Deloitte, IBM, Microsoft, DTCC and More Form the Smart Contracts Alliance

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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.