Smart Contracts and the Role of Lawyers (Part 3) – About Lawyering Transactions on Blockchains

Drafting. Legally well-formed smart contracts will consist of computer code and prose. What’s clear is that the computer code must be highly formalized and well structured. What’s not clear is how the associated legal prose will be generated and whether the drafting cycle will proceed along typical computer programming lines (waterfall, agile, etc.) along typical legal drafting lines (prior work product editing, drafting from templates, etc.) or some hybrid. Regardless of the particulars, it’s difficult to imagine the process not being strongly influenced by what works best for generating the computer code. Drafting based on the CommonAccord framework, for instance, is highly structured and borrows heavily from open source computer coding practices, and it looks like creating smart contracts in the R3 Corda environment will be template driven.”

Via Biglaw KM – read full article at http://ow.ly/3uJr3061pRB

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