What if we developed legal contracts like we developed software applications?

Computational Law: Inspiration from Object Oriented Programming (OOP).

  1. Data attributes and properties. Objects hold information in variables called attributes or properties. For example, a car object could have attributes such as make, model and year manufactured. Or a credit card could be represented by an object having the following attributes: cardholder name, card number, expiration date and CSV code. Users generally have the ability to ‘set’ values for each of these attributes and to also ‘get’ or retrieve the values programmatically.
  2. Executing Functions or Methods on Objects. In addition to properties, objects can have functions or methods that can act on the object, including manipulating its properties. For example, our car object could have ‘setter’ and ‘getter’ methods in order to set and retrieve the make of each car object and print the result to the user’s console.
  3. An incredibly useful aspect of object oriented programming is the ability to create “prototype” or “classes” of objects from which we can create new objects. This saves considerable time in coding by reducing the amount of code that must be drafted in order to achieve the same level of functionality. This ability to “inherit” attributes and methods from a prototype or parent class is similar to incorporating all of the terms and conditions of a credit agreement into a promissory note, where the promissory note is a new object that inherits all of the properties of its parent class, the credit agreement.

Code Based Contracts.

Artificial Intelligence / Machine Learning.

  1. Core economic principles can be implemented with machine logic:

Avoiding Disputes and Preventative Enhancements.

Enterprise Tracking.

Electronic Signatures.

Implementation of Code Based Contracts on the Blockchain.

Executing Code Based Contracts as Smart Documents.

  1. Traditional credit documents (commercial bank loans).
  2. Multi-signature contracts.
  3. Internet of Things (IoT) applications.
  4. Digital services for digital payment.

Implementation.

The ‘TODOS”

ConsenSys is the leading Ethereum software company building MetaMask, Infura, Codefi, ConsenSys Quorum, Truffle, and Diligence. Visit consensys.net

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ConsenSys

ConsenSys

ConsenSys is the leading Ethereum software company building MetaMask, Infura, Codefi, ConsenSys Quorum, Truffle, and Diligence. Visit consensys.net

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