Wise Contracts: Smart Contracts that Work for People and Machines

Erich Schweighofer et al. (Eds.), Trends and Communities of Legal Informatics. Proceedings of the 20th International Legal Informatics Symposium IRIS 2017. Österreichische Computer Gesellschaft, Wien 2017, pp. 425–432 (ISBN 978-3-903035-15-7)

Jusletter IT, 23 February 2017

8 Pages Posted: 6 Mar 2017 Last revised: 15 Mar 2017

James Gardiner Hazard

CommonAccord

Helena Haapio

University of Vaasa, Department of Economics and Business Law ; Lexpert Ltd

Date Written: February 23, 2017

Abstract

Modern economies are held together by innumerable contracts. However, current contracts are neither machine-readable nor easily human-readable. The Ricardian Contract paradigm of parameters, prose and code posits a hybrid model of automation and conventional legal text. This paper connects recent work on design criteria for 'Smart Contract Templates' with prose objects and prototype inheritance demonstrated at CommonAccord. Templates authored and shared as prose objects can become the basis for automation, codification, commentary, big data analysis and graphic presentations.

Keywords: Automation, codification, open source, prose objects, Ricardian contracts, smart contracts, smart contract templates, visualization

Suggested Citation

Hazard, James Gardiner and Haapio, Helena, Wise Contracts: Smart Contracts that Work for People and Machines (February 23, 2017). Erich Schweighofer et al. (Eds.), Trends and Communities of Legal Informatics. Proceedings of the 20th International Legal Informatics Symposium IRIS 2017. Österreichische Computer Gesellschaft, Wien 2017, pp. 425–432 (ISBN 978-3-903035-15-7); Jusletter IT, 23 February 2017. Available at SSRN: https://ssrn.com/abstract=2925871

James Gardiner Hazard

CommonAccord ( email )

40 rue Lauriston
Paris, 75116
France

Helena Haapio (Contact Author)

University of Vaasa, Department of Economics and Business Law ( email )

P.O. Box 700
Wolffintie 34
Vaasa, FI-65101
Finland

Lexpert Ltd ( email )

Pohjoisranta 20
Helsinki, FI-00170
Finland

HOME PAGE: http://www.lexpert.com

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