R3-led Group Investigates Smart Contract Templates for Blockchain, Aims At Making Them Admissible in Courts
R3 consortium is spearheading efforts to develop and implement master templates for smart contracts. Following the R3 Smart Contract Templates Summit in London and New York in late June, R3 has agreed to collaborate with a working group of its consortium members, standards bodies, law firms, academic institutions, exchanges and market infrastructure providers. The group includes Barclays, the International Swaps and Derivatives Association (ISDA), Norton Rose Fulbright and University College London (UCL). The group’s aim is to develop repositories of smart contract templates for banks to....
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New digital dispute rules could keep smart contract disagreements out of the courts with the help of an independent arbitration tribunal. A British government-sanctioned task force has proposed a dispute resolution framework that would keep cryptocurrency and smart contract disagreements out of the courts. A 14-page report published by LawTechUK’s UK Jurisdiction Taskforce puts forward new “Digital Dispute Resolution Rules” that aim to provide a standardized means of dealing with smart contract disputes. Under the remit of the new rules, crypto-based disputes could be resolved without any....
Amid new concerns about the viability of blockchain smart contracts, one company is releasing a proposal that seeks to make it easier to ensure their security. Developed by Smart Contract Solutions, the open-source Zeppelin project aims to offer a community-driven framework for secure, audited code. The goal is to prevent the unintentional loss of funds, a danger perhaps best illustrated by the collapse of ethereum's biggest smart contract, The DAO. Since ethereum is the best-known smart contract platform, the first set of tools are written in its programming language Solidity. But,....
NXT team has announced the launch of the full suite of Smart Transaction templates. Meant to serve as building blocks for businesses to construct Blockchain solutions for particular problems, they represent a less risky alternative to Ethereum’s Turing-complete smart contracts. The development of NXT’s Smart Transactions began 3 years ago, as the need to provide an easy way to implement scalable Blockchain solutions in unrelated businesses has been recognized. The team set out with the goal of delivering a working framework, which would be secure, easy to code and lightweight. In order to....
At an event in London today to celebrate the graduation of its new startup accelerator class, Barclays demonstrated a smart contract platform built on Corda, the recently unveiled distributed ledger project from global banking consortium R3. Calling the demo "history in the making", Dr Lee Braine of the Investment Bank CTO Office at Barclays said distributed ledgers constitute an "elegant way" to solve issues with legal agreements in the financial sector, a problem that has been labeled a point of focus for the Corda project by its creators. According to....
No-code or low-code smart contract development platforms have been designed to make it easier to become a blockchain developer. The traditional route would require professionals to master fundamental computer programming concepts and then spend many hours/years learning how to work with complex development environments, before being able to successfully build enterprise-grade applications. However, with the advent of no-code and low-code platforms, it’s possible to create high-end smart contract apps almost instantly. We’re able to build almost anything we want and it’s also easier to....