The Chamber of Digital Commerce announced the new group uniting the ecosystem leaders – lawyers, IT-community representatives and research centres to promote the real-world application of smart contracts.

SCA will inform the public about smart contracts and contribute to wider adoption of this technology. It is going to provide a platform for discussion to develop the standards and general principles that will boost the growth of the industry. The first Alliance meeting is planned for this autumn.

The Chamber of Digital Commerce is an American NGO that brings together companies operating in the field of the blockchain and electronic assets. Among the SCA members are: Bitfinex crypto exchange, IT-companies such as Microsoft and IBM, Georgetown University Center for Financial Markets and Policy, Deloitte and many other establishments. SCA chairmen are Mark Smith, CEO of Symbiont, and Sean Murphy, Partner at Norton Rose Fulbright law firm.

Mark Smith, SCA's technology chair, said:

“As a pioneer of smart contract technology, Symbiont's end goal has always been real-world implementation. This initiative will be key in bridging the gap between concept and reality, and making smart contracts accessible across the board.”

Sean Murphy, the legal chair of the Alliance, emphasised the importance of regulation in implementing the new technology:

“With real-world applications of any major advance in technology like smart contracts, regulation and policy play a pivotal role. I'm excited to bring Norton Rose Fulbright's experience in distributed ledger technology to the Smart Contracts Alliance, and help foster the right legal environment for smart contacts to flourish.”

Ludmila Brus