The blockchain is taking the industry by the storm and has created a stir in the field of law. Eleven firms are coming together to form an Ethereum services platform called the” Agreement Network.” The Agreement Network will make the tasks of lawyers simpler and more streamlined. The management of all legal documents and case tasks will be based on smart contracts. The project will be launched in October.
The firm has tied with Monax, a blockchain and smart contract technology company. 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 include legal firms like LegalBono, ErdosIOP and BakerHoseler.
Leases contracts and documents will be available on a shared ledger available for simultaneous access. This will completely scrape methods like sending emails, PDFs and will replace it with a shared network using the Ethereum Blockchain.
According to sources, the conviction of Jon Montroll would have been much quicker if transaction histories were recorded on smart contracts. 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.”