Why is legal tech so far behind in terms of automation?
In the financial sector most is already automated and cryptocurrency is taking that to the next level. In legal, it’s not uncommon for someone with a college degree to spend their days sifting through a mountain of documents.
LegalThings is going to change this with Live Contracts. Describing persona and objects as structured data and procedures as finite state machines makes it possible to bring automation like workflow management and machine learning to legally binding contracts. Interacting with the contract automatically builds an immutable and verifiable audit trail.
To build this audit trail, each Live Contract creates a miniature private blockchain that’s only shared between the parties involved. Where private consortium blockchains only work with large organizations, the LegalThings plat form allows small companies and individuals to share a private chain.
Live Contracts are fundamentally different from smart contracts. A smart contract is code that defines hard rules for conditional transactions. A Live Contract is a digital representation of an agreement or regulation that may be enforced by law.