Toronto (Canada) – Fasken has joined the Accord Project, a consortium of technology and legal partners, leading the way on developing standards for smart legal contracts. With collaboration of the partners, the Accord Project is advancing standardization of digital contracts and open source protocol on blockchain technology for the legal industry.
Smart contracts have boundless application potential in the legal industry. From real estate to financial services to healthcare, transactions will be impacted. We understand that to successfully leverage the opportunities new technologies provide into client benefits, there must be definitive standards and best practices. As a member of the Accord Project, Fasken is primed to develop standards for smart contracts, which integrate business data and legal language for agreements set in law.
About Smart Contracts
Smart contracts or self-executing contracts are digital contracts that can be used on blockchain or distributed ledger networks to facilitate credible transactions. They can be used to quickly, securely and efficiently create and enforce the terms of an agreement.
Fasken is a leading international law firm with more than 700 lawyers and 10 offices on four continents. Clients rely on us for practical, innovative and cost-effective legal services. We solve the most complex business challenges, providing exceptional value and putting clients at the centre of all we do. For additional information, please visit our website at fasken.com.
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