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Third R3 Smart Contract Templates Summit focuses on industry standards

First Published 15th June 2017

Need for industry standards to simplify the implementations of smart contracts and distributed ledger technology agreed. Support for trade associations to lead the work on defining industry standards for smart contracts.

Todd McDonald, R3

Todd McDonald, R3

London and New York - The Third R3 Smart Contract Templates Summit was held on June 13 in London and New York, as a follow-on to the first two summits held in 2016. Over 100 representatives from banks, market infrastructure firms, trade associations, law firms and academia attended in person, with a further 50 representatives participating remotely. The aim was to drive progress through open innovation and open collaboration.

There were presentations from R3, three banks (Barclays, Credit Suisse, and Royal Bank of Scotland), five law firms (Norton Rose Fulbright, Baker McKenzie, Allen & Overy, Holland & Knight, and Hogan Lovells), trade association ISDA, software company Monax, and University College London. The event was hosted at the Barclays Rise open innovation hubs in London and New York simultaneously, connected via live video screens.

There was consensus on the need for industry standards to simplify the implementations of smart contracts and distributed ledger technology. This included support for trade associations to lead the work on defining industry standards for smart contracts, such as ISDA's new initiative to standardise data and processes for derivatives smart contracts via a common domain model. There was also discussion on the potential impacts of specific legislation, recent advances in machines learning, the semantics of smart legal agreements, agreement formation and legal enforceability, and even the possibility of leveraging distributed ledger technology's consensus mechanism during the process of coming to agreement on standard models for smart contracts.

The presentations for The Third R3 Smart Contract Templates Summit are publicly available online: https://www.r3.com/slides/third-smart-contract-templates-summit-slides.pdf

Todd McDonald, Co-Founder and Head of Ecosystem Development at R3, comments: "Smart contracts present Corda users with an opportunity to significantly improve the efficiency of their financial and legal transactions. As a member of ISDA, we fully support its efforts to lead the work on industry standards for smart contracts. Interoperability was a key consideration when developing Corda with our large member base of banks and other financial institutions, and ISDA's work will help facilitate a world of frictionless commerce for smart contract users around the world."