Accord Project to Define Standard for Smart Legal Contract Language
NEW YORK / LONDON, April 27th, 2018 – Accord Project today published the first working draft and prototype for Ergo, a domain specific language for smart legal contracts. Designed to capture the operational details of legal contracts, Ergo supports contracts and clauses as first-class elements of the language, allowing lawyers and developers to quickly, easily and safely develop and verify the operation of computable legal contracts.
Ergo is a cross-industry collaboration within the Accord Project.
Dan Selman, CTO at Clause, and chair of Accord Project Technology Working Group commented:
“We are very excited to publish the first prototype of the Ergo legal smart contract language. Ergo will advance the state of the art by offering a blockchain neutral, typesafe, formally verifiable programming language that can be compiled to multiple execution targets. It is being designed in an open collaborative process with lawyers and legal-tech professionals to capture the execution semantics of legal contracts and we are looking forward to even greater industry collaboration to grow and improve the language further.”
The Accord Project is an open source non-profit established by Clause to advance the state-of-the-art of computational and connected smart legal contracts. Its members comprise the largest law firms, academic institutions specialising in blockchain technology and law, and affiliations with the world’s leading standards bodies. Organizations involved include Freshfields, Linklaters, Allen & Overy, K+L Gates, IEEE, R3 and many more.
The Ergo legal smart contract language will complement and extend The Accord Project’s existing work on smart legal contracts. Using Ergo, Accord Project members will be able to easily develop new smart clause templates, then sign, deploy and operationalize smart legal contracts that respond to events occurring in the real-world, and update data on blockchains and in external systems.