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Smart Legal Contracts

Linux Foundation to Develop Open Source Framework for Smart Legal Contracts

The , the nonprofit organization enabling mass innovation through open source, today announced the launch of the as a project. The Accord Project is a nonprofit organization that builds open source code and documentation to maintain a common and consistent legal and technical foundation for contract management. The project comprises all the software necessary to author, edit and execute smart legal contracts in a standardized way. Many of the world’s largest global law firms have signed on, as well as leading industry bodies and companies such as , , IEEE and R3.

Smart contracts are showing promise for simplifying complexities in supply chain management and other contract-heavy areas of technology development, but they also introduce requirements for interoperability and consistency. The Accord Project provides a globally interoperable approach for creating contracts that bind legally enforceable natural language text to executable business logic. With an increased focus on enterprise digitalization, adoption of blockchain technologies and the growth of the API economy, the usage of computable agreements is rapidly increasing. Having a common format for “computable” legal agreements is an important cornerstone for the future of commercial relationships. One of the main purposes of Accord Project is to provide a vendor-neutral “.doc” format for smart legal agreements. [read more]

Source: Linux Foundation

smart legal contracts