Specify the contract using the Deon domain specific language
The Deon Digital Contract Specification Language (CSL) is a formal language that allows legal contracts to be described as a set of rules to be followed by the parties to the contract. Parties may include persons, groups, companies, or other legal entities. The contract specifies the rights and obligations of the parties over time, but it is not a program that carries out obligations on its own. Partially-fulfilled contracts are themselves represented as CSL contracts, allowing the same tools to be used for contracts prior to and during fulfillment.
Manage the contract from an application or legacy system
Unlike smart contracts, CSL contracts are not programs that move money around on their own. Just like an ordinary business contract, a CSL contract describes obligations, while other business processes continue to be responsible for living up to said obligations. Deon Digital’s APIs allow integration with existing systems to track the state of contractual obligations and warn about potential violations before it’s too late. The logic that governs contractual obligations can be inspected and verified independently by all parties to the contract.
Manage the resources, i.e. transaction of money, assets, rights
CSL separates the lifecycle of a contract, i.e. the sequence of events, from the transfer of resources (money, assets, rights, etc.). This design allows resources to be modelled as tokens or account-based representations of assets or money which interact with contracts that determine the rules that govern the transfers of these resources. The resources are managed by the Deon resource manager or external resource managers such as the settlement systems, which can interact with CSL contracts.
How it works
Legal contract documentation
Legal basis, specifies the digital asset, human- and machine-readable smart legal contract
Smart legal contract data
Data about the digital asset is extracted and validated from the legal documentation. It ensures consistency between legal documentation and its digital representation. The data gets injected into Deon Digital CSL templates to correctly parametrize the specific digital asset to be instantiated and, when necessary, registered.
Lifecycle process & logic
The smart legal contract holds the relevant lifecycle process & logic as an in-code version of the legal terms.
Simplifies and automates transactional processes among parties, allowing them to focus on their core business, freeing up resources of reconciliation effort and time
Toolbox for digital contract modelling powered by template and building block library
Enables track and trace of parties duties and actions at any point in time. Forward-looking properties (ex-ante) are analyzable and available to analysis systems.
Enables execution of parallel digital processes using the standard cryptographic techniques of the Internet, avoiding the need for a complicated consensus mechanism