Over the course of the past year, Monax has been engaged in a deep process of defining, refining, and building a public blockchain product we are very proud to introduce to the world. I wrote about that in some detail in my previous post. Early next week The Agreements Network will launch its first public testnet after many months of iterations.
The Agreements Network is a decentralized contract management platform that uses smart contract technology to create, prove, and operate legal agreements. It’s built to revolutionise the way lawyers, businesses, and consumers transact across the globe. The foundation of The Agreements Network consists of blockchain data assurance, along with smart contract Archetypes and Active Agreements.
Active Agreements combine legal templates with smart contract formation, execution and fulfilment workflows to create a more useful legal products, by design. Users running blockchain nodes in The Agreements Network upload legal contracts, documents and instruments, along with smart contract workflows, to create packages we call Archetypes.
Consumers purchase these Archetypes to produce Active Agreements, individual contracts that automate many of the rights and obligations of parties. Active Agreements are extensible, scalable, computable legal products that operate efficiently, promote better decisions and open new value streams for global markets.
The Agreements Network revamps the outdated processes of the legal industry with a product created to keep pace with a rapidly-evolving networked world.
Smart Contracts and Blockchains Unlock Evolved Commerce
One of the biggest problems the world currently has is that legal instruments and legal services providers are largely unable to provide relevant transactional legal services to their customers. While the problem is mostly hidden, nearly every business interaction between companies – in other words, basically all commercial activity – happens because there’s a legal contract underlying the interaction. However, as commerce continues to evolve there is a growing chasm between the traditional world that pin-stripe suited lawyers in leather chairs operate in and the real world.
This chasm is in evidence not only between law firms and their business clients, but also between the legal function of a business and the rest of its operations. In this second case, it’s a non-controversial observation that while nearly every back office activity exists as the result of a legal contract, legal itself is the least digitized area of any back office.
Now, it may seem like I’m “having a go” (as the Brits like to say) at legal and lawyers. But I’m not. Much of this chasm exists because while commerce has increasingly moved to networked-based business models of various flavors, legal has largely lacked the technical backbone on which to build interesting and relevant products for these networked businesses.
Opportunity meet Growing Demand
The advent of smart contract and blockchain technology opens up – for the very first time – a technical basis on which scalable, technically enabled legal products can be built and delivered to the market. And with The Agreements Network, an ecosystem is emerging to provide a strong and stable base on which to build those products.
As network based business models continue to evolve the demand for scalable, relevant legal products will continue to increase. Legal services providers who do not adapt to the changing landscape will find themselves behind extremely quickly due to the pace of technological change.
So, if you’re in the legal world, then visit the Agreements Network site to learn more. There you can find out more about how the Network operates, what it does, the technical specifics of running a node, as well as (most importantly) how to join this growing ecosystem.
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