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Chamber of Digital Commerce Establishes the Smart Contract Alliance

Last Updated March 4, 2021 4:50 PM
Samburaj Das
Last Updated March 4, 2021 4:50 PM

The Chamber of Digital Commerce, a Washington-based proponent and trade association of digital currency and blockchain technology firms has launched a new consortium called the Smart Contract Alliance.

The Chamber of Digital Commerce (CDC), a Washington-based advocacy group and trade association that promotes digital currencies and blockchain technology has unveiled a new consortium called the Smart Contracts Alliance (SCA).

The consortium comprises of leaders and executives across technology, legal and financial services coming together in an effort to push for the adoption of smart contracts in society. According to a press release, the industry initiative from those in the smart contracts ecosystem is to “promote the real-world application” of smart contracts, which they deem as a “vital technology.” The value and potential of smart contracts, it says, will help “deliver greater efficiency, transparency and automation across industries.”

The consortium’s mandate will include tasks similar to that of the CDC. It will seek to educate and help get authorities and businesses understand smart contract technology. The newly-formed CDC will also be a platform and forum to bring about common industry standards specifically for smart contracts technology.

The founding partners of the new alliance comprise of major technology companies, bitcoin exchanges, blockchain startups, a services giant and prominent law firms, among others. They include the likes of Bitfinex, Cognizant, ConsenSys, Deloitte, IBM, Microsoft, Norton Rose Fulbright and more.

The consortium will be co-chaired by Mark Smith, CEO of New York-based blockchain startup Symbiont and Sean Murphy, Partner at Norton Rose Fulbright.

Smith sees the consortium as a facilitator in reaching Symbiont’s end goal that aims for real world implementation of smart contracts technology.

This initiative will be key in bridging the gap between concept and reality, and making smart contracts accessible across the board.

Sean Murphy, who will also serve as the Legal Chair of the SCA added:

With real-world applications of any major advance in technology like smart contracts, regulation and policy play a pivotal role.

The SCA’s first event will take place in fall 2016, with a focus on new policy implications for the technology as well as the regulatory and legal hurdles facing smart contracts in the future.

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