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CMS signs up to The Accord Project to develop new industry standards for smart contracts

21 June 2018

International law firm CMS is pleased to announce that it has joined the Accord Project, the legal industry body for smart legal contracts. 

The aim of the Accord project is to establish open source techno-legal standards to facilitate the widespread adoption of smart legal contracts. By bringing together leading professionals in areas such as supply chain, financial services, and intellectual property law Accord develops standards for a new generation of contracting and transaction management.

Paul Stevens, CMS Partner and a leading figure in the CMS innovation unit, comments: “We are delighted to join the Accord Project and to collaborate with other organisations to develop best practice around smart contracts. As a firm, we are committed to investing in new technology and innovation to improve the services we offer our clients. Smart contracts and blockchain have the potential to really disrupt the industry, so we feel this is a vital project to be putting our weight and expertise behind.”

Peter Hunn, Founder of the Accord Project added: “The Accord Project is delighted to welcome CMS as our latest law firm partner. The aim of the Project is two-fold: (1) to establish a common standard for smart legal contracts with the assistance of law firms and standards bodies; and (2) to provide the resources to our members to enable them to use the technology and provide this to their clients. With CMS joining the Project we very excited to strengthen the goals of the Project, and to provide the technology to a leading international law firm.”