Start-up working with 40 major banks on smart contracts and blockchain technology
Distributed ledger technology startup R3
is developing templates for smart contracts in collaboration
with Barclays, trade body the International Swaps and
Derivatives Association and law firm Norton Rose Fulbright.
According to the tech firm, the group will
begin exploring the development of repositories of smart
contract templates for banks to use on blockchain-inspired
platforms, such as R3’s Corda. For the short-term,
the group is focused on connecting products such as interest
rate swaps to smart contracts.
Currently each bank stores its own
instance of contracts, which can introduce inconsistencies and
reconciliation challenges. Smart contracts operating on
distributed and shared ledgers would, according to blockchain
champions, enable each of the parties to see the same agreed
set of legal documents.
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