The blockchain industry is now creating a wave in the field of law with 11 law firms coming together to form an Ethereum compatible services platform called the Agreements Network. The firms have tied up with Monax, a blockchain and smart contract technology company. The main aim of the company is to develop smart-contract based applications for business systems and is best known for the development of the Hyperledger Burrow.
According to reports, the Agreements Network is being developed to make the tasks of lawyers simpler and more streamlined. The network would allow lawyers to govern documents, manage case tasks, leases and infringements all based on smart contracts. The foundation of these smart contracts is built keeping the properties of the Ethereum blockchain in mind. Monax has revealed that the Agreements Network will be launched in October with the exact date to be given on the website soon.
Casey Kuhlman, the CEO of Monax stated:
“ Being a lawyer myself, I can wholeheartedly say that the goal of the Agreements Network is to bring legal transactions into the digital age by moving the documents layers draft and file them into a shared distributed ledger.”
The companies that have come together for this venture include legal firms like LegalBono, ErdosIOP and BakerHoseler. This group also includes technology companies like Clause, LexPredict, Crowdcube, and Libra.
With the implementation of the Agreements Network, the companies part of the collaboration hope to streamline the nitti gritties of the law industry. This includes scrapping methods like sending emails, PDFs and replacing it by creating a shared network using the Ethereum blockchain. Leases, contracts and documents will be stored on a shared ledger or a connected network where everyone will be able to access it simultaneously.
Clause, one of the partners in the Agreements Network was also responsible for the creation of the Accord Project that was released in early 2017. The Accord Project is on a mission to implement the marriage of technology and legal standards to facilitate the establishment of a more effective legal system. The smart contract is a legal agreement that uses the power of blockchain technology and computer code to assist the automation of the law industry.
Reports say that if the legal smart contract system is set up in place, tasks that previously took days could be reduced to mere hours. The use of a legal framework based on the Ethereum blockchain can also pave way for faster executions of cases, a boon to courts everywhere especially in cases related to cryptocurrency fraud, says Kuhlman.
Sources say that the recent conviction of Jon Montroll could have been done much quicker if transaction histories were recorded on smart contracts. Montroll is the main accused in the BitFunder scam where he had cheated users off $46 million.
Rober Craig, BakerHosteler’s stated:
” If launched safely and properly, the Agreements Network could provide a foundational piece of technology for a range of innovative solutions in the legal marketplace.”
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