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R3 Blockchain Consortium to Develop a Repository of Smart Contract Templates

R3, a financial innovation firm leading a blockchain consortium with over 50 of the world’s largest financial institutions, will collaborate with a diverse working group of its consortium members, standards bodies, law firms, academic institutions, exchanges, and market infrastructure providers to explore the development of repositories of smart contract templates for banks to download and use on blockchain-inspired platforms, such as R3’s Corda.

The group includes Barclays, the International Swaps and Derivatives Association (ISDA), Norton Rose Fulbright, and University College London (UCL). The group will begin exploring the development of master templates to enable banks to trade and manage securities on distributed and shared ledgers. At present, each bank stores its own instance of contracts, which can give rise to discrepancies and reconciliation challenges. Smart contracts operating on distributed and shared ledgers address this problem by enabling each party to view the same set of legal documents. In the long-term, the group intends to work with the legal community and academics to explore how to take smart contracts to a point where they can be admissible in court and used for entry into dispute resolution.

News Characteristics

Date : Jul 14, 2016
Region : North America
Industry : Financial Service Providers
Function : Operations and IT
Sub-Function : IT Modernization/Transformation