Prose Objects – Legal Docs Native to the Open Trust Fabric
James Hazard Founder CommonAccord
“Modelling the EU Economy as an Ecosystem of Contracts” posits that all the contracts that form an economy can be expressed consistently and computably. Analytics demonstrate the importance and power of that. Going forward, some parts of contracting can be expressed algorithmically, as Code in transaction systems and smart contracts on blockchains. Other parts will remain expressed as Prose (in the Ricardian Contract paradigm). Together, these can form a semantic web “graph” of linked data that is compact, converging and substantially computable. Expressing the text of contracts as ProseObjects will be more efficient for negotiating and performing them, and for analytics.
The materials at demo.OpenTrustFabric.org and CommonAccord.org demonstrate Prose Objects, a semantic web approach to contracting. Bringing the world to agreement.
The role of contracts in our society
Tim Cummins President World Commerce & Contracting
Luigi Telesca Co-Founder & CEO Trakti Ltd
This is a conversation between Tim Cummins, Word Commerce and Contracting President, and Luigi Telesca, Trakti CEO where the two explore the impact of blockchain and Smart Contracts in contracting.
Follow us on this journey to discover which changes are needed and how the Open Trust Fabric can help transform contracting for the better.
In this video we will tackle topics like:
- What’s the role of contracts in today’s society?
- Can digitisation favour contract adoption and evolution? if yes how?
- Do you think digitization will ruin the social side of contracts or will it facilitate relational contracts adoption?
- Where to start a digitization process in a company?
- Where do you think an initiative like the Open Trust Fabric can help the most?
Meet the Team
World Commerce and Contracting
Mahfuzul Islam (John)
Trakti Ltd – Exrade Srl