diff --git a/commercial-paper/application/application.js b/commercial-paper/application/application.js
new file mode 100644
index 0000000000..af11620c85
--- /dev/null
+++ b/commercial-paper/application/application.js
@@ -0,0 +1,76 @@
+/*
+SPDX-License-Identifier: Apache-2.0
+*/
+
+/*
+ * This application has 6 basic steps:
+ * 1. Select an identity from a wallet
+ * 2. Connect to network gateway
+ * 3. Access PaperNet network
+ * 4. Construct request to issue commercial paper
+ * 5. Submit transaction
+ * 6. Process response
+ */
+
+'use strict';
+
+// Bring key classes into scope, most importantly Fabric SDK network class
+const file = require("fs");
+const yaml = require('js-yaml');
+const { FileSystemWallet, Gateway } = require('fabric-network');
+const { CommercialPaper } = require('./paper.js');
+
+// A wallet stores a collection of identities for use
+const wallet = new FileSystemWallet('./wallet');
+
+// A gateway defines the peers used to access Fabric networks
+const gateway = new Gateway();
+
+// Main try/catch/finally block
+try {
+
+  // Load connection profile; will be used to locate a gateway
+  connectionProfile = yaml.safeLoad(file.readFileSync('./gateway/connectionProfile.yaml', 'utf8'));
+
+  // Set connection options; use 'admin' identity from application wallet
+  let connectionOptions = {
+    identity: 'isabella.the.issuer@magnetocorp.com',
+    wallet: wallet,
+    commitTimeout: 100,
+    strategy: MSPID_SCOPE_ANYFORTX,
+    commitNotifyStrategy: WAIT_FOR_ALL_CHANNEL_PEER
+  }
+
+  // Connect to gateway using application specified parameters
+  await gateway.connect(connectionProfile, connectionOptions);
+
+  console.log('Connected to Fabric gateway.')
+
+  // Get addressability to PaperNet network
+  const network = await gateway.getNetwork('PaperNet');
+
+  // Get addressability to commercial paper contract
+  const contract = await network.getContract('papercontract', 'org.papernet.commercialpaper');
+
+  console.log('Submit commercial paper issue transaction.')
+
+  // issue commercial paper
+  const response = await contract.submitTransaction('issue', 'MagnetoCorp', '00001', '2020-05-31', '2020-11-30', '5000000');
+
+  let paper = CommercialPaper.deserialize(response);
+
+  console.log(`${paper.issuer} commercial paper : ${paper.paperNumber} successfully issued for value ${paper.faceValue}`);
+
+  console.log('Transaction complete.')
+
+} catch (error) {
+
+  console.log(`Error processing transaction. ${error}`);
+
+} finally {
+
+  // Disconnect from the gateway
+  console.log('Disconnect from Fabric gateway.')
+  gateway.disconnect();
+
+}
\ No newline at end of file
diff --git a/commercial-paper/application/gateway/connectionProfile.yaml b/commercial-paper/application/gateway/connectionProfile.yaml
new file mode 100644
index 0000000000..9c6115ccb1
--- /dev/null
+++ b/commercial-paper/application/gateway/connectionProfile.yaml
@@ -0,0 +1,225 @@
+---
+#
+# The network connection profile provides client applications the information about the target
+# blockchain network that are necessary for the applications to interact with it. These are all
+# knowledge that must be acquired from out-of-band sources. This file provides such a source.
+#
+name: "global-trade-network"
+
+#
+# Any properties with an "x-" prefix will be treated as application-specific, exactly like how naming
+# in HTTP headers or swagger properties work. The SDK will simply ignore these fields and leave
+# them for the applications to process. This is a mechanism for different components of an application
+# to exchange information that are not part of the standard schema described below. In particular,
+# the "x-type" property with the "hlfv1" value example below is used by Hyperledger Composer to
+# determine the type of Fabric networks (v0.6 vs. v1.0) it needs to work with.
+#
+x-type: "hlfv1"
+
+#
+# Describe what the target network is/does.
+#
+description: "The network to be in if you want to stay in the global trade business"
+
+#
+# Schema version of the content. Used by the SDK to apply the corresponding parsing rules.
+#
+version: "1.0"
+
+#
+# The client section is SDK-specific. The sample below is for the node.js SDK
+#
+#client:
+  # Which organization does this application instance belong to? The value must be the name of an org
+  # defined under "organizations"
+  #organization: Org1
+
+  # Some SDKs support pluggable KV stores, the properties under "credentialStore"
+  # are implementation specific
+  #credentialStore:
+    # [Optional]. Specific to FileKeyValueStore.js or similar implementations in other SDKs. Can be others
+    # if using an alternative impl. For instance, CouchDBKeyValueStore.js would require an object
+    # here for properties like url, db name, etc.
+    #path: "/tmp/hfc-kvs"
+
+    # [Optional]. Specific to the CryptoSuite implementation. Software-based implementations like
+    # CryptoSuite_ECDSA_AES.js in node SDK requires a key store. PKCS#11 based implementations does
+    # not.
+    #cryptoStore:
+      # Specific to the underlying KeyValueStore that backs the crypto key store.
+      #path: "/tmp/hfc-cvs"
+
+    # [Optional]. Specific to Composer environment
+    #wallet: wallet-name
+
+#
+# [Optional]. But most apps would have this section so that channel objects can be constructed
+# based on the content below. If an app is creating channels, then it likely will not need this
+# section.
+#
+channels:
+  # name of the channel
+  PaperNet:
+    # Required. list of orderers designated by the application to use for transactions on this
+    # channel. This list can be a result of access control ("org1" can only access "ordererA"), or
+    # operational decisions to share loads from applications among the orderers.  The values must
+    # be "names" of orgs defined under "organizations/peers"
+    orderers:
+      - orderer.example.com
+
+    # Required. list of peers from participating orgs
+    peers:
+      peer1.magnetocorp.com:
+        # [Optional]. will this peer be sent transaction proposals for endorsement? The peer must
+        # have the chaincode installed. The app can also use this property to decide which peers
+        # to send the chaincode install request. Default: true
+        endorsingPeer: true
+
+        # [Optional]. will this peer be sent query proposals? The peer must have the chaincode
+        # installed. The app can also use this property to decide which peers to send the
+        # chaincode install request. Default: true
+        chaincodeQuery: true
+
+        # [Optional]. will this peer be sent query proposals that do not require chaincodes, like
+        # queryBlock(), queryTransaction(), etc. Default: true
+        ledgerQuery: true
+
+        # [Optional]. will this peer be the target of the SDK's listener registration? All peers can
+        # produce events but the app typically only needs to connect to one to listen to events.
+        # Default: true
+        eventSource: true
+
+      peer2.digibank.com:
+        endorsingPeer: true
+        chaincodeQuery: false
+        ledgerQuery: true
+        eventSource: true
+
+    # [Optional]. what chaincodes are expected to exist on this channel? The application can use
+    # this information to validate that the target peers are in the expected state by comparing
+    # this list with the query results of getInstalledChaincodes() and getInstantiatedChaincodes()
+    chaincodes:
+      # the format follows the "cannonical name" of chaincodes by fabric code
+      - example02:v1
+      - marbles:1.0
+
+#
+# list of participating organizations in this network
+#
+organizations:
+  Org1:
+    mspid: magnetocorpMSP
+
+    peers:
+      - peer1.magnetocorp.com
+
+    # [Optional]. Certificate Authorities issue certificates for identification purposes in a Fabric based
+    # network. Typically certificates provisioning is done in a separate process outside of the
+    # runtime network. Fabric-CA is a special certificate authority that provides a REST APIs for
+    # dynamic certificate management (enroll, revoke, re-enroll). The following section is only for
+    # Fabric-CA servers.
+    certificateAuthorities:
+      - ca-org1
+
+    # [Optional]. If the application is going to make requests that are reserved to organization
+    # administrators, including creating/updating channels, installing/instantiating chaincodes, it
+    # must have access to the admin identity represented by the private key and signing certificate.
+    # Both properties can be the PEM string or local path to the PEM file. Note that this is mainly for
+    # convenience in development mode, production systems should not expose sensitive information
+    # this way. The SDK should allow applications to set the org admin identity via APIs, and only use
+    # this route as an alternative when it exists.
+    adminPrivateKey:
+      path: test/fixtures/channel/crypto-config/peerOrganizations/org1.example.com/users/Admin@org1.example.com/keystore/9022d671ceedbb24af3ea69b5a8136cc64203df6b9920e26f48123fcfcb1d2e9_sk
+    signedCert:
+      path: test/fixtures/channel/crypto-config/peerOrganizations/org1.example.com/users/Admin@org1.example.com/signcerts/Admin@org1.example.com-cert.pem
+
+  # the profile will contain public information about organizations other than the one it belongs to.
+  # These are necessary information to make transaction lifecycles work, including MSP IDs and
+  # peers with a public URL to send transaction proposals. The file will not contain private
+  # information reserved for members of the organization, such as admin key and certificate,
+  # fabric-ca registrar enroll ID and secret, etc.
+  Org2:
+    mspid: digibankMSP
+    peers:
+      - peer1.digibank.com
+    certificateAuthorities:
+      - ca-org2
+    adminPrivateKey:
+      path: test/fixtures/channel/crypto-config/peerOrganizations/org2.example.com/users/Admin@org2.example.com/keystore/5a983ddcbefe52a7f9b8ee5b85a590c3e3a43c4ccd70c7795bec504e7f74848d_sk
+    signedCert:
+      path: test/fixtures/channel/crypto-config/peerOrganizations/org2.example.com/users/Admin@org2.example.com/signcerts/Admin@org2.example.com-cert.pem
+
+#
+# List of orderers to send transaction and channel create/update requests to. For the time
+# being only one orderer is needed. If more than one is defined, which one get used by the
+# SDK is implementation specific. Consult each SDK's documentation for its handling of orderers.
+#
+orderers:
+  orderer.example.com:
+    url: grpcs://localhost:7050
+
+    # these are standard properties defined by the gRPC library
+    # they will be passed in as-is to gRPC client constructor
+    grpcOptions:
+      ssl-target-name-override: orderer.example.com
+
+    tlsCACerts:
+      path: test/fixtures/channel/crypto-config/ordererOrganizations/example.com/orderers/orderer.example.com/tlscacerts/example.com-cert.pem
+
+#
+# List of peers to send various requests to, including endorsement, query
+# and event listener registration.
+#
+peers:
+  peer1.magnetocorp.com:
+    # this URL is used to send endorsement and query requests
+    url: grpcs://localhost:7051
+
+    grpcOptions:
+      ssl-target-name-override: peer1.magnetocorp.com
+      request-timeout: 120
+
+    tlsCACerts:
+      path: certificates/magnetocorp/magnetocorp.com-cert.pem
+
+  peer1.digibank.com:
+    url: grpcs://localhost:8051
+    grpcOptions:
+      ssl-target-name-override: peer1.digibank.com
+    tlsCACerts:
+      path: certificates/digibank/digibank.com-cert.pem
+
+#
+# Fabric-CA is a special kind of Certificate Authority provided by Hyperledger Fabric which allows
+# certificate management to be done via REST APIs. Application may choose to use a standard
+# Certificate Authority instead of Fabric-CA, in which case this section would not be specified.
+#
+certificateAuthorities:
+  ca-org1:
+    url: https://localhost:7054
+    # the properties specified under this object are passed to the 'http' client verbatim when
+    # making the request to the Fabric-CA server
+    httpOptions:
+      verify: false
+    tlsCACerts:
+      path: test/fixtures/channel/crypto-config/peerOrganizations/org1.example.com/ca/org1.example.com-cert.pem
+
+    # Fabric-CA supports dynamic user enrollment via REST APIs. A "root" user, a.k.a registrar, is
+    # needed to enroll and invoke new users.
+    registrar:
+      - enrollId: admin
+        enrollSecret: adminpw
+    # [Optional] The optional name of the CA.
+    caName: ca-org1
+
+  ca-org2:
+    url: https://localhost:8054
+    httpOptions:
+      verify: false
+    tlsCACerts:
+      path: test/fixtures/channel/crypto-config/peerOrganizations/org2.example.com/ca/org2.example.com-cert.pem
+    registrar:
+      - enrollId: admin
+        enrollSecret: adminpw
+    # [Optional] The optional name of the CA.
+    caName: ca-org2
\ No newline at end of file
diff --git a/commercial-paper/contract/lib/ledgerutils.js b/commercial-paper/contract/lib/ledgerutils.js
new file mode 100644
index 0000000000..b18f60ea2f
--- /dev/null
+++ b/commercial-paper/contract/lib/ledgerutils.js
@@ -0,0 +1,88 @@
+/*
+SPDX-License-Identifier: Apache-2.0
+*/
+
+'use strict';
+
+/**
+ * Utility class for data, object mapulation, e.g. serialization
+ */
+class Utils {
+
+    /**
+     * Convert object to buffer containing JSON data serialization
+     * Typically used before putState()ledger API
+     * @param {Object} JSON object to serialize
+     * @return {buffer} buffer with the data to store
+     */
+    static serialize(object) {
+        return Buffer.from(JSON.stringify(object));
+    }
+
+    /**
+     * Deserialize object, i.e. Covert serialized data to JSON object
+     * Typically used after getState() ledger API
+     * @param {data} data to deserialize into JSON object
+     * @return {json} json with the data to store
+     */
+    static deserialize(data) {
+        return JSON.parse(data);
+    }
+}
+
+/**
+ * StateList provides a named virtual container for a set of ledger states.
+ * Each state has a unique key which associates it with the container, rather
+ * than the container containing a link to the state. This minimizes collisions
+ * for parallel transactions on different states.
+ */
+class StateList {
+
+    /**
+     * Store Fabric context for subsequent API access, and name of list
+     */
+    constructor(ctx, listName) {
+        this.ctx = ctx;
+        this.name = listName;
+    }
+
+    /**
+     * Add a state to the list. Creates a new state in worldstate with
+     * appropriate composite key.  Note that state defines its own key.
+     * State object is serialized before writing.
+     */
+    async addState(state) {
+        let key = this.ctx.stub.createCompositeKey(this.name, [state.getKey()]);
+        let data = Utils.serialize(state);
+        await this.ctx.stub.putState(key, data);
+    }
+
+    /**
+     * Get a state from the list using supplied keys. Form composite
+     * keys to retrieve state from world state. State data is deserialized
+     * into JSON object before being returned.
+     */
+    async getState([keys]) {
+        let key = this.ctx.stub.createCompositeKey(this.name, [keys]);
+        let data = await this.ctx.stub.getState(key);
+        let state = Utils.deserialize(data);
+        return state;
+    }
+
+    /**
+     * Update a state in the list. Puts the new state in world state with
+     * appropriate composite key.  Note that state defines its own key.
+     * A state is serialized before writing. Logic is very similar to
+     * addState() but kept separate becuase it is semantically distinct.
+     */
+    async updateState(state) {
+        let key = this.ctx.stub.createCompositeKey(this.name, [state.getKey()]);
+        let data = Utils.serialize(state);
+        await this.ctx.stub.putState(key, data);
+    }
+
+}
+
+module.exports = {
+    StateList
+};
diff --git a/commercial-paper/contract/lib/paper.js b/commercial-paper/contract/lib/paper.js
new file mode 100644
index 0000000000..db770cfbe3
--- /dev/null
+++ b/commercial-paper/contract/lib/paper.js
@@ -0,0 +1,117 @@
+/*
+SPDX-License-Identifier: Apache-2.0
+*/
+
+'use strict';
+
+// Enumerate commercial paper state values
+const cpState = {
+    ISSUED: 1,
+    TRADING: 2,
+    REDEEMED: 3
+};
+
+/**
+ * State class. States have a type, unique key, and a lifecycle current state
+ */
+class State {
+    constructor(type, [keyParts]) {
+        this.type = JSON.stringify(type);
+        this.key = makeKey([keyParts]);
+        this.currentState = null;
+    }
+
+    getType() {
+        return this.type;
+    }
+
+    static makeKey([keyParts]) {
+        return keyParts.map(part => JSON.stringify(part)).join('');
+    }
+
+    getKey() {
+        return this.key;
+    }
+
+}
+
+/**
+ * CommercialPaper class extends State class
+ * Class will be used by application and smart contract to define a paper
+ */
+class CommercialPaper extends State {
+
+    constructor(issuer, paperNumber, issueDateTime, maturityDateTime, faceValue) {
+        super(`org.papernet.commercialpaper`, [issuer, paperNumber]);
+
+        this.issuer = issuer;
+        this.paperNumber = paperNumber;
+        this.owner = issuer;
+        this.issueDateTime = issueDateTime;
+        this.maturityDateTime = maturityDateTime;
+        this.faceValue = faceValue;
+    }
+
+    /**
+     * Basic getters and setters
+    */
+    getIssuer() {
+        return this.issuer;
+    }
+
+    setIssuer(newIssuer) {
+        this.issuer = newIssuer;
+    }
+
+    getOwner() {
+        return this.owner;
+    }
+
+    setOwner(newOwner) {
+        this.owner = newOwner;
+    }
+
+    /**
+     * Useful methods to encapsulate commercial paper states
+     */
+    setIssued() {
+        this.currentState = cpState.ISSUED;
+    }
+
+    setTrading() {
+        this.currentState = cpState.TRADING;
+    }
+
+    setRedeemed() {
+        this.currentState = cpState.REDEEMED;
+    }
+
+    isIssued() {
+        return this.currentState === cpState.ISSUED;
+    }
+
+    isTrading() {
+        return this.currentState === cpState.TRADING;
+    }
+
+    isRedeemed() {
+        return this.currentState === cpState.REDEEMED;
+    }
+
+    /**
+     * Serialize/deserialize commercial paper
+     **/
+
+    serialize() {
+        return Buffer.from(JSON.stringify(this));
+    }
+
+    static deserialize(data) {
+        return Object.create(new CommercialPaper, JSON.parse(data));
+    }
+
+}
+
+module.exports = {
+    CommercialPaper,
+};
diff --git a/commercial-paper/contract/lib/papercontract.js b/commercial-paper/contract/lib/papercontract.js
new file mode 100644
index 0000000000..a4963279bb
--- /dev/null
+++ b/commercial-paper/contract/lib/papercontract.js
@@ -0,0 +1,138 @@
+/*
+SPDX-License-Identifier: Apache-2.0
+*/
+
+'use strict';
+
+// Fabric smart contract classes
+const { Contract, Context } = require('fabric-contract-api');
+
+// PaperNet specifc classes
+const { CommercialPaper } = require('./paper.js');
+
+// Utility classes
+const { StateList } = require('./ledgerutils.js');
+
+/**
+ * Define custom context for commercial paper by extending Fabric Context class
+ */
+class CommericalPaperContext extends Context {
+
+    constructor() {
+        // All papers held ins a list of Fabric states
+        this.cpList = new StateList(this, 'org.papernet.commercialpaperlist');
+    }
+
+}
+
+/**
+ * Define commercial paper smart contract by extending Fabric Contract class
+ */
+class CommercialPaperContract extends Contract {
+
+    constructor() {
+        // Unique namespace when multiple contracts per chaincode file
+        super('org.papernet.commercialpaper');
+    }
+
+    // This method is called when a smart contract is instantiated
+    // Often used to set up the ledger  main transactions are called
+    instantiate() {
+
+    }
+
+    // A custom context provides easy access to the list of commercial papers
+    createContext() {
+        return new CommericalPaperContext();
+    }
+
+    /**
+     * Issue commercial paper
+     * @param {TxContext} ctx the transaction context
+     * @param {String} issuer commercial paper issuer
+     * @param {Integer} paperNumber paper number for this issuer
+     * @param {String} issueDateTime paper issue date
+     * @param {String} maturityDateTime paper maturity date
+     * @param {Integer} faceValue face value of paper
+    */
+    async issue(ctx, issuer, paperNumber, issueDateTime, maturityDateTime, faceValue) {
+
+        let cp = new CommercialPaper(issuer, paperNumber, issueDateTime, maturityDateTime, faceValue);
+
+        // Smart contract, rather than paper, moves paper into ISSUED state
+        cp.setIssued();
+
+        // Add the paper to the list of all similar commercial papers in the ledger world state
+        await ctx.cpList.addState(cp);
+
+        return cp.serialize();
+    }
+
+    /**
+     * Buy commercial paper
+     * @param {TxContext} ctx the transaction context
+     * @param {String} issuer commercial paper issuer
+     * @param {Integer} paperNumber paper number for this issuer
+     * @param {String} currentOwner current owner of paper
+     * @param {String} newOwner new owner of paper
+     * @param {Integer} price price paid for this paper
+     * @param {String} purchaseDateTime time paper was purchased (i.e. traded)
+    */
+    async buy(ctx, issuer, paperNumber, currentOwner, newOwner, price, purchaseDateTime) {
+
+        let cpKey = CommercialPaper.makeKey([issuer, paperNumber]);
+
+        let cp = await ctx.cpList.getState(cpKey);
+
+        if (cp.getOwner() !== currentOwner) {
+            throw new Error('Paper ' + issuer + paperNumber + ' is not owned by ' + currentOwner);
+        }
+        // First buy moves state from ISSUED to TRADING
+        if (cp.isIssued()) {
+            cp.setTrading();
+        }
+        // Check paper is not already REDEEMED
+        if (cp.IsTrading()) {
+            cp.setOwner(newOwner);
+        } else {
+            throw new Error('Paper ' + issuer + paperNumber + ' is not trading. Current state = ' + cp.getCurrentState());
+        }
+
+        await ctx.cpList.updateState(cp);
+        return cp.deserialize();
+    }
+
+    /**
+     * Redeem commercial paper
+     * @param {TxContext} ctx the transaction context
+     * @param {String} issuer commercial paper issuer
+     * @param {Integer} paperNumber paper number for this issuer
+     * @param {String} redeemingOwner redeeming owner of paper
+     * @param {String} redeemDateTime time paper was redeemed
+    */
+    async redeem(ctx, issuer, paperNumber, redeemingOwner, redeemDateTime) {
+
+        let cpKey = CommercialPaper.makeKey([issuer, paperNumber]);
+
+        let cp = await ctx.cpList.getState(cpKey);
+
+        // Check paper is TRADING, not REDEEMED
+        if (cp.IsRedeemed()) {
+            throw new Error('Paper ' + issuer + paperNumber + ' already redeemed');
+        }
+
+        // Verify that the redeemer owns the commercial paper before redeeming it
+        if (cp.getOwner() === redeemingOwner) {
+            cp.setOwner(cp.getIssuer());
+            cp.setRedeemed();
+        } else {
+            throw new Error('Redeeming owner does not own paper' + issuer + paperNumber);
+        }
+
+        await ctx.cpList.updateState(cp);
+        return cp.serialize();
+    }
+
+}
+
+module.exports = CommericalPaperContract;