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Smart Contract Templates: Legal semantics and code validation

Author

Listed:
  • Clack, Christopher D.

    (University College London, UK)

Abstract

The Smart Contract Templates project supports legally enforceable smart contracts, using operational parameters to connect legal agreements to standardised code. The standardised code is derived from legal documentation and performs some or all of the provisions of that contract. For financial contracts such as derivatives agreements, the legal documentation may be extensive, and the standardised code to perform the contract may be substantial. An important issue is how to validate whether the smart contract code will correctly perform the provisions of the legal contract. This requires an understanding of the semantics of legal text and is an important step towards supporting industry adoption of legally enforceable high-value smart contracts.

Suggested Citation

  • Clack, Christopher D., 2018. "Smart Contract Templates: Legal semantics and code validation," Journal of Digital Banking, Henry Stewart Publications, vol. 2(4), pages 338-352, May.
    • Handle: RePEc:aza:jdb000:y:2018:v:2:i:4:p:338-352
    as

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    More about this item

    Keywords

    smart contract; Smart Contract Templates; semantics; automation; distributed ledger;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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