Blockchain smart contract
Smart Contracts is one good way in which law firms will see an increase in the use of Blockchain technology. Smart Contracts are self executing agreements by the parties which is encoded into blockchain and they are decentralised and accessible to all the parties involved. The participating parties can exchange any of their valuables such as money, stocks, property and so on without using intermediaries or middle persons like notaries or escrow agents.
The Mithra Contract has been announced, the worlds first tokenized industry – agnostic digital contract platform by the creator of the first Blockchain based real estate purchase and rental deal platform. Mithra Contract is expected to deliver efficiency,security, transparency and profitability to public and private sector organisations. Its the next generation contract, deal and transaction management.
From the beginning of the contract to the final conclusion such as negotiation or change of a contract can be viewed simultaneously by all the participating parties involved by mobile or web in real time.
Now the contractual parties hold tokens containing their rights and obligations. Mithra Contracts represents an evolution from the old pattern to the new generation from existing paper, smart and Ricardian contracts. No one has ever reconstructed the real terms or taken a legal contract into a smart contract.
Mithra Contract serves as a link between two forms of a contract and digital signatures of its parties, including the execution of all its instructions, such as steps of the negotiations, addition and removal of parties, the entire history of a document, the execution of signatures, rules, or closing.
The company also announced the utility tokens that will power Mithra Contract which is ShelterZoom Mithra Coins (SMC), these are ERC20 tokens that help to govern transparency; and ERC721-based, non-fungible Mithra Tokens, by recording the details of a contract in a secure, immutable format. This will give the participating parties and the lawyers the clear way to succeed.
It comes with numerous benefits.
Whether you’re on-the-go or in the middle of a meeting, Any contract can be accessed right at your fingertips. Any day any time whether on the go or in the middle of a meeting.
Mithra has been able to turn all legal contracts of all types into cryptographic tokens. It does not only contain all the benefits and functionality of Ricardian and Smart Contracts but turns all the legal contracts to cryptographic tokens. This actually will enable tracking, trading auctioning, On and off-chain transferring and the execution of these legal contracts.
According to Dmitry Goroshevsky, shelterZooom’s Chief architect. It was not like that before.
According to Chao Cheng-Shorland and Allen Alishahi, ShelterZoom co-founders. With the advent of Mithra Contract, ShelterZoom Mithra Coins(SMC) and Mithra Tokens, a new digital era deal, Contract and transaction management was established.
This is the first time that any individual or organization can make deals, create contracts and close transactions on immutable, auditable and transportable tokens ,all which was secured in their digital wallet.. We are happy that this product will add value to people’s lives and will also increase the adoption of Blockchain technology.
Another way is the speed of transaction .ShelterZoom is also making a significant difference in the speed of transaction. By 2021 they would have reduced the time it takes to compete a transaction, negotiation and close real estate transactions down to 72 hrs. Bond issuance, financial transactions, procurement tendering and international trading and other transactions would have increased in speed. Education, health and legal also stands to benefit from this platform.
With a set of conditions by using computer transactions protocols, Smart Contract allows the execution of terms of contracts . Customers information could automatically verified and to detect illegitimate activities, cost reduction and increase efficiencies .
It looks as if this will disrupt the legal industry but that not the case because will stiil adapt. The process will change and reduce their roles but Lawyer will still be part of the contract as some will need them to draft the contract terms and give legal advice on the contract terms to the clients or the participating parties which is very important.
other problems with smart contracts can arise.
Contracts are subjective in some determinations but in coding, rationality
and objectivity are the law.
Secondly, smart contracts are though permanent but in some cases you see contracts being negotiated again after signing the contracts and this can pose some issues or misunderstanding.
In conclusion, someone may derail in the terms of the contract if this happens, a lawyer will continue to follow up.
GitHub-like contract term editing function is another example, now legal professionals can put materials in it, making it accessible to everyone. With it, contractual parties can see and analyze each contract term – its real use, its history, reputation etc. There is also a Google docs-like, real-time deal and contract negotiation feature, though with the collaboration done on decentralized copies in secure tokens.
In the 2018 SIIA CODiE Best Emerging Technology Award, ShelterZoom presently came out as the winner. SIIA CODIE which recognizes companies that the most innovative, high-impact products in the market, that has the power and what it takes to transform the future of how we do business and transaction mechanisms. A market leader in blockchain, ShelterZoom’s next-generation deal, contract and transaction management platform and marketplace are bringing great innovation, transparency, efficiency, security, and profitability to its customers across industries and various businesses
A group of 120+ beta subscribers and several ShelterZoom affiliates is going to be invited over the next few months. Mithra Contract is already in beta testing now as most of the beta testers will be real estate firms and service providers, with several legal, consulting, accounting, PR, medical equipment and cannabis companies rounding out the early adopters. The company will release the platform for general availability in the near future.
Although many businesses lack current familiarity with such technology, Though we have hopes that smart contracts will be utilized greatly despite the fact that many businesses are currently not familiar with this kind of technology . Blockchain has the potential to integrate front, middle and back offices, and increase transparency and collaboration yet blockchains have challenges of their own, but u cannot compare it with the traditional transaction process which is more expensive, less speed, more risk and lost of intermediaries who interferes while Blockchain technology is faster, secured and cheaper too.
The blockchain ecosystem requires companies like ShelterZoom to continue to enhance the technology and push the technology and its applications forward in ways that are useful for people and businesses.
JOIN OUR COMMUNITY