Law Firms and Technology Companies Collaborate on Public Blockchain
A group of law and tech-businesses are collaborating on an effort to release a new and public blockchain platform to reshape support for products and services related to both industries. Several big-name financial technology companies and law agencies, including BakerHostetler, LegalBono, Libra, Monax and more have hopped on board to work together.
An announcement stated that through the new blockchain community that connects law and fintech, legitimate contracts are shying away from physical forms to digital ones through software and hardware. On the new network, both sectors will be able to create new contracts for legal operations and services such as maintaining crucial evidence and presenting it, contractual collecting and more.
The platform provides a tool designed to monitor vital information and will also provide an environment for new products related to contracts and asset management. As smart or digital contracts continue to skyrocket in demand, all involved parties within the group will collaborate to provide validation and oversee technology trialing while providing solutions to any legal challenges through acceptance and adoption.
Additionally, the statement also clarifies that legal products like smart contracts are automatically and easily operated on the network and can be further advertised on an international p2p network.
CEO of Monax, Casey Kuhlman, stated that as the integration of digital-tech continues advancing, many companies and legal entities are forced to accept and adopt the technology into their systems. According to his statement, increased adoption of digitizing systems is beneficial and will severely cut down on known risks and errors and boost operations overall.