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Global law firm Clyde & Co has announced that it is working with UK government funded Digital Catapult on the Weather Ledger project through its smart contract consultancy Clyde Code.
The 12-month project will develop and demonstrate a distributed ledger technology (DLT) solution for automated evidence collection, information exchange, and contract administration relating to adverse weather events at construction sites.
The project aims to be a first mover in smart contracting of part of the NEC3 suite of construction contracts. In collaboration with industry partners BAM Nuttall and Ferrovial, the firm is working on delivering practical crypto-contracting solutions for the construction sector.
Digital Catapult, an agency for the early adoption of advanced digital technologies, has published its first report on the progress of the project, where it notes that the increase in more extreme weather resulting from climate change has made planning and operations more difficult for the construction industry. This in turn has increased the number of weather related contract disputes, the costs of which can run into billions globally each year.
Partner David Hansom says: "The Weather Ledger is a first mover in the practical application of smart contracting in the construction sector. The project has the potential to be a game changer in the use of DLT and smart contracting solutions in the sector, bringing the potential for cost savings, reduced disputes and simpler administration on projects which will be of huge interest to governments, insurers, contractors and other project participants".
This work is part of Clyde & Co's focus on innovation, led by the firm's Innovation Board. In September 2017 the firm launched Clyde Code, a hybrid technical-legal consultancy advising insurers on every aspect of smart contracts, blockchain and tokens – from creation through to implementation and enforcement.
Since September 2018 the firm has been providing legal services to Komgo, a consortium of leading banks, trading and energy companies that digitalise trade and commodities finance processes through a blockchain-based open platform.
Last year, the firm launched a first of its kind connected parametric insurance contract, which enables it to provide clients with a new category of technology-enabled transactional legal services through Clyde Code.
Visit https://ehab.co/ to find out how The Weather Ledger can de-risk your portfolio and to learn more about the project and its partners.