A Web-Based Environment for the Specification and Generation of Smart Legal Contracts

Abstract

Monitoring the compliance of contract performance against legal obligations is important in order to detect violations, ideally, as soon as they occur. Such monitoring can nowadays be achieved through the use of smart contracts, which provide protection against tampering as well as some level of automation in handling violations. However, there exists a large gap between natural language contracts and smart contract implementations. This paper introduces a Web-based environment that partly fills that gap by supporting the user-assisted refinement of Symboleo specifications corresponding to legal contract templates, followed by the automated generation of monitoring smart contracts deployable on the Hyperledger Fabric platform. This environment, illustrated using a sample contract from the transactive energy domain, shows much potential in accelerating the development of smart contracts in a legal compliance context.