The R3 Blockchain consortium announced today the creation of a Center of Legal Excellence (LCoE ), a team of ten law firms that will educate According to a press release published on FinExtra, lawyers around the world are talking about new technologies Blockchain
R3, which brings together more than 100 financial institutions, has launched the Blockchain Corda platform in 2015, a distributed accounting system facilitating and standardizing financial transactions. In December of last year, Amazon Web Services announced a partnership with R3 to allow distribution of the Corda distributed ledger on its market, allowing users to deploy and develop DApps on the AWS platform
LCoE are Ashurst, Baker McKenzie, Clifford Chance, Crowell and Moring, Fasken, Holland and Knight, Perkins Coie, Shearman and Sterling, and Stroock.
According to the press release, these law firms will be able to participate in Corda’s training workshops for lawyers, have access to R3 Blockchain research, and receive project demonstrations of the world’s real Blockchain every month.
Richard Gendal Brown, CTO-R3, sees the new LCoE as a way for lawyers to deal with the growing number of issues surrounding the legal and regulatory status associated with Blockchain:
“A key feature of Corda is its ability to record an explicit link between the human language legal prose text and the smart contract code, which allows business-to-business agreements to be automatically executed with a minimal need for information.” Human Intervention The LCoE will allow R3 to engage directly with lawyers who will advise and assist in drafting smart contracts used by Corda’s network of users around the world. “
The new R3 team is very much like the Enterprise Ethereum Alliance (EEA), the largest open source blockchain initiative in the world, launched in February 2017.