Third R3 Smart Contract Templates Summit focuses on industry standards




The Third R3 Smart Contract Templates Summit was held on June 13 in London and New York, following the first two summits held in 2016. The third summit brought together a range of financial industry participants to share the latest thinking on smart contracts and distributed ledgers. Over 100 representatives from banks, market infrastructure firms, trade associations, law firms, and academia attended in person, with 50 representatives participating remotely. The aim was to drive progress through open innovation and open collaboration.

focuses

There were presentations from R3, three banks (Barclays, Credit Suisse, and Royal Bank of Scotland), five law firms (Norton Rose Fulbright, Baker McKenzie, Allen & Overy, Holland & Knight, and Hogan Lovells), trade association ISDA, software company Max, and University College London. The event was hosted at the Barclays Rise open innovation hubs in London and New York, connected via live video screens. The presentations are available to view on R3’s website.

There was consensus on the need for industry standards to simplify smart contracts and distributed ledger technology. This included support for trade associations to lead the work on defining industry standards for smart contracts, such as ISDA’s bold new initiative to standardize data and processes for derivatives smart contracts via a common domain model. There was also discussion on the potential impacts of specific legislation, recent advances in machine learning, the semantics of smart legal agreements, agreement formation, and legal enforceability, and even the possibility of leveraging distributed ledger technology’s consensus mechanism during the process of agreeing on standard models for smart contracts.

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Todd McDonald, co-Founder and Head of Ecosystem Development at R3, “Smart contracts present Corda users with an opportunity to improve the efficiency of their financial and legal transactions significantly. As a member of ISDA, we fully support its efforts to lead the work on industry standards for smart contracts. Interoperability was a key consideration when developing Corda with our large member base of banks and other financial institutions, and ISDA’s work will help facilitate a world of frictionless commerce for smart contract users around the world.”

Lee Braine, Investment Bank CTO Office at Barclays

“Many banks are looking to rationalize and simplify their operating platforms. Smart contracts can support this aim with the support of common industry standards covering legal agreements, data structures, and processes. We are therefore collaborating via trade associations, such as ISDA, in the development of such industry standards with the expectation that they will provide a solid base upon which FinTech innovation could thrive.”

Clive Ansell, Head of Market Infrastructure and Technology at ISDA

“The industry recognizes a need for change because the current approach is unsustainable and not scalable. We are at a critical juncture, driven in part by the emergence of new technologies. ISDA is committed to working with its members and the broader industry to deliver the necessary foundational components to facilitate the required transformation. We all need to be bold to ensure the future efficiency and vitality of this market.”

Emmanuel Aidoo, head of the distributed ledger and blockchain effort at Credit Suisse “The challenge is to leverage the consistency and lineage strengths of distributed ledger and smart contract platforms while avoiding unsuitable past designs. Success will be underpinned by our ability to design for maximum coverage with minimum code, capitalizing on underlying similarities across products and functions rather than the fragmentation that currently exists.”

Daniel Franks, a derivatives partner at a global law firm Norton Rose Fulbright “The types of legal issues that arise in this context are just as varied as the number of DLT/derivatives use-cases. The single legal aspect that is consistent across all use-cases is the need for the technology to work with the documentation. The immediate focus is to identify which aspects of the industry documentation can suitably be coded and ensure that the technology works with those aspects. In time, as the technology becomes more established, the focus will shift to determining whether other aspects of the industry-standard documents can be adapted, without losing their commercial rationale, so that they are even better suited to the capabilities of the technology.”

Benefits of Project Templates

Use Project Templates To Achieve Your Objectives Quickly Project templates have changed documentation from manual creation to digital templates that lesson time, increase accuracy, and bring profit. Though people prefer customized services, in some cases, templates remain unbeatable. Project managers require quick, sincere, and brilliant work to bring success. Well-built project templates enable them to achieve objectives using the least amount of time and resources.

When you undertake a project, generally, you have to reinvent the wheel to manage it. Of course, projects are not always similar. For that, you might have to select the project management templates and forms that suit your purpose. Once you find the best template, you can efficiently handle your project regardless of its size and complexity. Here, find what kind of project template helps you get professional, high-quality results at a fraction of time and cost. I thought of eight reasons to use templates, and I’ll briefly share them with you.

1. Affordable:

Your prime concern is to manage your project well. When it comes to templates, you can find affordable templates quality manual templates with all the features that make your job easier and profitable. Check well to avoid obscure templates. Many software companies have struggled to offer the best templates for Statement of Work, Communication Plan, Project Scope and Status, Quality Plan, and much more at an affordable rate.

2. Templates save you money:

If you use a royalty-free template, it likely costs less than hiring someone to create a custom graphics package for you. You could easily spend hundreds (or possibly thousands) of pounds on a custom motion graphics opening, for example, whereas you can frequently purchase a royalty-free template for under £200.

Templates

Of course, the royalty-free template isn’t as unique as a totally custom template, but it definitely costs less, and you could always customize the royalty-free template to make it more unique for you.

3. Fresh Look & Feel:

You must need a template that has a fresh, clean look, building credibility for your project team and impressing your sponsors, colleagues, and clients. Documents and forms of the templates must be designed to meet industry standards.

4. Templates can be easy to customize:

You can customize your templates’ appearance by choosing custom themes, fonts, colors, and headers. Go for the template that works with Office 2010 and is compatible with older versions.

5. Easy-to-Use:

Templates built-in Office features allow you to create detailed documentation complete with tables, graphs, and charts to analyze project data effortlessly. Forms are a breeze with embedded fields that allow you to add drop-downs, calendar controls, radio buttons, and more easily. Templates are like creative shortcuts. A lot of the creativity is done for you, so all you have to do is drop in images and text, tweak a few things, and you’re done.

6. Templates are a major time-saver:

The most obvious benefit of using a template is that it’s a major time-saver. You don’t have to create everything from scratch because much of the complex work is done for you. A template allows you to drop in the look you want and then customize it according to your needs. This is significantly faster than starting from a blank canvas.

7. Templates can give you a competitive advantage:

When you manage projects and deliver them successfully, it’s essentially competing with other project managers, departments, or against another company. It’s possible that using high-quality templates in your project to give it visual interest might make your project more “engaging” for your stakeholders, giving you a competitive advantage.

8. Templates can raise the perceived professionalism of your project:

In the same way that a suit might make you appear more professional when going on a job interview, the use of project templates can make your project appear more professional.




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