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Eleven law firms and blockchain startups have joined the open source software company Monax to help develop a new legal services platform called Network agreements revealed in April, the network was designed to allow lawyers to perform tasks such as managing contracts, leases and governance documents via smart contracts compatible with & nbsp; the public blockchain ethereum . [19659004] Monax CEO and co-founder Casey Kuhlman, himself a lawyer, stated Forbes & that the goal of the network of agreements is to bring legal transactions "into the digital era" moving documents that they & nbsp; draft and file to a shared and distributed ledger .
If successful, the platform saves time and money not just for customers looking support from companies, but from lawyers who rely on countless intermediaries to perform their r
"Lawyers are the perfect audience for this," & nbsp; Kuhlman.
The company's partners in the project include law firms BakerHostetler, LegalBono and ErdosIP and technology companies including Clause contract manager, Crowdcube crowdfunding platform investment, LexPredict consulting firm and Libra software launch.
Instead of the old means of exchanging e-mails, word documents and PDFs, the network of agreements is creating a shared infrastructure which, as Kuhlman says, eliminates "risk of transactional execution," or the intrinsic responsibility that two parties must assume when they enter into an agreement. Contracts, documents, information and resources will be stored collaboratively, on multiple computers, rather than in a single location by a single company or a lawyer.
In an intelligent legal contract, each phase of a process can be recorded permanently. Activities can change ownership and payments can be made automatically on the blockchain once certain conditions are met. Activities that previously required days could be reduced to minutes.
Kuhlman states that the network of agreements is the natural evolution of an idea of the early years of Monax: marrying the requirements of legal processes with the guarantees and efficiencies of smart contract technology. "It was what the companies were interested in exploring," he said.
Founded in 2014, Monax is best known in the blockchain space for Hyperledger Burrow, its open-source contribution to the Linux Foundation-led consortium on corporate blockchain solutions. The network of agreements & nbsp; it is built on Hyperledger Burrow, which in turn is compatible with an ethereum virtual machine. Monax also offers corporate governance and fleet leasing services for companies.
Robert Craig, CIO of BakerHostetler, sees the potential of the platform. "If launched in a safe and proper way, the network of agreements could provide a fundamental technology for a series of innovations solutions in the legal market," he said in a statement.
While lawyers have a (perhaps undeserved) reputation for being slow to adopt new technologies, Aaron Wright, a professor at Cardozo Law School, president of the counselor The advisory group of the Enterprise Ethereum Alliance, and co-author of the book & quot; Blockchain and the Law, states that new customer needs can lead to the adoption of blockchains in the legal sector, especially when more and more companies are exploring blockchain
"A lot of law firms are interested because their customers are asking them to become interested, "he said. & nbsp; Wright is also a developer of O penLaw, a blockchain infrastructure for smart legal contracts that has also seen the interest of major companies including Corrs Chambers Westgarth in Australia.
Another adoption driver for this type of product are profits. "Corporate legal clients are becoming much more demanding for law firms," said Dean Sonderegger, general manager of the legal services group of the information services company Wolters Kluwer. As a result, they may not allow invoicing for activities that they do not consider to be profitable, and this creates a lot of pressure on companies' economic performance.
" There is a very real financial incentive for the law firm to become more efficient and provide more value," Sonderegger said. "W It has always been difficult for lawyers to use different tools and apps, we see that the market pulls them in a way they have to do it."
The ultimate goal of Kuhlman is that the network of agreements is a "low or no code" solution, "& nbsp; which means it will have an easy-to-navigate user interface for those without a technological background. "What we think will be the result of this," he says, "is the ability of more and more lawyers to bring their knowledge to the table." And when that happens, "we will have a powerful force for innovation at the time. internal market. "
Currently, the network & nbsp; it's in the testnet phase. Kuhlman says he will be ready for launch in October.
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Eleven law firms and blockchain startups joined the open source software company Monax to help develop a new platform of legal services called Accordi Network. The network was designed to allow lawyers to perform tasks such as contract management, leasing and governance documents through smart contracts compatible with the public blockchain ethereum .
CEO and co-founder of Monax Casey Kuhlman, himself a lawyer, stated [19659005] to Forbes that the goal of the network of agreements is to bring legal transactions "into the digital era" by moving the documents they drafted and stored in a shared and distributed ledger . [19659008] If successful, the platform saves time and money not only for customers looking for support from law firms but also by lawyers who rely on countless intermediaries for run their services.
"Lawyers are perfect public for this," said Kuhlman.
Partners in the project include law firms BakerHostetler, LegalBono and ErdosIP and technology companies including contract manager Clause, Crowdcube crowdfunding platform, LexPredict consulting firm and Libra software startup.
Instead of the old means of exchange of e-mails, word documents and PDFs, the network of agreements is creating a shared infrastructure that Kuhlman excludes "risk of transactional execution" or the inherent responsibility that two parties they must take when they make an agreement. Contracts, documents, information and resources will be stored collaboratively, on multiple computers, rather than in a single location by a single company or by a lawyer.
In an intelligent legal contract, each phase of a process can be recorded permanently. Activities can change ownership and payments can be made automatically on the blockchain once certain conditions are met. Activities that previously required days could be reduced to minutes.
Kuhlman states that the network of agreements is the natural evolution of an idea of the early years of Monax: marrying the needs of legal processes with the guarantees and efficiencies of intelligent contract technology. "It was what the companies were interested in exploring," he said.
Founded in 2014, Monax is best known in the blockchain space for Hyperledger Burrow, its open source contribution to the Linux Foundation consortium focused on corporate blockchain solutions. The network of agreements is built on Hyperledger Burrow, which in turn is compatible with an ethereum virtual machine. Monax also offers corporate governance and fleet leasing services for companies.
Robert Craig, CIO of BakerHostetler, sees the potential of the platform. "If launched in a safe and proper way, the network of agreements could provide a fundamental technology for a series of innovative solutions in the legal market," he said in a statement
. While lawyers have a (perhaps undeserved) reputation for being slow to adopt new technologies, Aaron Wright, professor at Cardozo's School of Law, president of the legal advice group of the Enterprise Ethereum Alliance, and coauthor of the book Blockchain and the Law, says that the new needs of customers can guide the adoption of blockchain in the legal sector, especially when more and more companies are exploring blockchain-based investments and solutions.
"Many law firms are interested because their clients ask them to become interested," he said. he is also a developer of OpenLaw, a blockchain infrastructure for smart legal contracts that has also seen the interest of major companies such as Corrs Chambers Westgarth in Australia.
Another driver of adopts for this type of product are profits. "Corporate legal clients are becoming much more demanding for law firms," said Dean Sonderegger, general manager of the legal services group of the information services company Wolters Kluwer. As a result, they may not allow billing for activities that they do not consider to be profitable, and this creates a lot of pressure on company data.
" There is a very real financial incentive for the law firm to become more efficient and provide more value," said Sonderegger. "W Whereas traditionally it has been difficult to convince lawyers to use different tools and apps, we see that the market attracts them in a way they have to do it."
The ultimate goal of Kuhlman is that the Agreements The network is a "low or no code solution", which means it will have an easy-to-navigate user interface for those without a technological background. "What we think will be the result of this", he says, "is the ability of more and more lawyers to bring their knowledge to the table". And when that happens, "we will have a powerful force for innovation within the legal market."
Currently, the network is in the testnet phase. Kuhlman says he will be ready for launch in October.
