New Blockchain Movement in Legal Sector
StonePaper, a software solution to implement digital contracts or ‘Smart Contracts’ in Blockchain technology, is allowing users to complete legal proceedings with the help of blockchain, all without the need to hire a lawyer.
The Toronto developer, Matthew Rappard, who is the mastermind behind this new movement StonePaper application developed in order to train people to do their own legal work rather than hiring expensive lawyers. The application was launched in February 2016 and is available in a beta invitational phase.
StonePaper allows an individual to enter a smart contract in a combination of a traditional legal contract, which is written by an attorney, and a small piece of software that handles the contract. The logic of the software reflects the terminology that is established in the contract that allows both to work in concrete.
“You would make an account, which creates an Etherium wallet, then a bank or a then a bank or lawyer would swear that this wallet belongs to you. Now if you were to go to any site and sign a document, when you click ‘send,’ that entire document is digitally signed with that wallet. Since a lawyer or bank has agreed to say that wallet is you, it means only you could have put it on the blockchain,” said Rappard in an interview.
With the help of this nascent technology the stored information is immutable and blockchain allows an entire contract to be stored on thousands of computers worldwide. The electronic contract could be signed like any contract. The user would be given a memory address where the contract exists in Blockchain.
Although there are security concerns like the recent hack of the Distributed Autonomous Organization (DAO), an investment platform in the Blockchain Ethereum, Rappard said that StonePaper would not be vulnerable to similar hacks. He added that the StonePaper contracts can only be modified if the wallet that accesses it is one of the signatures, so that would effectively stop any hacker in the same way a password protects a computer. If a signatory tries to terminate the contract, it is considered a violation of the contract under the law, and the user will be subject to punishment.
StonePaper is accessible through a Private Ethereum Network and the Hyperledger Fabric Network.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.