LegalZoom Will Use Smart Contracts In Legal Documents
LegalZoom, an online service that facilitates the creation of legal documents, has entered a partnership with a blockchain company. In cooperation with Clause, the service will use smart contracts to compose its legal documents.
LegalZoom currently offers services that allow users to compose a variety of documents, including wills and trusts, trademarks and copyrights, and various business formation documents. Users can create these documents online without meeting with a lawyer.
The process of composing these documents is currently automated, but smart contracts will allow the process to be automated further. According to Clause’s founder, Peter Hunn:
“[This] will augment LegalZoom’s existing model with functionality that enables LegalZoom users to connect their existing business systems to contracts that are automatically executed when a milestone is achieved or a task completed.”
Primarily, these smart contracts will enable legal contracts to carry out transactions on the blockchain and communicate with financial services. Additionally, the Clause platform will enable the “editing, signing, and execution” of these documents.
Suggested Reading : Learn about the original smart contract platform—Ethereum.
LegalZoom has been a well-known legal services provider for fifteen years, but Clause is a much younger company. Nevertheless, Clause has made several accomplishments since its incorporation in 2016 and is making a name for itself in the legal world.
In July, the company created the Accord Project, a stack of legal smart contracts that operate on Corda, Hyperledger Fabric, and Ethereum. In June, Clause provided a contract to the IBM Blockchain Platform’s gallery of samples. And last month, Clause introduced a way to pair products with legal contracts via NFC chips, similar to the technology offered by VeChain.
The recent partnership with LegalZoom, however, is a major step forward, as this service directly benefits end users. As the company notes, “the venture represents an extension of the technology into consumer-focused smart legal contract applications.”
Incidentally, the news of the partnership arrived just after one of LegalZoom’s competitors announced a similar alliance. A few weeks ago, RocketLawyer announced that it had partnered with the blockchain company ConsenSys to create a number of blockchain-based legal apps.
The two launches may just be a coincidence, but if the trend continues, those in need of legal services may increasingly find that the blockchain is assisting them.
The post LegalZoom Will Use Smart Contracts In Legal Documents appeared first on BitcoinLinux.