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
Date Written: February 23, 2017
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
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