The Chamber of Digital Commerce, the first Washington, DC-based trade association representing the blockchain and digital asset industry, has launched the Smart Contracts Alliance (SCA) which is an industry initiative of leaders in smart contracts.

According to the official release, as smart contracts have the potential to deliver greater efficiency, transparency, and automation across industries, SCA aims to promote the real-world application of this ‘vital technology’. SCA also aims to enhance and educate the adoption of smart contracts, offer a forum in order to develop industry standards and help in shaping a pro-growth policy framework.

“Smart contracts have the potential to change the landscape of modern business. The Smart Contracts Alliance is another facet in the Chamber’s growing repertoire of industry initiatives to accelerate the growth of blockchain technology,” Perianne Boring, founder and president of the Chamber of Digital Commerce said.

The Smart Contracts Alliance team comprises of innovators and leaders from financial, technology and legal industries. It will be co-chaired by Mark Smith who is the CEO of Symbiont and Sean Murphy, a partner at Norton Rose Fulbright. SCA has founding participants from various industries including Bitfinex, Blake, Deloitte, Cognizant, IBM, Microsoft, Pillsbury Law and Georgetown University's Center for Financial Markets and Policy, among others.

“As a pioneer of smart contract technology, Symbiont’s end goal has always been real world implementation. This initiative will be key in bridging the gap between concept and reality, and making smart contracts accessible across the board,” Mark Smith, technology chair of SCA said.

All members of SCA are eligible to participate in the Smart Contract Alliance. The benefits of joining it include influence by shape thinking, policies and technology standards around smart contracts; network by connecting with an unrivaled network of financial, legal and technology executives; access to participate in exclusive events including meetings with media members by SCA.

The first event by SCA will take place in fall this year that will focus on policy implications and the legal and regulatory challenges of smart contracts.

The Chamber of Digital Commerce is the world's leading trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain technology. Apart from SCA, it has founded the Blockchain Alliance, the Global Blockchain Forum and many other key industry initiatives.