Monax Forms ‘Agreements Network’ Legal Services with 11 Blockchain and Law Firms
11 Companies Partner Up To Develop Ethereum Platform For Lawyers
A total of eleven law firms and blockchain companies have joined Monax, an open source software company, to partner in the creation of a new Ethereum-based platform for lawyers called Agreements Network.
The idea was originally revealed in April 2018 and its main task will be to use the blockchain technology to help lawyers perform tasks like managing contracts, leases and documents via the smart contracts of the Ethereum blockchain.
The CEO and founder of Monax, Casey Kuhlman, is also a lawyer and he recently told the media that the project will be used to bring legal transactions to the digital age by using the distributed ledger technology. The platform will help to save money and time of professionals and clients seeking the aid of law firms as they will no longer require so many middlemen as they do at this moment.
Monax was founded in 2014 and created an open source project called Hyperledger Burrow, which was a contribution to the Linux Foundation. The Agreements Network will be built on top of this technology, which is fully compatible with Ethereum.
Putting Lawyers Into The Digital Age
According to Kuhlman, lawyers are the perfect audience for this new service. The company has partners like BakerHostetler, LegalBono and ErdosIP. Some of the tech companies involved are Clause (contract manager), Crowdcube (investment crowdfunding) and LexPredict (consulting).
Instead of using “old-fashioned” technology like emails and word documents, the Agreements Network will use a shared infrastructure that will be able to eliminate the risks of executing a transaction. The documents will be stored in a collaborative way instead of being in a single location with a single lawyer.
Smart Legal Contracts
One of the advantages of using smart legal contracts is that all the changes will be permanently recorded on the blockchain. This way, assets can easily change ownership and payments can be made once conditions are satisfied. What took days now can take only minutes. To Kulhman, this is the natural progression from marrying legal processes with the new technology.
The CIO os BakerHostetler, Robert Craig, sees the potential of the platform. According to him, the Agreements Network can be a foundational piece of tech that will revolutionize the marketplace.
Even as lawyers are notorious for not being early adopters of technology, this tech is useful, according to its creators, that they will basically need it to provide the best services for their clients. According to them, many law firms are becoming interested because their clients are asking them about it and basically making them be interested.
Also, this can be more profitable for companies as they will have to spend a lot less money with middlemen. There is certainly an incentive for the companies to use smart legal contracts instead of the old ones.
A Low Or No Code Solution
Finally, one of the main points about this solution is that it will not require a lot of expertise as it can be used with low or no coding skills. One of the goals of the company is to have a simple interface that will help the users to navigate on it easily and really let the lawyers use their abilities instead of having to use new ones.
Currently, the software is in testnet stage, but Kuhlman affirms that it will be ready for launch in October.