The Stanford Computable Contracts Initiative (SCCI) is working on legal technology that will help move the world from natural language based contracts toward a world of computable contacts.
The conventional view is that the automation of contract creation, monitoring and compliance is beyond the capabilities of today’s technologies. This view results from the fact that throughout history contracts and the circumstances surrounding them have been expressed and interpreted by means of natural language.
The SCCI project works on actual use cases to create contracts in computable form. When terms and conditions are represented in highly-structured data, computers are able to process them automatically with a guaranteed degree of accuracy. The effect is not only a significant reduction of legal transaction costs, but it also opens a variety of new options to create better contracts.
For more information about the Stanford Computable Contracts Initiative, please visit the initiative’s website at http://compk.stanford.edu/
Project Leader: Harm Bavinck