The State of Delaware, where over half of all publicly traded US companies are incorporated, is launching a blockchain initiative to help businesses automate their legal and operational activities, using smart contracts technology developed by Symbiont.
Governor Jack Markell announced the Delaware Blockchain Initiative to encourage expanded use and development of distributed ledger and smart contract technologies by Delaware-incorporated businesses, said a statement.
Blockchain technologies and smart contracts automation cut through bureaucracy and mediation like Alexander slicing the Gordian Knot. Symbiont has a sturdy technology team led by Adam Krellenstein, combined with the capital markets expertise of CEO Mark Smith. Delaware's attractiveness as a corporate haven is largely because of its business-friendly corporation law. In addition to their operational efficiencies, blockchains can also provide immutable and transparent audit trails.
While Symbiont is supplying the technology of the smart contracts, Pillsbury Winthrop Shaw Pittman LLP's blockchain technology legal team is developing the legal infrastructure.
Governor Markell said in a statement: "Delaware has long been the jurisdiction of choice for the most innovative companies in the world. The Delaware Blockchain Initiative demonstrates the state's commitment to ensuring this remains the case for the growing blockchain technology sector.
"By creating the opportunity for a broad range of corporations – from Fortune 500 companies to startups – to take advantage of distributed ledger and smart contract applications, we are laying the groundwork for a more modern, secure and transparent business environment for years to come."
Mark Smith, CEO, Symbiont said: "It is our mission at Symbiont to work with market leading institutions and we are delighted to work with. The State of Delaware. Given its leadership position in incorporation services, it's an ideal proving ground for smart contracts."
Marco Santori, leader of Pillsbury's Blockchain Technology focus team, added: "We are honored to be chosen as Delaware's legal ambassadors to the blockchain industry. The Delaware Blockchain initiative presents a tremendous opportunity for our attorneys to apply their deep experience in distributed ledgers to do true social and economic good."
Governor Markell will unveil the details of the initiative at the opening keynote presentation the Consensus conference in New York City on May 2nd.