When LegalZoom hit the virtual pavement, it was poised to revolutionize the legal industry by taking traditional activities like starting a corporation or LLC to the Internet. Now, with Contract.org, those in need of specific legal services have a fast and easy way to execute an agreement for an exchange. The good news is that the site provides digitally binding agreements that are fully transparent on the blockchain.
According to the founders of Contract.org, “as blockchain technology continues to evolve, smart contracts have the ability to disrupt a variety of industries; however, currently, smart contracts are extremely difficult for any non-developer to create, which highly limits the adoption of these contracts.” One does not have to be a technical expert to produce a self-executing smart contract anymore. Everything is now automated and within easy reach.
Their mission is clear. Through decentralization, clients have less wait time for contract formulation with no human error or large fees. They expect traditional legal agreements to become obsolete in time. Their drag and drop smart contract builder allows non-developers in all field including Insurance providers, online merchants and speculators to easily create self-executed contracts geared to a set of preferred conditions. A variety of templates makes the exactitude of requirements easy to fulfill. Thus, the digital contract has a multitude of uses and may soon become the norm in certain fields.
In keeping with the philosophy of cryptocurrencies and the blockchain, there is no need for an intermediary. Decentralization is common to the new way of doing business. However, Contract.org trusts in a peer reviewed and third party audited source code to execute the terms of the contract in line with information by the appropriate API data source.
Part of the new breed of online services associated with the blockchain, Contract.org has a list of guarantees that appeal to the digital mentality:
- Verifiable: a full copy that cannot be altered
- Easy: simple way to create smart contracts in a flash
- Secure: data integrity, contract fungibility, and anti-forgery
- Enforceable: strong legal backing by Blockchain & Consensus
Accessible on the website is a whitepaper entitled Blockchain Protocol for Data-driven Smart Contracts. It explains that Contract.org intends to create a trusted protocol with a cross-platform reputation and arbitration system for facilitating transactions while maintaining third-party liquidity. The application of the smart contract service to blockchain is immediately apparent. A decentralized platform is more secure and intentionally difficult for hackers to gain access. Without the new methodology, growth of commerce in the blockchain arena could be stymied. The hallmark of Contract.org is its standardization of a legal agreement using a specific protocol.
By C. Kotrozo, BIG Writer