Mission

«Are smart contracts that are carried out on blockchain or distributed ledger legally bidding?»

This is the simple (yet fundamental) question that the Trusted Smart Contract Association originates from

smart contract

.

If we’re dealing with with topics today such as blockchain, distributed ledger, Bitcoin or other cryptocurrencies, we’ll begin hearing about more often.Even though from a technical point of view, smart contract is considered a software programme that automatically carries out certain instructions, the term «contract» inevitably recalls the concept of

contract

that we are all familiar with.
After numerous studies and in-depth analysis on the significance, enforcement and reliability of smart contracts wthin the

italian legal system

, the association has coined the definition of the

Trusted Smart Contract

.

Whille research and studies on the matter continue, the Trusted Smart Contract Association has set goals such as the in-depth analysis of smart contracts carried out on blockchain or distributed ledger, the declination of new use cases that can be used concretely in real business, and above all the definition of new standards at Italian and European level.

About us

The Trusted Smart Contract Association was founded in July 2018 as a consolidation of a multi-industry work group born in 2017 that involved the legal representatives of leading Italian companies.

Associates

Governance

Trusted Smart Contract

Trusted Smart Contract means a contractual model, but with increased confidence and equipped with enforceability, composed of contractual prose and code executable by a computer, resident and active on blockchain or distributed ledger using certified standards and oracles.

Discussion points

In order reach such a definition, the Association has analyzed and tested the concept of smart contracts from multiple points of view, primarily legally binding.

If a dispute arises regarding the execution of a smart contract resident on blockchain or distributed ledger, which jurisdiction is to be considered in charge?

Semi-anonymity is one of the main peculiarities of the parties that interact with a blockchain or distributed ledger infrastructure. Is it possible to hypothesise a contract worthy of legal protection in which the contracting parties are not completely identifiable?

Blockchain is by definition (with some exceptions) non-modifiable and not alterable. How would it be possible to manage an amendment or the changed will of the parties in a smart contract executed on a blockchain?

Could the programming code of a smart contract be faulty and fail to perform what the parties actually established and agreed upon? Does the code have to be considered “lawful” or is it more correct to equate any bugs with the formal defects of a traditional contract, thus not having to compromise its validity?

Areas of study

There are numerous areas of study that the Association would like to focus its analyzes and studies on, such as:

The main features of blockchain and distributed ledger make these technologies perfect for recording accounting records. Is it possible to confer on the Trusted Smart Contrat carried out on blockchain or DL accounting according to the standards expected at Italian and European level?
The GDPR legislation has set new standards for the control and protection of privacy. What requirements must a Trusted Smart Contract run on blockchain in order to be compliant with the new regulatory provisions?
The oracles are external sources that provide information to smart contracts and blockchain. What characteristics and requirements must meet the oracles that interact with a Trusted Smart Contract?

Use case

In addition to the study theory, the Association has applied the Trusted Smart Contract model to the development of some business houses that can be used in real business.

ADR

Bad weather insurance policy

Electric car recharge

Services and activities

Services for associates

Upcoming trends

Being part of the Association means always being updated on the most important market trends, blockchain/DL and smart contracts.

Scientific Themed Meetings

The Association provides monthly brainstorming meetings where experts participate in subjects on call.

Business study case

The Association is available to study and analyze any business case of interest to members according to the Trusted Smart Contract’s guidelines.

«Smart lawyers» induction training

The Association provides introductory and updates courses to participants on the world of blockchain/DL and Trusted Smart Contract, including exercises on reading and writing portions of programming code of a Trusted Smart Contract.

Association’s activity

Conferences

Organized conferences on Trusted Smart Contract and partecipation in international conferences.

Publications

Periodic publications of Position Paper on the subject.

Proposition and definition of standards

The Association wants both to propose market standards in the field of smart contracts, and take part in the most important initiatives in Italy (UNINFO) and in Europe (ISO).

Contacts

The Trusted Smart Contract Association is constantly growing and in search of interested companies that want to get involved.

Please fill out the following fields in order to be contacted:


* Mandatory fields

* I declare that I have read the privacy policy and I am aware that Associazione Trusted Smart Contract will process the information in a confidential manner.

If you’d like to request any type of information from the Smart Contract Association please fill out the following fieds:

* Mandatory fields

* I declare that I have read the privacy policy and I am aware that Associazione Trusted Smart Contract will process the information in a confidential manner.

Join the Association

The Trusted Smart Contract Association is constantly growing and in search of interested companies that want to get involved.

Please fill out the following fields in order to be contacted:


* Mandatory fields

* I declare that I have read the privacy policy and I am aware that Associazione Trusted Smart Contract will process the information in a confidential manner.

Request Information

If you’d like to request any type of information from the Smart Contract Association please fill out the following fieds:

* Mandatory fields

* I declare that I have read the privacy policy and I am aware that Associazione Trusted Smart Contract will process the information in a confidential manner.