Sweetbridge, a global blockchain alliance developing protocols to enable frictionless commerce and low-interest financing for individuals, businesses and enterprises, has announced a partnership with Mattereum, the London-based Internet of Agreements (IoA) infrastructure company. Mattereum will undertake the legal and technical development work to ensure that legal texts and their corresponding digital equivalents represented in Sweetbridge ecosystems are compliant with regulations in relevant jurisdictions.
The Sweetbridge Alliance is an independent member-run non-profit that is building a global network of organizations comprised of interested industry technologists, blockchain projects and open-source contributors from around the world. Its goal is to transform commerce through a decentralized industry ecosystem that creates a faster, fairer value exchange, unlocks working capital, better utilises resources, and optimises talent for the benefit of participants.
Mattereum lawyers and developers will work with Sweetbridge Alliance members to create smart contracts for specific applications and use cases, ranging from global trade in real-world goods to token sales on the Sweetbridge crowdsale platform. Mattereum will create and manage the legal and technical systems required to implement the control and transfer of rights in material and intellectual property, as well as digital assets. Non-performance issues will either automatically be resolved by smart contracts or mediated by an international commercial arbitration court. Mattereum’s panel of independent arbitrators are able to make legally binding rulings that are enforceable in more than 150 countries.
CEO and Chairman of Sweetbridge, Scott Nelson said: “Sweetbridge is proud to partner with Mattereum to ensure that the framework behind its innovative platform is legally enforceable in multiple jurisdictions. Mattereum’s innovative solution for ensuring regulatory compliance will prove critical as we support global companies conducting token crowdsales on our platform. We are delighted to join forces with Mattereum to further the development of our crowdsale platform and ensure its long-term sustainability and success.”
Vinay Gupta, Mattereum CEO, remarked: “For the blockchain to achieve global adoption in the industrial and commercial world, it is really important that standards for blockchain smart contract enforcement are as high or higher than that for ordinary contracts. That does not just mean that the technical part, the blockchain part, works perfectly. We also need unpredictability of the real world, the world of ships and trains, to be managed flawlessly. By helping Sweetbridge achieve its aims of creating a more efficient, decentralized form of commerce supported by a widely compliant legal infrastructure, we will also be realizing our own ambitions to decentralize commercial law by automating legal contract execution.”
Recently, Sweetbridge released a whitepaper outlining its crowdsale platform. Companies that conduct their crowdsales on the platform must use an incremental token release, called a ‘slow drop’, in which additional tokens are only added when the network grows.