The release of the first white label version of the LegalThings platform. This version introduced a document and form builder, a document management system, advanced user and permission management and digital signing.
Pushing the last commits while driving to our first client.
We created software for FIRM24 to run the procedures for incorporations. Other customers were also interested in these digitized procedures. We did a small pivot, changing the focus to digitizing the contracts as FSM (Finite State Machine), rather than just signing.
We explored different methods of providing proof of signed documents. Other solution providers acted as trusted third party, using ISO certificates to portray their honesty. We wanted a better solution that didn’t rely on having to trust us, which we found in using blockchain for proof of existence.
We experimented with Ethereum Smart Contracts and found out that they could only be used for self-enforcing agreements. Inherent constraints make them unusable for legally binding contracts.
Instead, we found a much better solution in using our FSM in combination with the blockchain.
During the blockchain hackathon organized by the Dutch Ministry of Justice and Security, we demonstrated that a whole legal procedure can be digitized as an FSM and stored on the blockchain. This got us the 1st prize in the event which included the assignment to create the first digitized legal procedures for the Dutch legislative system on the blockchain.
We were lucky to grow an enthusiastic community who believed in our vision: friends, fellow start-up founders around Europe, and some executives of local companies. With their help, we raised 1.4M USD for the seed round.
We realized that our solution could solve the issue of GDPR compliance and blockchain compatibility, and we needed just a few tweaks to achieve that. That was going to extend the scope of our solution and allow us to focus on a big public sector market: enterprises, multinationals, and governments.
We built a Proof of Concept of the new solution for the Ministry of Justice and Security, following up on the hackathon win of 2017.
We won the European Union level tender by the Dutch government to streamline waste transportation among UK, Belgium, and the Netherlands using the blockchain technology.
We partnered up with CMS, a multinational law firm headquartered in London with 1.3 billion USD in revenue in 2017, for a joint project on tokenization of shares.
We attended the biggest hackathon together with the WAVES team and were awarded ‘the best code’ prize from BlockChaingers.
We started working with DEKRA, a European vehicle inspection company (insurance sector) with over 3 billion USD revenue in 2017, for their GDPR compliant solution.
After extensive research following up on the architecture of the new solution, we started switching to our own public chain and developed a new token model.
We validated and released new documentation: Sales Plan paper, Business Plan paper, Technical paper, Token Economy paper, and Token Financial paper.
After the first Real Estate contract on the blockchain with Merin, which was done in May 2018, we were awarded runner-up at Exporeal and REIN Innovation competition.
We got to the finals of Dell EMC & Accenture competition yet again presenting to multiple potentials client leads.
Mainnet launch and crowdsale: kicking off with the ready-to-use product.
Enabling anchoring for existing applications to LTO Network mainnet.
Start migrating existing clients to decentralized workflows, bringing large adoption to the mainnet.
Implement summary blocks.
Public key authentication.
Implement new features into decentralized workflows: replace flows, diversion, and other features described in the technical paper.
IoT integrations with Live Contracts, focused on professional equipment.