Eleven blockchain startups and law firms have come together to work with Monax – an open-source software firm – to help build a new legal service platform tagged “Agreements Network.”
The Aim of the Project
This plan was initially revealed back in April, and the network is aimed at enabling lawyers to carry out tasks such as managing contracts, governance documents, and leases through smart contracts which are compatible with the public blockchain of Ethereum.
Casey Kuhlman – the co-founder and CEO of Monax, is also a lawyer, and he said that the ultimate goal of the Agreement Network is to introduce legal transactions to the digital age by moving files and drafted documents to a distributed and shared ledger.
If the project is successful, it will save both money and time not only for clients that need the support of law firms but also lawyers that depend on several middlemen to perform certain services.
The Partners of the Project
The partners of the firm in the project include law firms LegalBono, BakerHostetler, and ErdosIP, and tech firms including contract manager Clause, consulting firm LexPredict, software startup Libra, and Crowdcube – investment crowdfunding platform.
Rather than the old-fashioned methods of sending and receiving word documents, PDFs, and emails, the Agreements Network is developing a shared platform will eliminate transactional execution risk according to Kuhlman. Assets, information, documents, and contracts will be stored collaboratively across several computers, rather than in one location by a single lawyer or firm.
Kuhlman said the network is presently in its testnet phase, and it will be ready for launch in October. This project will have a significant impact on the Ethereum network, and it will likely increase the adoption of the digital currency over time.
Ethereum (ETH) Price Today – BTC / USD
Ethereum (ETH) is presently changing hands at $465 after a decrease of 3.45 percent over the past twenty-four hours. The market cap of ETH is $46.89 billion and its trading volume over the past twenty-four hours is $1.67 billion.