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Clyde & Co on Thursday said it has launched Clyde Code, a consultancy to advise insurers and clients in other sectors on issues related to smart contracts, blockchain and distributed ledger technologies.
Clyde Code will advise clients on legal and technical matters and provide services related to smart contracts, including smart contract creation; existing contract enhancement; contract verification, to ensure that contracts will work as intended legally and technically; contract enforcement and dispute resolution; and forensic investigations in relation to smart contract failures, the London-based law firm said in a statement.
Smart contracts are coded instructions that execute on the occurrence of an event, often using a blockchain or other related technology to record and enact it, the statement said.
“Blockchain provides the rails that smart contracts run on, and together they have the potential to radically change and simplify legal contracts and transactions, but legal and technical advice is needed to ensure that workable agreements are reached and enforced,” Clyde & Co partner Lee Bacon said in the statement.
(Reuters) — Insurer American International Group Inc. has partnered with International Business Machines Corp. to develop a "smart" insurance policy that uses blockchain to manage complex international coverage, the companies said on Wednesday.