This exciting ICO is transforming the legal profession by combining traditional legal contracts with smart contracts on the blockchain.
We’re always hearing how the blockchain will transform business and commerce. How it will disrupt and revolutionize entire industries, from banking and payments, to travel, supply chain management, energy; the list is endless.
There’s no doubt that the blockchain is here to stay. Most ICO projects, though, are still in their infancy, with few having made any real world impact. And widespread adoption of these projects and their products or services is going to take time, probably years. It feels very much like the early days of the internet, when everyone was struggling to figure out how to harness this new technology.
Contract Vault plans to change all that.
This company, based in the Swiss “crypto valley” area of Zug, aims to shake up the legal services industry, specifically for contracts. We use contracts for everything: in our jobs, in our everyday purchases, in our property transactions. And we depend on lawyers to create those contracts, which takes time and money. Ever tried creating a legally-binding contract between two parties in different countries? It’s complicated and expensive. Lawyers love this kind of work.
So what is Contract Vault?
At its simplest, Contract Vault combines traditional legal contracts with smart contracts. It’s a way of creating legally-binding contracts for any purpose between any two parties, in any countries, via the blockchain.
Welcome to Contract Vault: decentralized, peer-to-peer, immutable, uncensorable, borderless and legally enforceable contracts.
Most crypto investors are familiar with smart contracts, and I’ll bet that most of us have invested in a few ICOs that launched ERC-20 tokens on the Ethereum blockchain. But for all their benefits, smart contracts do have some problems. And two big ones:
1. Complexity: hardly anyone, outside the mysterious world of developers and programmers, knows how to create a smart contract; and
2. Not legally enforceable: smart contracts are not recognised as being legally enforceable (at least, not yet) in many countries.
This is where Contract Vault comes in. Its objective is simple: to combine the legal enforceability of a traditional contract, with the ability to transfer physical property and rights via the blockchain.
Contract Vault’s platform enables consumers and businesses to create a new contract or use an existing one, with the help and support of professional lawyers who are part of the Contract Vault community.
The beauty of Contract Vault is that virtually anyone can now create a smart contract, even without any legal or programming experience. CV makes the process simple, with advice and help readily available from the CV community, which includes law firms and legal professionals, individual and business users, and blockchain experts.
In short, anyone can create a new contract, or purchase and modify an existing contract, to suit their specific needs. It’s a really easy and quick way to create a legally binding contract, using CV’s visual SmartEdit tool and natural-language processing.
The Verdict
In summary, Contract Vault is a platform that bridges the gap between traditional legal contracts and smart contracts. It makes the creation, management and integration of contractual processes on the blockchain simple and available to anyone.
Contract Vault looks like it will make a very positive impact on the legal services industry. The company has already signed up with some major partners in the legal industry, and the ICO is creating a real buzz on social media.
It’s one of the most promising ICOs that I’ve seen in a while, and I have no problem in saying that I am investing personally.
Contract Vault’s ICO is live now, and there is a 25% bonus available until the end of June. For more information, check out the links below.
Contract Vault: making smart contracts even smarter.
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References:
Website: https://www.contractvault.io/
Whitepaper: https://www.contractvault.io/token/#document-assets
Telegram: https://t.me/cvchat
Twitter: https://twitter.com/Contract_Vault/
Facebook: https://www.facebook.com/contractvault.io/
Reddit: https://www.reddit.com/r/ContractVault/
Medium: https://medium.com/contract-vault
Bitcoin Talk Forum: https://bitcointalk.org/index.php?topic=3463255.0