OpenLaw Dev Update July 17: Introducing a New Vision for Lending

OpenLaw
OpenLaw
Jul 16, 2018 · 3 min read

Thanks to some of the work by the OpenLaw team, a classic transaction is getting a facelift. We’re also at work on an action API that will knock your socks off, and some documentation you can sink your teeth into. Check it out!

The loan agreement we mentioned last week went live Wednesday, and we highly encourage you to check it out. The demo shows a proof of concept of how lending between people could take place over the blockchain with minimized risk and maximized efficiency.

From the demo:

Through the automatization and decentralization of a loan agreement’s terms and conditions, blockchain technology offers the hope to usher in a new era for lenders, bringing heightened efficiency and security to the lending process, including transparent record keeping and automated lending processes, which should decrease parties’ risk and reduce settlement delays.

But, wait… there’s more!

API: Cofounder David is hard at work, crafting an Action API, which will make it possible to code workflows within OpenLaw. This means users would be able to tap into sending contracts, executing workflows, and oracle integrations.

Documentating: Folks who want to learn better how to use OpenLaw, you’re in luck. The team is making updates to our markup language documentation public. Quite a bit of work has gone into this, and it should allow users to more easily learn how to create dynamic and customizable legal agreements.

Tokenizing Licenses: Legal engineer Kirsten is working on a really interesting demo project that would allow for tokenized license agreements. That means artists would have the ability to license rights to what they create using tokens that could be traded on-chain.

Sign here, please: Work is underway improving the conversion tool. This will be able find signature blocks in existing agreements and convert them into identity variables, the space at the bottom where each party of the agreement signs their name. This will allow our repository to grow and be equipped with all kinds of agreements people might need.

Can stop, will stop: Work on the critical contract stopping feature is coming along well. Dev Jacqueline has been testing it with some of the most popular agreements in the OpenLaw library and will move on to testing with other real-life smart contracts.

Border Patrol: We’re still looking into how to help families at the border. Right now, some of the massive amount of information needs to be condensed and then presented in an easily understood way.

New Hire: Anne T. Griffin

Anne joins the team as our product manager. She comes to us from a similar position at creative agency Red Fuse and before that at huge creative agency Huge. She has also gotten behind the computer in a different capacity, as a contributor for the community publication of Tech 2025. She graduated from the University of Michigan.

“I was excited about a practical application of the blockchain that even as a non-lawyer I was really excited about the use cases. I was like that’s awesome.”

Anne Lives in Harlem with her husband and an occasional foster cat from the ASPCA.

On the move

Cofounder Aaron was at the RISE conference with Ethereum cofounder Joe Lubin in Hong Kong this week, spreading the word about OpenLaw.

Want to join this team?

The OpenLaw continues to grow. Currently, we’re looking for a:

Join Us

Like these posts? We set up a Slack channel to share updates, news, and have a place for users to ask us questions and meet other people interested in smart legal agreements. If you’d like to join, check it out here.

We also just sent out our first monthly newsletter. If these dev updates are interesting to you, the newsletters will be even moreso, packed with info about the team, hiring announcements, demos and more. Check out the July newsy here.

As always, if you email us, we will answer (hello@openlaw.io)

Join us on our mission!

— The OpenLaw Team

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OpenLaw

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A legal operating system for blockchains. By @awrigh01 and @bmalaus; a @ConsenSys spoke. https://openlaw.io/