LegalZoom, an online service that facilitates enhancing legal documents, has entered a partnership with a blockchain company. In cooperation with Clause, the service makes use of smart contracts to compose its legal documents.
LegalZoom currently offers services which allow users to compose a wide range of documents, including wills and trusts, trademarks and copyrights, together with other business formation documents. Users may produce these documents online without legitimate a lawyer.
The approach to composing these documents currently is automated, but smart contracts permits the process to end up being automated further. Depending on Clause’s founder, Peter Hunn:
“[This] will augment LegalZoom’s existing model with functionality allowing LegalZoom users to connect their existing business systems to contracts which might be automatically executed any time a milestone is achieved or possibly a task completed.”
Primarily, these smart contracts will enable legal contracts to do transactions about the blockchain and get in touch with financial services. Additionally, the Clause platform will let the “editing, signing, and execution” of such documents.
About Clause
LegalZoom is a well-known legal services provider for 15 years, but Clause is often a much younger company. Nevertheless, Clause will make several accomplishments since its incorporation in 2019 and it’s making a reputable name itself from the legal world.
In July, this company created the Accord Project, a stack of legal smart contracts that exercise on Corda, Hyperledger Fabric, and Ethereum. In June, Clause provided legal contract to the IBM Blockchain Platform’s gallery of samples. And a few weeks ago, Clause introduced the way to pair products with legal contracts via NFC chips, similar to the technology available at VeChain.
The recent partnership with LegalZoom, however, is a major discovery, as this service directly benefits prospects. As the company notes, “the venture represents an extension of the technology into consumer-focused smart legal contract applications.”
Incidentally, the good news of the partnership arrived right after one of LegalZoom’s competitors announced another similar alliance. Several weeks ago, RocketLawyer announced not wearing running shoes had partnered while using blockchain company ConsenSys to have a number of blockchain-based legal apps.
The two launches that are a coincidence, might be a trend continues, those who are in need of legal services may increasingly learn that the blockchain is assisting them.