‘Agreements Network’ to be launched by US law firms and tech start-ups
Eleven law firms and blockchain networks have joined software group Monax to develop a legal services platform to be called the Agreements Network.
In an interview with Forbes magazine, Monax chief executive and co-founder Casey Kuhlman said the goal of the platform is to bring legal transactions into the digital age, with all documents drafted by the network of law firms and legal advisers moved to a distributed ledger where they can be shared by all.
Saving time and cost
Because there are so many different levels in the US legal system, including advisors, investigators, attorneys and others, the platform will save time and money, Kuhlman said.
“Lawyers are the perfect audience for this,” he told Forbes.
Partners in the project include law firms BakerHostetler, LegalBono and ErdosIP, while the technology companies include contract manager Clause, crowdfunding platform Crowdcube and software startup Libra.
Contracts, legal documents and other information will be stored on the Agreements Network, creating, Kuhlman says, a shared infrastructure that eliminates “transactional execution risk”.
The project will be developed for use over the Ethereum blockchain network.