Presentation Computable Contracts at Legal Tech Event Effacts
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Transcript of Presentation Computable Contracts at Legal Tech Event Effacts
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Computable Contracts
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What is the problem?
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What is a contract?A legal technology to create private
obligations enforceable by law.
The value of a contract stems largely from the incremental incentive effect of this legal enforcement -> damages and/or
performance.
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In the beginning...
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only one contract ...
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Today trillions
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Past innovation
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Recent developments
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Computable contracts
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New legal world
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Internet of Contracts
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We need new tools
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How does it work?
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with impact
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Key issues● Use of natural language and the
current state of NLP● Discrete and abstract terms like
“reasonable” or “best effort”● Legal uncertainty on both the law and
the facts
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Research domains • Semantics• Norms• Organizations• Negotiation• Trust
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Project SCCI
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The rules of the game
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init: contract.storage[OWNER] = msg.sender code:
cmd = msg.data[0]state = contract.storage[NDA_STATE]
# Owner initializes NDA contractif state == NDA_STATE_NEW and cmd == "new" and msg.sender == contract.storage[OWNER]:
contract.storage[COUNTERPARTY] = msg.data[1] contract.storage[NDA_HASH] = msg.data[2] contract.storage[NDA_VERSION] = msg.data[3] contract.storage[NDA_CREATION_TIMESTAMP] = block.timestamp contract.storage[ARBITRATOR] = msg.data[4] contract.storage[MAX_DAMAGES] = msg.data[5] contract.storage[NDA_STATE] = NDA_STATE_PENDING return(1)
# Counterparty accepts the NDA by specifying the NDA hashelif state == NDA_STATE_PENDING and cmd == "accept" and msg.sender ==
contract.storage[COUNTERPARTY]:
Contract Definition Language
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Automated reasoning
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Some challenges
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Verification of facts
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Cyber security
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Legal language
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Rules vs Standards
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“Institutions will try to preserve the problem to which they are the
solution”
Clay Shirky (IT visionair)