The Wall Street Blockchain Alliance (WSBA), a non-profit trade association with a mission to guide and promote comprehensive adoption of blockchain technology and crypto assets across global markets, announced it has joined the Accord Project, a non-profit organization that builds open source code and specifications for smart legal contracts for use by transactional attorneys, business and finance professionals, and other contract users.
According to WSBA, the Accord Project’s purpose is to establish and maintain a common legal and technical foundation for the computational representation and execution of binding legal agreements that is blockchain neutral, with industry focuses on supply chain, financial services, real estate, and construction. The two organizations will reportedly collaborate to develop and identify open source code and specifications, clear use cases, and best practices for smart legal contracts within the financial services space.
Speaking about the collaboration, Co-Director of the Accord Project, Houman Shadab, stated:
“Financial services is an industry with vast potential to be improved by widely-used open source code that implements distributed ledger technology in transactional legal practice and contract operations. We are thrilled to work with the WSBA and its members to support the next wave of financial services transformation.”
Chairman of the WSBA, Ron Quaranta, then added:
“We are excited to partner with the Accord Project, and can think of no better steward for guiding the development and implementation of smart legal contract technology. We at the WSBA look forward to closely working with the Project and our fellow members to further the shared goal of facilitating adoption of blockchain technology throughout the financial sector.”