As the legal services industry undergoes considerable change due to disruptive technologies – like the Blockchain – lawyers, corporations and consumers are searching for ways to challenge the status quo of the system. Very few know that most smart contracts are not that smart. Managing, integrating and creating contracts poses difficulties to people with limited knowledge of blockchain development.
The majority of contract templates are poorly drafted, unclear, too long/too short or outdated. They demand extensive legal knowledge that the average consumer doesn’t have. Creating new contracts is equally difficult, even for the savviest professionals.
As far as smart contracts are concerned, the situation is similar. Most of them are expensive and complicated to implement, not to mention that non-technical people fear that they’re not legally compliant. Given that Blockchain technology is new territory for many, it’s tough to differentiate a well-crafted smart contract from a poorly written, or insecure one.
Contract Vault aims to solve this. They plan to develop a platform where anyone can craft customized contracts that are up-to-date, perfectly legal and fully verified. Powered by a team of skilled lawyers and experienced advisors, the new project will provide access to smart contracts, therefore connecting customers interested in renting, selling or trading personal assets.
Through the use smart contracts on the Ethereum Blockchain, users with little to no knowledge on legal matters will be able to use Contract Vault to create, manage, customize and deploy legal contracts as well as legally-enforceable smart contracts and use them to trade personal assets.
Contract Vault could be a ground-breaking new ICO because it is based on a novel idea we haven’t seen before in the market. However, their whitepaper is still not released and their token economics are still being polished, so it’s too soon to predict whether or not it will succeed.
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