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Allens joins global project to establish universal smart contract implementation
Allens has joined a global project which will see it and other international law firms work together to establish “a common, universal implementation for smart legal contracts”.
Emma Musgrave
Allens has officially signed up to be part of the global Accord Project – a platform which enables greater collaboration and experimentation across the legal profession.
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Head of innovation Anna Collyer said the Accord Project offers lawyers the opportunity to take part in various working groups developing smart contract solutions within the framework of different areas of law.
“Collaborating to find solutions is very much in line with our approach to innovation and solving problems with our clients,” she said.
The joining of the Accord Project comes as Allens looks to focus more on the developments in blockchain technology and smart contracts, noting the added benefits for clients in the “automatic execution of contractual obligations”.
“Smart contracts have the potential to make contract execution less cumbersome and time consuming, giving clients – and their law firms – a more efficient process,” Ms Collyer said.
“By automating the agreement process, smart contracts give all parties certainty without the need for third party intermediaries.
“The opportunity to develop common standards and protocols, which will ultimately help build adoption of smart contracts across the legal profession, is exciting.”
