Smart Contracts with blockchain: Monax success story
Monax, the leading digital legal infrastructure company, established a smart contract blockchain platform to automate contractual obligations further. In partnership with the Agreements Network, they employ blockchain technology to streamline the legal proceedings and monitor the process in real-time. Along with legal firms and blockchain firms, including ZirconTech, Monax advanced to offshore blockchain development to sustain legal compliance. More importantly, the aim is to create compliance agreements and contracts from automated templates with only a few clicks.
The smart contracts blockchain framework can link precise off-chain computational knowledge with legal operations and products. With the use of scientific, financial, and environmental sources, it computes data streams to refine the procurement of legal obligations.
Smart Contract Blockchain in Business
One of the leading companies in legal tech initiated offshore blockchain development and a network of law firms and blockchain startups. Monax developed the legal services platform called the Agreements Network in April 2018. The system leverages smart contracts blockchain to perform legal tasks.
These tasks range from managing agreements and leasing contracts to developing governance documents. With the Agreements Network, these legal obligations are made compatible with the public smart contract Ethereum.
The hefty costs of obtaining a lawyer to develop contracts have been a common predicament for many. More often than not, lawyers charge a large sum of money to establish a contract from a slightly tweaked template. Although there are some templates available online, they are often insufficient and ineffective. Thus, you often need expensive legal input to legitimize the contract.
For this reason, Monax leveraged the conjugation of blockchain and Artificial Intelligence to streamline such legal proceedings. Businesses are now able to keep up with the fast-paced industries with automated smart contracts blockchain. Tasks that previously took days to become completed reduce to just a few minutes. After all, businesses can accelerate by streamlining their business needs through automation.
Agreements Network is a decentralized platform for both businesses and lawyers. This network allows lawyers to market their services and offerings. They can promote their agreement templates across business sectors and get paid for it. In contrast, businesses seek contract templates in this platform to avoid litigation over contracts. Agreements Network provides third-party proof of the existence of such documentation to prevent any form of dispute. On top of that, they store contracts in a database so you can quickly retrieve them after many years.
How does the Agreement Network work?
The architecture of the Agreement Network eliminates operational costs leveraging the decentralized, interconnected systems. It optimizes legal obligations through smart contract Ethereum. Working within the Ethereum blockchain prevents them from backlog exposures or the risks to attacks in transactional processes. They utilize Archetypes to refer to the contract templates and generic agreements. These can support a variety of business operations, from establishing shareholder agreements to software development contracts.
You can access the ‘factories’ within the Archetypes to make some modifications in the templates. Users can personalize the contracts by adding names, specific amounts, and dates based on their clauses. You can make these changes that apply to your situation, but you cannot add or remove paragraphs in the contract.
After curating the contract, you have to keep it updated soon after it goes live. The developer should update the project’s progress and have their client confirm through the agreement. Upon completion, the process engine will automatically display the payment calculation to the client. In case the project is finished at an earlier or later date, the price adjusts accordingly. Smart contracts often configure these transactions through Ethereum. However, you can also produce invoices through other channels like Quickbooks and Xero.
ZirconTech in the Works with Monax
Since Monax introduced the Agreements Network in 2018, Zircon Tech has contributed to offshore blockchain development. The establishment of the robust distributed contract management system for small businesses leveraged smart contract technology to automate business processes. Along with Zircon Tech, they also developed Hyperledger Burrow to address leasing and contracting issues over the years.
Hyperledger Burrow is an open-source platform hosted by Linux Foundation to provide enterprise blockchain solutions. It aims to provide a modular blockchain client with a permission smart contract interpreter by the Ethereum Virtual Machine (EVM) standards.
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