R3 Legal Center of Excellence
Norton Rose Fulbright addresses the legal implications of smart contracts February 20, 2018 (New York/London/Singapore) – Enterprise software company R3 has launched the Legal Center of Excellence (LCoE) as a platform for the global legal community to receive the latest updates and share best practices regarding R3`s blockchain technology and the Corda blockchain platform. In an interview with CoinDesk, Jason Rozovsky, R3`s lead attorney and head of the new center, attempted to present the move as one that would lay the legal foundation for a wide range of enterprise applications. developed the LCoE to work with the legal industry and gather feedback to help law firms make better use of technology and update R3 to meet the unique needs of the legal community and its clients. Washington – 20. February 2018: Crowell & Moring is pleased to announce that the firm is a founding member of R3`s Legal Center of Excellence (LCoE), dedicated to promoting legal thought leadership and sharing best practices regarding R3`s blockchain technology and blockchain platform, Corda. Second, and more specifically for the center, bringing together a group of lawyers to collaborate is just the latest attempt to mobilize global legal experts on industry issues. Last year, another group of 10 law firms, including some of the same members, joined the Enterprise Ethereum Alliance and helped found the Legal Industry Working Group. R3 today announced the launch of this legal center. Crowell & Moring is one of 10 international law firms that will collaborate on Corda, R3`s open source platform for recording, managing and automating legal agreements between companies. Members have access to R3`s research, monthly project demonstrations to provide a practical understanding of blockchain applications, as well as Corda training workshops that R3 has developed specifically for lawyers.
These will help them advise their clients on legal and regulatory issues related to R3`s Corda open source blockchain platform. Ten international law firms have joined a new initiative by R3 to develop advice on the legal aspects of blockchain technology. Corda enables developers to create high-end applications that can facilitate the transaction of any type of digital asset and support the development of any of the three types of tokens. In addition, Corda`s smart contract capabilities and the inseparable link between contract code and legal prose ensure that nuclear execution complies with the law. LCoE members will actively collaborate with R3 and have access to R3`s blockchain research, which provides insight into their clients` concerns, monthly project demonstrations that give members a hands-on understanding of real-world blockchain applications, and Corda training workshops designed specifically for lawyers. This will ensure that criminal law practitioners have a solid understanding of the technology and are optimally equipped to advise their clients on new and emerging legal and regulatory issues related to blockchain and Corda. Jason Rozovsky, Senior Counsel and Head of LCoE at R3, comments: “Lawyers play a key role in the financial services ecosystem. Many of our clients are also clients of the world`s largest law firms, some of which have joined our legal center of excellence. It is an overall benefit for our members and the Corda community as a whole to be able to engage with these companies from the outset through Corda and its capabilities and gain valuable knowledge about the legal and regulatory environment in which Corda operates.
Including law firms such as Crowell & Moring LLP (the legal counsel who helped R3 raise $107 million in venture capital), Baker McKenzie and Perkins Coie, the group formed to accelerate the pace of creating crypto-skilled lawyers. The enterprise software company has launched its new Corda Blockchain Legal Center of Excellence to bring law firms together to collaborate on best practices, gather feedback from the legal industry, and help them better engage with the new technology. Richard Gendal Brown, CTO at R3, comments: “A key feature of Corda is its ability to record an explicit link between prose legal documents in human language and smart contract code. In this way, agreements between companies can be executed automatically and with minimal human intervention. The LCoE will allow R3 to work directly with lawyers who advise and help draft smart contracts used by Corda`s network of users around the world. The fully guaranteed token is commonly referred to as a “stablecoin”. Most stablecoin options are when the token is backed 1-to-1 by cash or other known assets in a collateral account. Similar to a certificate of deposit, the holder of the stablecoin token has the legal right to claim ownership of the money on the account.
Corda is an open source blockchain platform designed to record, manage, and automate legal agreements between companies. These agreements take the form of smart contracts on Corda, linking business logic and data to related legal prose to ensure they are firmly entrenched in law. The launch comes amid the growing involvement of law firms in R3`s various blockchain projects. They are increasingly working with clients to provide expert advice on the legal aspects of the technology, such as structuring business networks and creating smart contracts – a legal document written in code and stored on the blockchain.