Smart Legal Contracts as a Standard

[martinhalford]

Discussion 🗣

In order for smart legal contracts to be widely adopted, companies/users need to agree on a standard format so that:

1. Companies do not feel locked in to one platform
2. Companies do not feel like they have to predict which proprietary format will "win" and become a de facto standard
3. SLCs can be easily shared and be interoperable on different platforms
4. Thoughts and understanding from many organisations, industries, individuals can be focussed in order to ensure a wholistic standard is produced.

Detailed Description

This issue is a placeholder for further discussion on how the Accord Project may contribute to the global adoption of a smart legal contracts standard

[martinhalford]

Alongside the issue of a standard format for smart legal contracts, companies could also benefit from a library of open source, standard legal schemas or models for SLCs.

This idea is being promoted via the https://legalschema.org initiative, alongside https://lawtechuk.io - which is an initiative started by @peterhunn

It would be great to discuss this initiative and how the Accord Project can help drive acceptance and adoption.

(CC: @jeromesimeon @dselman @anton1s )

[mttrbrts]

TSC Notes:

• Long-term goal of the Accord Project to align with industry standard(s), however, there is no active work right now by members of the community.
• This remains an area of interest, however, we will focus on de facto standards, through adoption.