USE CASE
Involved parties
QuisLex, DocJuris, JotForm, WebMerge, SignRequest and TheContractApp.
It's difficult for computers to understand any natural language. This shortcoming means that doing automation based on (paper) contracts is almost impossible.
Negotiations about contracts, including NDA's, often take lots of time and cost much money. You also have to wait for comments from legal teams, and the average person has trouble understanding the difficult language in legal contracts.
Contracts are often sent back and forth. This way of working allows for the possibility of different parties having different versions of the contract.
Transforming standard contracts to data points and process steps, understandable to both humans and machines to enable automation for both contracting parties. The first contracts that are automated are NDA's.
Allowing two parties to "pre-negotiate" their contract by aligning on mutually agreeable positions before generation of a contract, avoiding the time spent exchanging drafts back and forth but addressing the reality faced by all companies who do not have the bargaining leverage to force terms on a counterparty.
After a document is signed in theContractApp, participants receive an indisputable Proof of Existence (PoE) by securing a hash on the LTO Network public blockchain. By having this PoE placed on signed documents, third parties can independently check the authenticity of the document by uploading the document for instant validation.
Full automation of legal contracts and processes drastically increases convenience and the overall experience of a deal with all parties involved.
Automating the processes significantly decreases the time from initiation to final contract, saving time and money.
Get a Proof of Existence (PoE) by securing a hash on the LTO Network public blockchain creates an indisputable proof of the final version, without the need of any paper.
The new solution allows for immediate, trusted checks on certificates by anyone with a smartphone.
Paper-based certificates can't be validated on the spot, when necessary.
Integrated eSignature functionality.
Tracking down hand signatures delays execution.
LTO's blockchain is optimized for anchoring, making transactions near-instant and affordable.
Traditional blockchains tend to be very slow and expensive.
