The Chamber of Digital Commerce, a Washington DC based lobby representing the cryptocurrencies and blockchain firms with American lawmakers, has launched an industry-led initiative to promote the application of smart contracts (the innovation at the heart of Ethereum), the Smart Contracts Alliance (SCA). The stated mandate of the group is to provide a forum to develop industry standards and help shape a pro-growth policy framework.
The SCA is co-chaired by Mark Smith, CEO of Symbiont, and Sean Murphy, Partner at Norton Rose Fulbright. It brings together business leaders from the technology, legal, and financial segments. The founding participants include: Bitfinex, Blake, Cassles & Graydon, Bloq, Cognizant, ConsenSys, Deloitte, The Depository Trust & Clearing Corporation, Eris Industries, Georgetown University’s Center for Financial Markets and Policy, Gem, IBM, Microsoft, Norton Rose Fulbright, Perkins Coie, Pillsbury Law, String, Symbiont, Tether, t0.com and Wipfli.
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“As a pioneer of smart contract technology, Symbiont’s end goal has always been real-world implementation,” said Mark Smith, Technology Chair of the Smart Contracts Alliance. “This initiative will be key in bridging the gap between concept and reality, and making smart contracts accessible across the board.”
“With real-world applications of any major advance in technology like smart contracts, regulation and policy play a pivotal role,” said Sean Murphy, Legal Chair of the Smart Contracts Alliance. “I’m excited to bring Norton Rose Fulbright’s experience in distributed ledger technology to the Smart Contracts Alliance, and help foster the right legal environment for smart contacts to flourish.”
“Smart contracts have the potential to change the landscape of modern business,” said Perianne Boring, founder and President of the Chamber of Digital Commerce. “The Smart Contracts Alliance is another facet in the Chamber’s growing repertoire of industry initiatives to accelerate the growth of blockchain technology.”
The SCA’s first event will reportedly take place in the fall of 2016, and will focus on policy implications and the legal and regulatory challenges of smart contracts going forward.