Smart Contract Templates: foundations, design landscape and research\n directions

Abstract

In this position paper, we consider some foundational topics regarding smart\ncontracts (such as terminology, automation, enforceability, and semantics) and\ndefine a smart contract as an automatable and enforceable agreement. We explore\na simple semantic framework for smart contracts, covering both operational and\nnon-operational aspects, and describe templates and agreements for\nlegally-enforceable smart contracts, based on legal documents. Building upon\nthe Ricardian Contract, we identify operational parameters in the legal\ndocuments and use these to connect legal agreements to standardised code. We\nalso explore the design landscape, including increasing sophistication of\nparameters, increasing use of common standardised code, and long-term research.\n