Now that the blockchain technology has started gaining its status amongst the corporates and investors worldwide, there has been a rising network that use smart contract technology especially to manage agreements process with it.
With the single goal in place to redefine as to how legal products and services assist the networked economy, a group of law firms and technology companies have conceded to work together for further launching of a public, permission blockchain network through the Agreements Network tool. The range of law firms included LegalBonok and ErdosIP, BakerHostetler that will be joined by tech companies clause whereas the others are Monax, Rymedi, Libra, LexPredict, Crowdcube, TransparentNode and Wolfram Blockchain Labs.
The Agreements Network is a newly set-up tool that delivers legal know-how to the market. Let us not forget that the networked economy, legal contracting happens less on paper and moves to software and devices.
The lawyers and companies with the help of Agreements Network can design, operate and execute contracts to perform jobs, for example, contract management, collecting, storing and providing evidence. With this, the Agreement Network’s legal reference layer is one of the novel tools that track very important information like a chain of custody for assets. However, it also supports the creation of new products that transform future legal contracts.
The participants that involved in the Agreement Network will validate, refine operation of the technology while addressing issues that enables adoptions and scaling the solutions for a legal product that meets the demand for legal – Smart Contracts.
On the transaction summary front, the legal products will be executed through simple legal functions and marketed and sold across a global peer-to-peer network. Needless to say that the complementary legal products will bring revenue more excitedly and represent client opportunities to any lawyer by creating and executing a more diverse and competitive marketplace for all consumers.