Wise Contracts: Smart Contracts that Work for People and Machines
Modern economies are held together by innumerable contracts. However, current contracts are neither machine-readable nor easily human-readable. The Ricardian Contract paradigm of parameters, prose and code posits a hybrid model of automation and conventional legal text. This paper connects recent work on design criteria for «Smart Contract Templates» with prose objects and prototype inheritance demonstrated at CommonAccord.org. Templates authored and shared as prose objects can become the basis for automation, codification, commentary, big data analysis and graphic presentations.
Table of contents
- 1. Introduction
- 2. Codifying Prose
- 2.1. Abstract Specification of a Prose Object Model
- 2.2. Editing Tools
- 2.3. Presentation and Markup
- 2.4. Transmission
- 2.5. Stamping and Signing
- 2.6. Binding
- 2.7. Ontologies, Enforceability and Localization – an Object Model of the Legal World
- 2.8. Incremental Codification
- 2.9. Intelligence – Expert, Artificial and Natural
- 3. Conclusion
- 4. References
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