The Accord Project, the legal industry body for smart legal contracts, and enterprise software provider R3 today announced a technology partnership to develop support for Corda, R3’s blockchain platform, in the open source legal layer incubated by the Accord Project.
Corda is the latest blockchain technology to be supported by the Accord Project open source middleware layer, which also supports Hyperledger Fabric and Ethereum. The Project was established by legaltech startup Clause last year, and counts numerous world leading law firms, standards bodies, and technology organizations amongst its collaborators.
The Project aims to establish techno-standards for smart legal contracts and develop a blockchain-agnostic middleware layer that is interoperable with any distributed ledger or blockchain. This will allow smart legal contracts to not only operate ‘off-chain’, but also across any technology platform.
R3 will also partner with Clause to build a bridge layer that will allow users to manage contracts on Clause whilst seamlessly recording contract states on Corda. Clause has deployed a version of the Accord Project technology for contract lifecycle management that allows users to execute contracts and view contract analytics.
Corda is the world’s only enterprise blockchain platform designed to record, manage and synchronise contracts and other shared data between trading partners and to meet the complex requirements of the world’s largest financial institutions. As Corda was designed to meet the highest standards of the financial services industry, one of the most complex and highly regulated industries in the world, it can also be applied seamlessly to all other areas of commerce.
Peter Hunn of the Accord Project commented: “We are delighted that we are expanding support for the leading distributed ledger and blockchain technologies with Corda. This partnership with further reinforces our middleware layer as the standard for smart legal contracts and for usage in the legal industry.”
David E. Rutter, CEO of R3, said: “Smart contracts are a critical underpinning of blockchain technology and it is important that we have standardization and interoperability across the board. We look forward to working with the Accord Project to ensure Corda is fully integrated with its open source legal layer.”
The Accord Project is also due to announce significant new protocol features and supporting initiatives in the coming weeks.
Contributed | what does this mean?