Clause, the blockchain legal contract company, has launched their public beta. The company takes static legal contracts and converts them into dynamic automated agreements. For example, automatic payment based on the performance of a contract.
The startup also founded Accord, the trade standards industry body that boasts many leading global law firms as well as
Hyperledger,
R3, and
IEEE as members.
Accord is creating a template library of smart clauses. Every template consists of some natural language, data elements, and some logic.
For example, if I acknowledge delivery of 50 cartons, I pay you $1,000 fourteen days later. Once the delivery is acknowledged, the payment happens automatically, without further intervention from either party.
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