‘Agreements Network’: Law Firms Team Up to Launch Legal Services Platform on Ethereum
A number of Law firms are partnering with blockchain startups to develop a legal services platform on the Ethereum blockchain.
Dubbed “Agreements Network”, the platform will enable lawyers to store legal documents, manage contracts and perform other tasks pertaining to legal work. This will be achieved through the use of the Ethereum network’s smart contracts.
Forbes reports that blockchain based software company, Monax, have been integral in this collaboration, providing the majority of the support when it comes to the implementation of blockchain technology.
We are incredibly exited to be joined by @lexpredict @Crowdcube @BakerHostetler @mattereum @Wolfram_Alpha (blockchain labs) @Legalbono_en @clauseHQ @LibraT3ch Rymedi, ErdosIP as the first cohort of folks working together toward the launch of the Agreements Network.
— Monax (@monaxHQ) July 26, 2018
Speaking to Forbes, Monax CEO and co-founder Casey Kuhlman, (a lawyer himself ), said that the goal of the Agreements Network is to bring legal transactions “into the digital age” by moving the documents they draft and file to a shared, distributed ledger.
“Lawyers are the perfect audience for this,” said Kuhlman.
Kuhlman further noted that the ability to combine existing company protocol with progressive technology, such as smart contracts and distributed ledgers is what “companies were interested in exploring”.
The company’s partners in the project include law firms BakerHostetler, LegalBono and ErdosIP and tech companies including contract manager Clause, investment crowdfunding platform Crowdcube, consulting firm LexPredict, and software startup Libra.
The ultimate goal for the Agreement Network is to push for an intuitive user interface with “low or no code solution” says Kuhlman, for use by those without a tech background. “What we think will be the result of this is the ability for more and more lawyers to bring their knowledge to the table.”. The agreement network is further proof of the innumerable blockchain use-cases which will indeed accelerate mainstream adoption. Currently, the network is in the testnet stage. Kuhlman says it will be ready to launch in October.