. [00107] Therefore, the present invention provides an online transaction system for the artists and the buyers. The online transaction system provides features such as, chatting, discussing, blogging, smart contracts, etc. to the artists and the buyers. The online transaction system also facilitates collaboration between the artists working on collaborative artistic projects. The online transaction system provides direct exposure for the artists and the buyers and eliminates the middlemen involved in the sale of the artworks, thereby overcoming the drawbacks of the prior-art. This eliminates the exorbitant margin charged by the middlemen, and thereby improves the profit margins of the artists.

[00108] The present invention utilizes smart contracts for executing transactions between the buyers and the artists. Since the smart contracts are implemented autonomously by the blockchain network and do not involve any human interaction, the transactions are very secure and transparent. This creates trust between the artists and the buyers.

[00109] The present invention provides a system to the artists to collaborate for big art projects. The system is optimized for the ease of use and the needs of the artists and the buyers, thereby increasing user engagement.

[00110] The present invention provides a chatting and blogging platform to the users wherein the artists may showcase their talent and their artistic abilities to procure contracts or increase sales of their artwork.

[00111] The foregoing description of the invention has been set merely to illustrate the invention and is not intended to be limiting. Since modifications of the disclosed embodiments incorporating the spirit and substance of the invention may occur to person skilled in the art, the invention should be construed to include everything within the scope of the invention.

[00112] It should be noted that the description merely illustrates the principles of the present invention. It will thus be appreciated that those skilled in the art will be able to devise various arrangements that, although not explicitly described herein, embody the principles of the present invention. [00113] Furthermore, all examples recited herein are principally intended expressly to be only for explanatory purposes to help the reader in understanding the principles of the invention and the concepts contributed by the inventor(s) to furthering the art and are to be construed as being without limitation to such specifically recited examples and conditions.

[00114] Moreover, all statements herein reciting principles, aspects, and embodiments of the invention, as well as specific examples thereof, are intended to encompass equivalents thereof.