Legally binding contracts on the blockchain
LiveContracts empowers people to take part in the legal system without having to depend on lawyers or on government administrations. LiveContracts permits computerization of contracts and regulations without handing over complete control to the machines. It also reduces fraud by reducing bureaucracy and storing information related to events and happenings in a secure and verifiable way.
Founder & Software Architect
Founder & Head of Legal
Founder & Head of Finance
Product Development Manager
To set a precedence of the legality of data stored on the blockchain, we'll initiate trials in several countries. The following countries are candidates for these trials: United Kingdom, United States, India, Russia and the Netherlands.
We'll publish the Live Contract syntax as open standards under the CC-BY-SA license. Software to run Live Contracts will be available under the MIT license. This will allow third-parties to to create and run Live Contracts without relying on LegalThings One.
All tokens represent the full capacity of the LegalThings One platform. During this sale we'll sell licenses (represented by LTO tokens) for the platform.
We'll launch the LegalThings One platform as beta. All token holders will be able to use the platform. New content, like (live) model contracts will be added in the coming months.
Our token pre-sale starts on the 6th of December. For 24 hours, the pre-sale is open only for members. You can register to be whitelisted and participate in this members-only pre-sale. After the whitelist pre-sale, we'll continue with a public pre-sale.
During the blockchain hackaton organized by the Dutch ministry of Justice and Security, we demonstrated that a whole law can be digitized as a FSM and stored on the blockchain. This won us the first prize in the event which included the assignment to create the first digitized Dutch law on the blockchain.
We experimented with Ethereum Smart Contracts and found out that it 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.
We have explored different methods of providing proof of signed documents. While other parties relied on trust and certifications, we wanted a better solution. We started using the blockchain for proof of existence.
For FIRM24 we had created software to run the procedures behind an incorporation. Other customers were also interested in these digitized procedures. We did a small pivot, now focusing on digitizing the contracts as finite state machine, rather than just signing.
We released the first 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.
Started in 2014 as platform to create, share and sign contracts in a digital way. After the success of our first company FIRM24.com, we believed that DTM (Document Transaction Management) would be the next big thing after ERP and CRM-systems.