Smart Contract

How Close Are Smart Contracts to Impacting Real-World Law?

Over the last year, the concept of a “smart contract” has received renewed attention in legal and business circles.

Advancements in blockchain technology have led some to believe that smart contracts could soon offer alternatives to traditional commercial and financial agreements, with dire results for the legal and financial sectors.

While this enthusiasm may be premature, the legal profession nonetheless remains mostly unaware of this important emerging technology and the long-term implications for their profession.In this context, “smart contract” refers specifically to the use of computer code to articulate, verify and execute an agreement between parties. Whereas a typical contract is drafted using natural language, the terms of smart contracts are expressed in code, similar to a programming language like javascript or HTML.

Source: CoinDesk

Barclays’Β Smart Contract Templates heralds first ever public demo of R3’s Corda platform

The Smart Contract Templates application developed by Barclays has heralded the first ever public demonstration of the R3 Corda “fabric” for shared banking ledgers, which took place before an audience of over 800 people at The O2 in London.

The event was the public demo day of the Barclays Accelerator, powered by Techstars, where 11 teams presented, including 10 startups and a Barclays internal team. The team behind the prototype smart contracts application was the internal one headed up by Dr Lee Braine from Barclays Investment Bank’s CTO Office.

Source: IBT

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