Smart contracts face cleared world challenge, R3 Summit hears
Smart contracts not legally enforceable in many jurisdictions
Smart contracts used in distributed ledger technology (DLT) are not currently viable in the cleared derivatives world, while legal barriers exist in some jurisdictions to their use, industry participants heard at the Second R3 Smart Contract Templates Summit in London on November 16.
In the bilateral derivatives space, in concert with the R3 consortium, the International Swaps and Derivatives Association has looked at existing legal documentation to work out how it can be converted into smart
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