The key is to make the format both machine readable, such that they can easily be extracted for computational purposes, and readable as an ordinary text document such that lawyers and contracting parties may read the essentials of the contract conveniently
Post by twetch#3039
From a legal perspective, the use of markup language embedded within a mostly legal prose document leads to reduced transaction costs, faster dispute resolution, better enforceability and enhanced transparency.
What the chain says
- Block
- 621 510
- Time
- 2020-02-10T20:00:19Z
- Signer
- 17X2uRXgH4Rtr6vHxQ56JayJDgxBoXCMz
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#3039
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
17X2uRXgH4Rtr6vHxQ56JayJDgxBoXCMz VerifiedReplies (2)
From a computing perspective, the Ricardian contract is a software design pattern to digitize documents and have them participate within financial transactions, such as payments, without losing any of the richness of the contracting tradition.
Publication of the content and reference to that content by the unique cryptographic message digest eliminates frauds based on multiple presentations.