Clyde Code is an innovative consultancy service which provides clients with fully integrated legal and technical advice and services to help them realise the growing potential of smart contracts.
Smart contracts are coded instructions that execute on the occurrence of an event. They often use blockchain or other related technology to record and enact the event. Blockchain platforms store data in "blocks" and "chain" them together to form a cohesive, unbreakable record of that information. The wider term is distributed ledger technology, which encompasses blockchain.
The Clyde Code legal team, led by Clyde & Co partners Lee Bacon, Nigel Brook, Sally Sfeir-Tait and Christina Terplan, provides clients with smart contracts legal advice. To find out more about our legal team, please click on their profiles below.
The Clyde Code technical team, led by Gary Nuttall, provides clients with technical and programming advice. Gary has been ranked in the top 100 most influential players in the blockchain space, has advised the London Market Group on related issues and is also a lead member of Team Blockchain. Gary provides Clyde Code with access to an international team of software and IT engineers on a preferred supplier basis.
With its combined legal and technical expertise, Clyde Code offers the full range of smart contract services and bridges the gap between the legal and technical aspects of smart contracts implementation.
Clyde & Co provides legal services to the sectors that move, build, power and protect today's connected world and those are precisely the sectors that stand to benefit from smart contracts on the blockchain.
For example, smart contracts allow for insurance monies to be transferred virtually immediately on the occurrence of an event – such as travel insurance paying out following a flight delay. Additionally, smart contracts allow ship owners to monitor their cargo continuously and update insurance contracts in real time as conditions change.
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 lawyers are actively engaged in reviewing smart contract, blockchain and related distributed ledger transactions in a number of sectors, including in respect of a blockchain based fund platform; advising Emirates NBD Bank on the development, implementation, validity and enforceability of a blockchain solution; and working with insurers to establish parametric microinsurance products.
The implementation and impact of smart contracts on the blockchain are increasingly a focus for general counsel and board executives. However, they are different to many other new technologies as they go to the nature of contractual and legal relationships. Thus, they represent not a new sector but another way of transacting in existing sectors.