R3 Consortium Aims To Create Templates For Smart Contracts !

 The R3 blockchain consortium is the center of distributed ledger  technology development these days. One of their new initiatives revolves  around master templates for smart contracts. This particular technology  would automate trading and management of securities in a semi-rustless  environment. For now, the consortium is only exploring the development  of such a repository. 

 Creating Templates For R3 Smart Contracts

One of the downfalls of using distributed ledger technology in a permissioned environment  is how fractured things can get. Every participant stores their version  of contracts, which creates inconsistencies and other challenges. A  smart contract, using distributed ledger technology, would create a unified standard among all participants. 

 Barclays, Isda, R3, and others are  looking into creating a master templates repository for smart contracts  in the financial sector. One of the primary points of focus right now is  ensuring they can be implemented within existing frameworks. This will  pose new legal and regulatory challenges that need to be overcome,  though. R3 Consortium CTO Richard Brown told the media:  

“The promise of  distributed ledger technology is that we can move to a world where  sophisticated financial agreements between firms can be recorded and  managed consistently and accurately without duplication, error or  unnecessary cost. However, for this vision to be realised, more than  just innovative technology is required: this technology must be embedded  in a broader legal context and be sympathetic to the reality of  business.”

The consortium has  put together their long-term agenda as well. Working together with  academics and the legal community is of the utmost importance to  establish these smart contracts templates. After all, the technology  used needs to be eligible for admission in court. Resolving any disputes  that may arise will need to fit within existing regulatory and legal  frameworks.