What is Law Blocks ?
What is “Law Block”?
Law Block is a user-friendly and community driven smart contract based platform for creating legal documents (on blockchain) such as Agreements, Power of Attorney, Business Contracts, Declarations, Affidavits and Memorandum of Understanding etc globally as per prevalent laws in different countries while making the process of those documents time saving.
How does “Law Blocks” work ?
Law Blocks has created a platform for making template based Agreements and contracts painless, efficient, and cost effective across the globe. Law Blocks makes it easy to create legal and storing agreements that work with the XDC Blockchain network.
Law blocks in its white paper said that, We’re putting the clients of Agreements and contracts, at the centre of our process, crafting an experience that is unrivalled in transparency and reliability, while maintaining privacy and confidentiality.
In an automated contract there are future obligations in a smart contract, where the contract has to sustain over a time period, payments have to be delivered, trade obligations have to be fulfilled, funding has to be delivered, along with interest payments in the near future, which is time bound and can be easily manage with this law blocks technology using blockchain and smart contracts based automation.
What is a smart contract
A smart contract is simplest form of decentralized automation, and is most easily and accurately defined as follows:
A smart contract is a mechanism involving digital assets and two or more parties, where some or all of the parties put assets in, and assets are automatically redistributed among those parties according to a formula based on certain data that is not known at the time the contract is initiated.
One example of a smart contract would be an employment agreement: A wants to pay $500 to B to build a website. The contract would work as follows: A puts $500 into the contract, and the funds are locked up. When B finishes the website, B can send a message to the contract asking to unlock the funds. If A agrees, the funds are released. If B decides not to finish the website, B can quit by sending a message to relinquish the funds. If B claims that he finished the website, but A does not agree, then after a 7-day waiting period it’s up to judge J to provide a verdict in A or B’s favour. Entire process is transparent between party A and party B and both the parties have to sign using cryptographic signature.
Law Block maps real world contracts with smart contracts using Public/ hybrid blockchain network.
Law Block Removes barriers from making contracts with an easy-to-use platform designed by lawyers/law firms for lawyers as well individuals and corporate.
Law Blocks unites you with legal teams, parties, and arbitrators in an end-to-end & easy-to-use digital arbitration platform. It helps you to cut all the unnecessary steps that make common contracts and agreements, making procedures long and expensive.
How it reduces time & fees with a completely digitized Procedure.
1. Wrap smart contracts in legal agreements in minutes using our web based tools.
2. Sign using a private key and seamlessly interact with smart contracts.
3. Simple setup and integration with your day-to-day tools.
4. Easy to use open API
5. Contracts or digital assets can be stored as NFT and possible to transfer ownership by digital signature.
6. Use Law Block Token - LBT is a medium of exchange within the entire ecosystem. LBT is an XRC20 token standard built on XinFin’s XDC Network.
