Six major Canadian law firms have completed a “ground breaking pilot project” on investigating the efficiency and readiness of smart contracting for the legal industry.
Bennett Jones LLP, Blake Cassels & Graydon LLP, Davies Ward Phillips & Vineberg LLP, Fasken Martineau Dumoulin LLP, Norton Rose Fulbright LLP and Stikeman Elliot LLP developed a six month project with Genesis B, a consulting company that assists organizations in implementing enterprise blockchain solutions.
The first agreement tackled was an M&A Escrow Agreement. Several clauses were coded on the Ethereum platform including: indemnification, working capital payouts, settlement of basic disputes using a pseudo-stable coin. The group collaborated with Open Law, a blockchain-based protocol for the creation and execution of legal agreements.
The project was successful in that it gave the firms insight as to the circumstances smart contracts could create efficiencies and areas for further development prior to implementation in ecosystem.