Intelligent contracts for companies Legal management I am condemned

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The statue of justice at The Old Bailey in London, England With a sword in one hand and a balance in the other this statue of justice on top of the Old Bailey has a difference from many other similar pieces – in this case justice itself has no blindfolded eyes. (Source: Royalty Free).

The digital revolution could change almost every aspect of society, but in some respects, For example, changes can be made to legal and judicial systems. Most of the work done in legal offices, law offices and courts is still based on paper processes, which can prove extremely costly.

Courts that allow electronic filings also require still physical copies of documents to produce and keep as a reference: the legal system could in fact face a tough battle to manage the assembly costs deriving from paper processes that require time and cumbersome.

To illustrate the progress and some costs involved, according to the rates & nbsp; published in 2017 by Public Access to Court Electronic Records ( PACER ), which is provided by the Federal Judiciary in the United States (USA) which allows users to obtain information on cases and online addresses of federal courts of appeal, district and bankruptcy, the cost per page of each appropriate document via PACER is $ 0.10 per page. (Note: this is not exceeding the rate for thirty pages).

OK, 10 cents may not seem like much. But think only for a moment about how many judicial cases and research there must be in all of America. And the system Case Management / Electronic Case Files & nbsp; (CM / ECF), of which PACER is a party, which allows parties to submit court documents electronically, includes deposits in almost 49 million civilians, criminals, bankruptcy and appeal cases.

Add that access to an audio file from a court hearing last year was $ 2.40 via PACER for audio files and $ 30 for a name or voice searched through its center of assistance. Critics have also described the system as clumsy in terms of the ease with which searches can be made to recover documents.

Now that the numbers may be slightly old, those electronic public access fees generated 144 million revenue in the fiscal year ended September 30, 2014, according to the administrative office.

Fortunately, the sector is not entirely opposed to digitization. Digital justice – which encapsulates the way the judiciary and classrooms around the world can leverage technology to save money – is constantly gaining traction (eg PA systems, large screens, video conferencing, and high-definition displays) .

In addition to electronic filing, solutions such as planning, document management and archiving are becoming increasingly available. Telepresence technologies have also allowed online broadcasting of court hearings. U.S .. the courts even have an online video archive of selected cases.

It is also worth mentioning here that most of the contractual disputes that go through arbitration take six months longer to be settled and cost 50% more than the contracted quantity.

The new discoveries of emerging technologies such as blockchain and distributed ledger (DLT) are also creating new solutions. The transparent and immutable registration of Blockchain is particularly interesting for legal applications.

Smart Contracts IT protocols effectively intended to facilitate, verify or apply the negotiation or performance of a contract & nbsp; automate the fulfillment of agreements entered into via digital platforms. And, given its peer-to-peer (P2P) and decentralized architecture, blockchain can also be used to allow users to participate in activities such as online voting and deliberations.

Contracting For The Legal World [19659003] As a background, the & nbsp; Accord Project an initiative to develop open source technology and standards for "computational contracting" for the legal world that implements blockchain technology and distributed registries, announced its imminent launch in July 2017. [19659003] At the time it was said to be the first consortium of intelligent legal contracts, with the initiative & nbsp; backed by major law firms and organizations including Linux Foundation & # 39; s & nbsp; Hyperledger & nbsp; and the International Trade and Contract Management Association ( IACCM ). And, this July, the global law firm Norton Rose Fulbright announced that he had collaborated with the Accord Project.

The initiative was hailed by the pioneers of technology behind the enterprise, including Clause a pioneering legal technical startup of data-driven contracts and "Software-as- a-Service "for the transition of contracts from static documents in real time, as a" fundamental event "for the development of blockchains and registers distributed in legal bargaining.

And here are three other applications of blockchain technology that are being promoted as support for the digitalization of legal and judicial systems.

Agreements

Because of the broad adoption of digital services and e-commerce, people are becoming more comfortable accepting agreements digitally. However, the means to manage such agreements could use some improvements. To start with, there must be safe methods to ensure that agreements remain tamper-proof.

Blockchain can play a role in meeting this need for immutability. With the admission of increasing blockchain records, the technology can now be used to record and manage digital agreements.

The emerging blockchain platform JUR for example, aims to provide a convenient means for companies to manage such electronic agreements. The platform allows users to easily create smart legal agreements using wizards, thus eliminating the need for costly legal documentation. It also has a guarantee deposit function in which the funds are released to a party only when the conditions set forth in the agreements are met.

However, a fundamental concern is how to translate the effect of a "wet ink" signature into an electronic form. The United States already has a E-Sign Act which makes electronic signatures legitimate for digital agreements. But blockchain can still improve on this.

A judge who talks with both lawyers in a courtroom. (Source: Royalty Free).

Legal contracts

In general, legal contracts are in PDF or paper format. This means that they must be managed intensively. And this often happens (when an organization can afford it) through the use of the "Contract Lifecyle Management" software (CLM).

Peter Hunn, founder of Clause, commenting last year before the launch of the Accord Project, explained that: "This is used to extract salient information from contracts, which is then handled manually and in contrast to contracts based on data, which are self-created (for example, a contract can update its status in response to events in the physical world, make payments when requested, etc.) "

Encryption keys can act as unique identifiers. Agrello founded by a team of Estonian lawyers, academics and IT experts with 45 years of industry experience, uses this technology for its digital identity system that allows users to create their own digital signature. Using their unique and verifiable ID, users will be able to "sign" similar online agreements to physically sign paper contracts.

The Agrello team, which has been following the development of blockchain technology since its infancy, claims to understand the contemporary "obstacles" & nbsp;

Dispute Resolution

Not all transactions and agreements between the parties are concluded smoothly. In some cases, they must be resolved through some form of dispute resolution. Some may be able to resolve issues through consensual processes such as negotiation, while others may have to resort to legal means such as arbitration or even litigation.

However, not everyone is eager to go to court given the cost of the evidence and the risk of an unfavorable ruling by a jury. The arbitration lies in the middle where a third party is called to rule on the case, but without the hustle and bustle of a courtroom.

Blockchain provides a digital alternative to these traditional mechanisms. JUR also presents a dispute resolution function. So if the parties ever need to resolve disputes, they can enter into a platform arbitration agreement and stake tokens to be used as a settlement.

The platform then employs game theory and a system of incentives to encourage "oracles" – or peer panel – on the voting platform. It provides a quick but fair solution to the question in question.

Blockchain also makes the resolution of disputes more convenient. Depending on the territory and its regulations, traditional arbitration may not be economic. In the United States, arbitration may end up costing the parties hundreds to thousands of dollars to perform according to the amounts of the complaints.

Procedure

Legal and judicial systems rely heavily on procedural correctness. Evidence, especially those that must be presented in court, must be carefully recorded every time the custody changes. When this chain is broken, precious evidence can be rendered inadmissible

To underline the potential of blockchain in revolutionizing space, CaseLines a testing management platform that provides the Case Crown digital system used throughout the Crown Courts of England and Wales (there are about 80,000 cases in the system), recently have applied for a patent to integrate the technology with its system.

The platform tries to exploit the immutability of blockchain to store documents and records of how they move along the chain. The records of transactions on the blockchain can be promptly verified, if necessary. As such, this provides the platform with additional levels of security and trust.

Swift Justice

As the saying goes, "Justice is delayed and justice is denied." And, digitization presumably makes things more efficient. Thus, legal and judicial systems should take advantage of these new ways of doing things.

Through these new services mentioned above, blockchain can give its many strengths and improve these processes. These blockchain-based platforms could also take some of the load off the judicial system, offering alternative venues for the parties. According to the protagonists of these initiatives, having such effective systems could only inspire trust and trust in everyone. Pro bono publico.

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The statue of justice at The Old Bailey in London, England With a sword in one hand and a ladder in the other this statue of justice on top of the old Bailey has a difference compared to many other similar pieces – in this case the justice itself has no blindfolded eyes. (Source: Royalty Free).

The digital revolution could change almost every aspect of society, but in some respects changes can come slowly Take for example the legal and judicial systems.Most of the work done in legal offices, law offices and courts is still based on paper processes, which can prove to be extremely expensive.

Courts that allow electronic filing also still require physical copies of documents to be produced and kept for reference, in fact, the legal system could face a tough battle to manage the assembly costs deriving from cartac processes and the cumbersome and cumbersome.

To illustrate the status of the work and some of the costs involved, agreement to the rates published in 2017 by Public Access to Court Electronic Records (PACER), which is provided by the Federal Judiciary in the United States (USA) which allows users to obtain information on cases and online applications by federal appeal, district and bankruptcy courts, the cost per page of each appropriate document via PACER is equal to $ 0.10 per page. (Note: This is not exceeding the rate for thirty pages).

OK, 10 cents may not seem like much. But think only for a moment about how many judicial cases and research there must be in all of America. And the system Case Management / Electronic Case Files (CM / ECF), of which PACER is a party, which allows litigants to submit legal documents electronically, includes deposits in almost 49 million cases civil, criminal, bankruptcy and appeal cases.

Add that access to an audio file from a court hearing last year was $ 2.40 via PACER for audio files and $ 30 for a name or voice searched through its center of assistance. Critics have also described the system as clumsy in terms of the ease with which searches can be made to recover documents.

Now that the numbers may be slightly old, these electronic public access fees generated 144.6 million dollars in revenue in the fiscal year ended September 30, 2014, according to the administrative office.

Fortunately, the sector is not entirely opposed to digitization. Digital justice – which encapsulates the way the judiciary and classrooms around the world can leverage technology to save money – is constantly gaining traction (eg PA systems, large screens, video conferencing, and high-definition displays) .

In addition to electronic filing, solutions such as planning, document management and archiving are becoming increasingly available. Telepresence technologies have also allowed online broadcasting of court hearings. The US courts even have an online video archive of selected cases

It is also worth mentioning that most of the contractual disputes that go through arbitration take six months longer to solve and cost 50% more 39; contract amount.

New discoveries from emerging technologies like blockchain and distributed ledger (DLT) are also creating new solutions. The transparent and immutable registration of Blockchain is particularly interesting for legal applications.

Smart contracts, in fact computer protocols aimed at facilitating, verifying or applying the negotiation or execution of a contract in digital, are already finding the utility to automate the fulfillment of the agreements through digital platforms. And, given its peer-to-peer (P2P) and decentralized architecture, blockchain can also be used to allow users to participate in activities such as online voting and deliberations.

Contracting For The Legal World [19659003] Because of the background, the Accord Project, an initiative to develop open source technology and standards for "computational contracting" for the legal world that implements blockchain technology and registers distributed, announced its imminent launch in July 2017.

At the time it was said to be the first legal consortium of smart contract, with the initiative supported by major law firms and organizations including the Linux Foundation's Hyperledger and the International Association for Commercial and Contract Management (IACCM). And this July, the global law firm Norton Rose Fulbright announced that it has partnered with the Accord Project.

The initiative was hailed by technology pioneers behind the enterprise, including Clause, a pioneering legal start-up of data-driven contracts and "Software-as-a-Service" for the transition of contracts from static documents in real time, as a "fundamental event" for the development of blockchains and registers distributed in legal contracts.

And, here are three other applications of blockchain technology that is being promoted as support for the digitalization of legal and judicial systems

Accords

Because of the broad adoption of digital services and -commerce, people are becoming more comfortable in accessing agreements digitally. However, the means to manage such agreements could use some improvements. To start with, there must be safe methods to ensure that agreements remain tamper-proof.

Blockchain can play a role in meeting this need for immutability. With the admission of increasing blockchain records, the technology can now be used to record and manage digital agreements.

The emerging blockchain platform JUR for example, aims to provide a convenient means for companies to manage such electronic agreements. The platform allows users to easily create smart legal agreements using wizards, thus eliminating the need for costly legal documentation. It also has a guarantee deposit function in which the funds are released to a party only when the conditions set forth in the agreements are met.

However, a fundamental concern is how to translate the effect of a "wet ink" signature into an electronic form. The United States already has a E-Sign Act which makes electronic signatures legitimate for digital agreements. But blockchain can still improve on this.

A judge who talks with both lawyers in a courtroom. (Source: Royalty Free).

Legal contracts

In general, legal contracts are in PDF or paper format. This means that they must be managed intensively. And this often happens (when an organization can afford it) through the use of the "Contract Lifecyle Management" software (CLM).

Peter Hunn, founder of Clause, commenting last year before the launch of the Accord Project, explained that: "This is used to extract salient information from contracts, which is then handled manually and in contrast to contracts based on data, which are self-created (for example, a contract can update its status in response to events in the physical world, make payments when requested, etc.) "

Encryption keys can act as unique identifiers. Agrello founded by a team of Estonian lawyers, academics and IT experts with 45 years of industry experience, uses this technology for its digital identity system that allows users to create their own digital signature. Using their unique and verifiable ID, users will be able to "sign" similar online agreements to physically sign paper contracts.

The Agrello team, which has been following the development of blockchain technology since its infancy, claims to understand the "obstacles" the systems of contemporary intelligent contracts will have to be overcome to be successfully implemented within legal environments established.

Dispute Resolution

Not all transactions and agreements between the parties are concluded smoothly. In some cases, they must be resolved through some form of dispute resolution. Some may be able to resolve issues through consensual processes such as negotiation, while others may have to resort to legal means such as arbitration or even litigation.

However, not everyone is eager to go to court given the cost of the evidence and the risk of an unfavorable ruling by a jury. The arbitration lies in the middle where a third party is called to rule on the case, but without the hustle and bustle of a courtroom.

Blockchain provides a digital alternative to these traditional mechanisms. JUR also presents a dispute resolution function. So if the parties ever need to resolve disputes, they can enter into a platform arbitration agreement and stake tokens to be used as a settlement.

The platform then employs game theory and a system of incentives to encourage "oracles" – or peer panel – on the voting platform. It provides a quick but fair solution to the question in question.

Blockchain also makes the resolution of disputes more convenient. Depending on the territory and its regulations, traditional arbitration may not be economic. In the United States, arbitration may end up costing the parties hundreds to thousands of dollars to perform according to the amounts of the claims.

Procedure

Legal and judicial systems rely heavily on procedural correctness. Evidence, especially those that must be presented in court, must be carefully recorded every time the custody changes. When this chain is broken, valuable evidence can be rendered inadmissible.

To underscore the potential of the blockchain in revolutionizing space, CaseLines a testing management platform that provides the Crown digital system used throughout the Crown Courts of England and Wales (there are around 80,000 cases in the system), recently have applied for a patent to integrate the technology with its system.

The platform tries to exploit the immutability of blockchain to store documents and records of how they move along the chain. The records of transactions on the blockchain can be promptly verified, if necessary. As such, this provides the platform with additional levels of security and trust.

Swift Justice

As the saying goes, "Justice is delayed and justice is denied." And, digitization presumably makes things more efficient. Thus, legal and judicial systems should take advantage of these new ways of doing things.

Through these new services mentioned above, blockchain can give its many strengths and improve these processes. These blockchain-based platforms could also take some of the load off the judicial system, offering alternative venues for the parties. According to the protagonists of these initiatives, having such effective systems could only inspire trust and trust in everyone. Pro bono publico.

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