LexPredict has joined with law firms BakerHostetler, LegalBono and ErdosIP, and tech companies Monax, Clause, Crowdcube, Libra, Mattereum, Rymedi, TransparentNode and Wolfram Blockchain Labs to create a new legal services platform called the Agreements Network.
We’re excited to join all of these organizations. Together, we are all proven leaders in our fields, bringing practical and innovative tech solutions to life. Originally revealed in April, the Agreements Network is being designed to allow lawyers to manage contracts, leases, and governance documents using smart contracts on the public ethereum blockchain.
The Agreements Network will bring legal transactions into the digital age, says Monax CEO and co-founder Casey Kuhlman. The ability to move documents to a shared, distributed ledger will save time and money for both clients and lawyers. This is accomplished by creating a shared infrastructure that Kuhlman says eliminates the inherent liability two or more parties take on whenever they enter into an agreement. The Agreements Network ameliorates this “transactional execution risk,” because the contracts, documents, information, and assets will be stored collaboratively on the network, across multiple computers, instead of just in one location.
The ultimate goal of the Agreements Network is for a “low or no code solution,” says Kuhlman. An easily navigable interface means people without tech backgrounds can use the Agreements Network with relative ease. This kind of friendly user interface will incentivize lawyers, who might otherwise be hesitant, to bring their knowledge to the Agreements Network and contribute to further innovation.
And there is a growing interest among law firms and other legal services organizations for technology like this. Companies are exploring blockchain-based investments, and smart contracts go hand-in-hand not only with cryptocurrency innovations, but also in a whole slew of process improvements and security-based concerns throughout the market. And clients themselves are demanding the kinds of changes that the Agreements Network can facilitate.
Our CEO, Michael J. Bommarito II, had this to say about LexPredict’s role in the project: “We are very excited to support the maturation and socialization of the Agreements Network. We are running two of the network’s validator nodes, and we are already identifying contract use cases from our customers. We are designing solutions with Monax, leveraging LexNLP and ContraxSuite to assist in potential migration on-chain.”
Currently, the Agreements Network is in the testing stage. It will be ready to launch in October.
Founded in 2014, Monax is best known in the blockchain space for Hyperledger Burrow, its open-source contribution to the Linux Foundation-led consortium focused on enterprise blockchain solutions. The Agreements Network is built on top of Hyperledger Burrow, which itself is compatible with an ethereum virtual machine.
LexPredict is an enterprise consulting and technology firm. We improve process, technology, and the ways people interact with both. We provide traditional consulting services, but in many other cases, we also build data and technology products, or help seed startups to address unmet needs.