Ochsner & Associes | Place de Longemalle 1 | 1204 Geneva
Smart Legal AgreementsThe legal industry is undergoing profound changes, as the digital revolution takes it’s course. New technologies and innovative business models challenge the established position legal professionals have retained for centuries as sophisticated, high-earning advisors to every significant business transaction. With the advent of smart contract technology, business transactions of all kinds will experience a significant evolutionary step towards automation. Contract forma on based on standardized templates, the so ware-guided execution of machine-accessible contract clauses and data-driven compliance solutions threaten to mar- ginalize the role of legal counsel in many areas of business. Recently, blockchain – or distributed ledger technology (DLT) – has captured the minds of digital innovators, the broader financial industry and governments alike. The blockchain, a globally-shared, replicated database, tamper-proof through sophisticated consensus algo- rithms and strong cryptographic guarantees, enables a world of ancient data-silos to connect in completely unprecedented ways. A future of standards-based, so ware-regulated com- mercial and public service-related transactions seems in close reach. Law firms that recognize the disruptive potential of blockchain technology early, possess a significant first mover advantage. In a blockchain-based future, legal firms will be service providers on a digital infrastructure. Understanding how law firms will realize their influence on business decisions in such a future, is today’s challenge.
Our OfferWe give legal professionals the tools necessary to be part of a digital future. The workshop teaches the basics of blockchain and smart contract technology. Hands-on examples and live coding sessions will demysify the phenomenon “blockchain” and introduce simple but effec ve strategies to make use of smart contracts today. To combine both legal and smart agreements in one cohesive process will be another focus of the workshop. The techniques taught allow legal professionals to combine their unique domain knowledge with real-world smart contract agreements, offering their clients the best of both worlds.
Introduction to blockchains and smart contracts
- First introduction to blockchains and smart contract technology
- Hands-on demonstration of a live smart contract
- Remodelling contractual agreements and transactions on a blockchain paradigm
Upsides and limita ons of smart contracts
- Features of smart contracts: automa on, linkability, predictability
- Downsides of smart contracts: lack of external enforceability, rigidity, potential for so ware bugs
- Illustra on of smart contracts upsides and limitations from ‘The DAO’
Smart Legal Agreements
- Why traditional and smart contracts are synergistic technologies
- Basic notion of smart legal agreements
- Implementation directions: Ricardian contract, Dual Integration Smart Contract, Digital and Analogue contract
- Demonstration of a smart legal agreement
- Application categories: Derivatives, Insurance etc.
- Discuss one application area such as derivatives
- Key business opportunities for legal firms