Lawfarm will soon have an ICO
PR-Inside.com: 2018-07-31 12:43:36
Lawfarm.in, a legal-tech aggregator platform operating in India which has seen over 1.1 million users to date, is launching a new product which will make it easy for people to create and store legal contracts on the blockchain. Their product will be useful for anonymising legal contracts easily while making it easy to store legal documents on the blockchain and for developing legal smart contracts on the blockchain.
"There is a strong argument for storing these contracts on the blockchain due to the fact that blockchain technology provides an immutable secure storage environment that also provides a digital history. Since a central principle of Blockchain is that all information is verified by the public, the contracts stored in the Blockchain will be securely anonymized before storage", said Lawfarm founder Sreerupa Chowdhury
Key characteristics of the product:
1. Timestamps on all interactions of the contract
2. Signed with a private key accessible across the globe
3. Storage on blockchain
4. Recorded on blockchain
Blockchain technology is superior to traditional contracts because it is immutable and verifiable in who interacts with the document along with the history, allowing for multiple iterations from any part of the world with time-stamps for each amendment to the contract.
In Lawfarm’s platform, lawyers and non-lawyers, will be given tools like legal templates, document automation etc. to help create legal agreements on the Blockchain. “We envisage that people could create legal agreements on the platform in a similar way that tech developers today use Github”, said John Fearon, a key investor in the product.
Lawfarm will rely on its partnerships with law societies in India having over 30,000 lawyers and its own community base of over 25,000 lawyers, to get initial traction for the product. Lawfarm is also a member of the Confederation of Indian Industry, a reputed government-backed industry association in India.
Lawfarm will soon be launching an ICO for the product from Singapore, where its key investors Sugar Ventures are based out of.
More details about the product, team and ICO can be found on ico.lawfarm.in/
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