Clause.io Sets Out Strategy With Its Smart Contract Engine
Smart contract pioneer, Clause, has outlined another key aspect of its technology, the Contract Engine, a system that allows a legal document to interact and respond to business and ‘real world’ changes as they happen.In short, what Clause, founded by Peter Hunn and Houman Shadab, and its Contract Engine do is enable a legal contract to be responsive in real time. The contract does not need to wait for information that is pertinent to it to be added manually, or ‘brought to it’, and then for a lawyer or company executive to decide what to do next relative to this new information, the contract is, to put it simply, programmed with what to do next and linked already to all relevant parties and data sets. Because the Clause contract is connected to other parts of a business it can send out information to appropriate parties, e.g. to inform the sales team of a change in a shipment that may alter its price. Information sent from the smart contract could also be connected to a blockchain, so a register of the changes can be seen by multiple permissioned parties at once around the globe. How Clause’s Contract Engine Connects As with many other areas…
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