Contract documentation may be subject to auditing and ediscovery for legal regulatory compliancy matters. It is imperative that these records are demonstrably tamper proof.
In addition, this is the era of smart contracts, transactional elements of a contract being executed as code on the Blockchain. How do we reconcile the smart contract with the contract documentation?
““A smart contract is a program running on a blockchain that facilitates, verifies, and/or enforces arrangements between parties.” (1)
Lawyers may soon have to be involved in drafting smart contracts. There are programming languages available such as the Digital Asset Modelling Language (DAML) that dramatically shorten the learning curve.
Cecil (CJ) John, Chief Executive Architect of virtualdeveloper.com, LLC will present a simple use case that describes a secure, transparent infrastructure and a single immutable source of truth for multiple parties to a contract.
The technology synchronizes a blockchain distributed ledger, enterprise records management and the digital asset modelling language (DAML) for smart contracts.
A cryptographic hash and timestamp of data, workflows and signatures pertaining to the contract document and the smart contract, are stored on the blockchain. This provides:
1) Proof of Record
2) Proof of Copyright
3) Proof of Identity
The technology doesn’t just apply to documents, it also applies to any digital object including audio, video and software.