Law Blocks — A Legal Tech Community
What is “Law Blocks”?
Law Block is a user-friendly, time-saving and community-driven truly smart truly legal contract-based platform for creating legal documents (on blockchain technology) such as Agreements, Power of Attorney, Business Contracts, Declarations, Affidavits, Memorandum of Understanding, etc. subject to yourselves following the prevalent laws in the country in which it has to be acted upon and subject to yourselves following the process of ensuring the validity of those documents in accordance with law, which is cryptographically signed by each party thereby acknowledging their covenants.
How does “Law Blocks” work?
We’re formulating the platform to facilitate the making of template-based contracts, painless, effective, and cost-efficient across the globe. Law Blocks makes it easy to create legal binding contracts and storing such contracts that is driven by Law Blocks eco system supported by XRC-20 utility token. We’re putting the contracts for our clients at the centre of our process, an experience that is transparent and reliable, while maintaining privacy and confidentiality in an automated contract, as at times there are future obligations in a smart contract, where the contract has to sustain over a period of time, payments have to be delivered, trade obligations have to be fulfilled, funds has to be delivered, along with interest payments done in future, which is time bound and more and further obligations to be complied with and managed. The law blocks technology using blockchain and smart contracts based automation is the solution.
What is a smart contract?
smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.
A smart contract is simplest form of decentralized automation, and is most easily and accurately defined as: A smart contract is a mechanism involving digital assets and two or more parties, where some or all of the parties put assets in, and assets are automatically redistributed among those parties according to a formula based on certain data and depending on compliances by either party/parties, that which is not known at the time the contract is initiated.
Law Blocks maps real-world contracts with smart contracts using Public/ hybrid blockchain network.
Law Blocks removes barriers from making contracts with an easy-to-use platform designed by lawyers/law firms for lawyers as well as for individuals and corporate. Law Blocks unites you with legal teams, parties, and arbitrators in an end-to-end & easy-to-use digital arbitration platform. It helps you to cut all the unnecessary steps that make common contracts and agreements, making procedures long and expensive.
How it reduces time & fees with a completely digitized Procedure.
- Wrap smart contracts in legal agreements in minutes using our web based tools.
- Sign using a private key and seamlessly interact with smart contracts.
- Simple setup and integration with your day-to-day tools.
- Easy to use open Application Programming Interface (API)
- Contracts or digital assets can be stored as Non Fungible Token (NFT) and possible to transfer ownership by digital signature.
- Use Law Block Token — LBT as a medium of exchange within the entire ecosystem. LBT is an XRC20 token utility that powers the Law Blocks Eco System which is standard built on XinFin XDC Network.
