Smart Contract Templates: essential requirements and design options
Christopher D. Clack, Vikram A. Bakshi, Lee Braine
TL;DR
This paper explores the design options and essential requirements for smart contract templates, aiming to facilitate industry adoption of legally-enforceable smart legal agreements through standardized formats.
Contribution
It identifies key design options and essential requirements for smart contract templates, providing a foundation for future standardization and industry adoption.
Findings
Identified essential requirements for smart contract templates
Described key design options for storage and transmission formats
Outlined a pathway towards standardization of smart legal agreements
Abstract
Smart Contract Templates support legally-enforceable smart contracts, using operational parameters to connect legal agreements to standardised code. In this paper, we explore the design landscape of potential formats for storage and transmission of smart legal agreements. We identify essential requirements and describe a number of key design options, from which we envisage future development of standardised formats for defining and manipulating smart legal agreements. This provides a preliminary step towards supporting industry adoption of legally-enforceable smart contracts.
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Taxonomy
TopicsFinTech, Crowdfunding, Digital Finance · Law, AI, and Intellectual Property · Digitalization, Law, and Regulation