Smart Contracts are one of the numerous intelligent tools accompanying the evolution of the Blockchain. It is one of those developments that will change the face of business in the coming years, and equally importantly, the legal system. Well, Smart Contracts, in simple words, are self-executing contracts with terms and agreements written in code. The ability to automate contracts without human involvement makes it trustless removing 3rd parties as well.
Ethereum was the first to pioneer this technology. Currently, we have more platforms like Cardano, EOS, Algorand, Telos, and dozens of others with the same ability that enable the deployment of Decentralized Applications (dApp).
Here Comes OpenLaw
The OpenLaw protocol allows the formulation and execution of statutory contracts to hold traditional legal agreements with Blockchain Smart Contracts in a thorough fashion. The whole process is seamless, easy to use by anyone with little coding skills in a legally compliant environment.
It has ushered in a system where legal agreements are digitally signed and stored securely, utilizing the power of Smart Contracts. The platform is ideal for equity, derivatives, fixed income, real estate, utility tokens, commodities, and many more. The vital element in the middle of all these arrangements is the ability to tokenize and transfer value. With OpenLaw, it is easy to digitally represent the value of tangible and non-tangible assets and exchange or swap in a smooth process in conformity to the law.
OpenLaw, as an open-source, peer-to-peer entity, provides the mechanisms to create a human-readable contract. Both parties can comprehend the pattern they are administering with a signed record of the legal terms. Moreover, if consolidated with Ethereum-based Smart Contracts, it produces vibrant legal arrangements that are reasonable and executable, yet sensitive.
The platform converts digital assets from beneficiary devices to legitimately approved assets and grants parties to maintain uncertainty and transform underlying transactional data into tradeable information.
Combined with Blockchain projects like Chainlink, it renders it fit for contracts and commercial arrangements to act and react based on outside events, while Ethereum-based smart contracts handle the transfer of assets.
How To Create A Contract On OpenLaw
Before creating a Smart Contract on OpenLaw, one needs to sign up on the website to get an account. There is also the need to have programming skills like Solidity, Metamask or Mist Wallet, and some experience with coding locally or via Remix. To begin with, you need to create a writing template that comprises of natural language with legal terms and provisions of the cooperation between the parties. It should come with markup tags.
The system employs familiar markup tag syntax, including some exceptional tags, that are distinct to the OpenLaw protocol. When the definition of the template is ready, the draft of the agreement goes to the parties to electronically sign.
At this point, the Blockchain records the signature and agreement once execution takes place. It is straightforward to recreate any condensed contractual arrangement with OpenLaw’s markup and The Blockchain powered aptitudes.
Contribute To OpenLaw
The team is kindly calling on the Developer community to help take the project to the next level by contributing to the code. They desire to find various ways to improve the open-source libraries and would relish hearing your feedback and ideas.
In case anyone wants to communicate about bugs or recommend intensifications to t OpenLaw projects, the Contributing Guidelines is on their website, and you will find information on how possible to connect with them. The areas they are looking for enhancements are OpenLaw-Client, OpenLaw-Core, and OpenLaw-Elements.
Moreover, their doors are wide open to those who want to be part of the community and contribute to its growth. There are so many ways of being a part, aside from the technical side.
Joining the community is an opportunity to interact with the team and ask all questions nagging your mind as well as engaging other community members. Here are the various platforms open to the general public:
If you are also interested to know about the source code and verify it, there is an avenue for that. Just head to the Github for that purpose.