ConsenSys, Rocket Lawyer to Use Patent-Pending Rocket Wallet for ETH Blockchain Legal Contracts
Rocket Lawyer Partners ConsenSys to Fast Track Launch of Secure, Blockchain-Enabled Legal Contracts
Rocket Lawyer has announced its partnership with ConsenSys, and ConsenSys startup, OpenLaw, to accelerate the distribution of its patent-pending Rocket Wallet™ service for trusted, blockchain-enabled contract execution.
The global leader in digital legal services, Rocket Lawyer says its partnership with ConsenSys, the world’s leading Ethereum blockchain technology company, will help optimize the process of creating, signing and storing legal documents.
As one of the fastest growing digital contract platforms in the world, Rocket Lawyer has led the growing mainstream adoption of cloud-based legal agreements by millions of people and businesses. As a result, every year, millions of legal documents are created, signed or stored, yet, key elements of the process, especially related to contract performance and dispute resolution, remain to be optimized.
Smarter Transactions that Are Managed by a Network
Operating on the Ethereum blockchain, and leveraging the OpenLaw protocol, Rocket Lawyer will create smarter transactions that are managed by a network, rather than a central authority. Through this approach, Rocket Lawyer aims to limit the sharing of consumers’ personally identifiable information (PII) and enhance consumer privacy and security.
Rocket Lawyer, ConsenSys and OpenLaw will collaborate on bringing additional Ethereum blockchain innovations such as smart contracts, automated dispute resolution and identity management applications to the legal services market. A smart contract is a program intended to digitally facilitate, verify, and execute a contract. Smart Contracts are validated automatically when certain agreed-upon conditions are met by each party.
Charley Moore, Rocket Lawyer Founder and CEO said they are thrilled to partner with the ConsenSys team and OpenLaw to be the first to bring exciting new technologies, like the Ethereum blockchain to the legal marketplace
Her said together, they will work to increase access to justice by closing the gap between contract execution and trusted, secure performance of agreed-upon obligations.
On their part, Aaron Wright, co-founder of OpenLaw said they are excited to work with Rocket Lawyer on this ambitious project. That by bringing OpenLaw and Rocket Lawyer together, they will accelerate their shared vision of mainstream adoption of the extraordinary benefits of blockchain-enabled legal services. He said their hope is that millions of people will gain greater access to justice by taking the accessible onramp to the blockchain that they will mutually deliver.
The collaboration between ConsenSys, OpenLaw, and Rocket Lawyer will enable them to work together on the development of legally binding smart contracts, said Joe Lubin, Founder of ConsenSys and co-founder of Ethereum.
He said they are looking forward to streamlining the implementation of contracts in a way that reduces friction and can create blockchain-based legally enforceable agreements, which is a significant development for the Ethereum ecosystem.
Already the easiest way to create and sign legal documents, now Rocket Lawyer will make contract performance and resolution of disputes, secure and affordable, by becoming the first mainstream legal technology company to integrate blockchain technology into everyday legal transactions at scale.
The first service to be released by the partnership, Rocket Wallet™, will be available this month to invited beta users for the remainder 2018, with public launch planned for the first half of 2019. To apply to become a beta user, or to receive additional information, visit www.RocketLawyer.com/RocketWallet.