CommonAccord, a blockchain-based startup for legal documentation, is one of eight startups selected for BNP Paribas’ new FinTech accelerator, L’Atelier.
CommonAccord’s goal is to create global codes for transferring legal documents like contracts, consents and permits. The startup wants to develop a distributed network of participants that synchronizes files with each other, using blockchain, GitHub or email transfer.
According to CommonAccord, however, blockchain is particularly important for it’s ability to automate routine functions using smart contracts and provide an immutable ledger that can be used for legal enforcement.
A parser program developed by Primavera De Filippi, an expert in the bitcoin legal space at Harvard’s Berkman Center is being used by CommonAccord to support peer-to-peer transactions.
BNP Paribas, French multinational bank, set up the accelerator in December to support startups and develop prototype solutions.
Cryptocurrency and blockchain-related startups accounted for 3% of the 142 total startups that applied to be a part of L’Atelier’s season one.
Startups focusing on payments; cybersecurity, compliance and anti-fraud; and portfolio management led the number of applications.
Image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.