Allen & Overy joins the Accord Project
03 April 2018
Allen & Overy is pleased to announce that is has joined the Accord Project, the collaborative legal industry body for smart legal contracts and distributed ledger technology.
Smart legal contracting needs fundamental standards and the Accord Working Groups are comprised of leading lawyers and organisations that help establish best practices and legal standards for smart legal contracts, as well as technical standards such as data schemas, models, templates, smart legal contract programming language and contract execution engines. The Accord Project incubates an open-source protocol, enabling applications to be built on a common software foundation for smart legal contracts.
Shruti Ajitsaria, Head of Fuse at Allen & Overy, commented: “We’re committed to exploring technological solutions to the biggest challenges that we and our clients face. We recognise that smart contracts and blockchain infrastructure have the potential to revolutionise the markets in which we work, so it’s vital that we establish robust standards for their use and ensure consistency. We’re really happy to be on board.”
Peter Hunn, Founder of the Accord Project added: “We are delighted to expand the Project with the addition of Allen & Overy. It is a testament to the importance of this initiative that we are able to partner with this firm. Law firms are drawn to using the industry standard for smart legal contracts, bolstered by the technology partnerships the Project has in place”.