Over the past years, revolutionary digital technologies have affected every aspect of our lives as we know it. While it may seem like the business sector is the only industry benefitting, the legal area remains mostly traditional and slow to embrace technology.
While it may seem astonishing that no technology can go into use within our legal system, blockchain technology is harbouring a solution through the latest venture in LegalThings. Here's how the upcoming ICO seeks to apply technological advancements to make a ripple within our legal practice.
What Is LegalThings One?
LegalThings is a blockchain-based platform that aims to give users the capability to create, share and deploy advanced digital agreements. In essence, LegalThings is offering users the chance to build their business contracts on the blockchain through their Live Contracts mechanism.
The user gets to digitally describe the persona, objects, and terms of the settlements in the form of structured data that is automatic and verifiable. Consequently, this will give the LegalThings members the capability to enforce automation on function such as workflow management through machine learning that legally binding contracts.
What LegalThings One Aims To Solve
The use of Ethereum smart contracts seems like the ultimate solution for creating secure computable contracting. However, the legal sector remains skeptical due to the drawbacks that come with Ethereum. With their Live Contracts platform, the venture seeks to take their idea into practicality and additionally solve these drawbacks.
How LegalThings One Works
The Live Contract platform proposes to help users automate any contractual agreement or law in a way that is both understandable and still secure. The platform also moves away from the typical smart contracts that rely on natural language that make them easily understandable.
Both parties will be able to break down or model laws and agreements such as finite state machines (FSM) that are in use with highly complex systems that combine AI technology.
LegalThings One Benefits
LegalThings presents the ultimate solution which could have the following implications:
Enabling Computable Contracting
LegalThings offers the necessary approach that will allow companies and individuals to undertake contract automation. The platform, therefore, combines the Live Contracts platform with artificial general intelligence.
Proof And Validation
The safety of any agreement lies with the capability of the interested parties living up to the rules. While in reality this often seems impossible online, LegalThings discusses the possibility of using blockchain technology for an immutable data storage network. That means there are full records of unbiased, past and present information that solve payment originality.
With the undeniable proof of transactions, LegalThings could potentially solve the constant problem of recurring fraud within their system.
LegalThings One LTO Token ICO Details
- ICO – Apr. 5, 2018 — May. 1, 2018
Parameters Of The ICO
- Token- LTO
- Platform- Waves
- Pre-ICO price- 1 LTO = 0.25 USD
- Price in ICO- 1 LTO = 0.5 USD
- Bonus- Referral program available.
- Tokens for sale- 60,000,000
- Accepting- Fiat, BTC, BCH, XRP, XMR, DASH, LTC, ETH
- Distributed in ICO- 60%
- Hard cap- 100,000,000 LTO
LegalThings One Conclusion
LegalThings provide for immediate usability within the real world through their Live Contracts platform. While the innovation does seem interesting and unique, there is uncertainty with doubt between blockchain and the legal sector. Ultimately, this could bring the reality of smart contracts closer to millions of individuals.