“Agreement Networks” to bring ethereum blockchain in legal industry,11 companies join
The crypto zone is again triggered with law firms associating with a Software Company to build “Agreements Network” based on ethereum. Eleven companies comprising blockchain start-ups and legal enterprises have teamed up with Monax, the open source company dealing in software. The purpose behind this association is designing and developing service platform on ethereum, Agreements Network, for the lawyer
The first announcement about the network was made in April, 2018 which would facilitate the lawyers to accomplish their tasks. These legal tasks include handling of leases, governance documents through smart contracts and other legal contracts.
In an interview with Forbes, Casey Kuhlman, the co-founder and CEO of Monax has commented about the real motive behind Agreements Network. He opined that for introducing legal transactional procedures “into the digital age” by transferring the drafted documents and files to distributed ledger.
According to Kuhlman, “Lawyers are the perfect audience for this.’’ The list of legal firm partners of Monax in this initiative includes LegalBono, ErdosIP, BekrHostetler. The tech organisations involve Crowdcube, a crowdfunding platform of investment, Libra, a software start-up and Clause, a contract manager. In the new infrastructure of Agreements Network, Kuhlman has stated that “transactional execution risks’’ are removed. The service platform will provide a collaborative storage facility for data, documents and contracts.
In the perspective of Kuhlman, Agreement Network is an outcome of an evolution of idea orchestrated in the initial days by Monax. This would assist to bring together legal procedures along with smart contract’s productivity and assurances. According to Kuhlman, “this was what companies were interested in exploring.”
Monax has been established in 2014 in the domain of blockchain technology for the Hyperledger Burrow. The Hyperledger Burrow supports the development and functioning of the Agreements Network. The former itself shares compatibility with ethereum virtual machine.
As per the statement of Robert Craig, CIO of BakerHostetler, “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.”
Image via Google
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