The Washington D.C. headquartered Chamber of Digital Commerce has launched the Smart Contracts Alliance (SCA), an industry initiative of leaders in the smart contracts ecosystem to promote the real-world application of this technology.
Smart contracts have the potential to deliver greater efficiency, transparency and automation across industries. The SCA's mandate is to educate and enhance the understanding and adoption of smart contracts, provide a forum to develop industry standards and help shape a pro-growth policy framework, said a statement.
Co-chaired by Mark Smith, CEO of Symbiont, and Sean Murphy, Partner at Norton Rose Fulbright, the SCA comprises thought leaders and innovators from the technology, legal, and financial industries. 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.
Mark Smith, technology chair of the Smart Contracts Alliance, said: "As a pioneer of smart contract technology, Symbiont's end goal has always been real-world implementation "This initiative will be key in bridging the gap between concept and reality, and making smart contracts accessible across the board."
Sean Murphy, legal chair of the Smart Contracts Alliance, said: "With real-world applications of any major advance in technology like smart contracts, regulation and policy play a pivotal role. 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."
Perianne Boring, founder & president of the Chamber of Digital Commerce said: "Smart contracts have the potential to change the landscape of modern business. 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, focusing on policy implications and the legal and regulatory challenges of smart contracts going forward, will take place in fall 2016.