Smart Clauses for Digital, Legal Agreements
With OpenLaw, you can issue purely digital, legal-enforceable assets with no coding necessary. Our latest collection of contractual clauses can be stacked together like “legal legos” to execute complex legal and financial transactions involving blockchain technology.
Assets exist and power this world because there are clear terms, embodied in legal agreements, which bring each asset’s rights and obligations to life. So far, however, this has been a half-life under the practices of our collective legal and accounting systems. The same goes for the world of digital assets. In order to give any digital asset real-world significance, the rights and obligations must be memorialized in natural language.
The advent of trust technology that uses cryptography and distributed databases to securely store data to represent currencies and other digital assets, with fidelity, have now opened radical opportunities for legal drafting on computable terms that can execute and settle financial objectives. Early prototypes on OpenLaw have demonstrated how anyone can use code to help execute their business obligations with code, scripting financial settlement on public blockchains like Ethereum.
OpenLaw has now refined our tools to allow anyone, both coders and non-coders, to go even further and farther. Using OpenLaw, you now can do what banks and other agents cannot: issue high-fidelity, purely digital, legal-enforceable assets that can be fractionalized and plugged into computable strategies. This allows parties to settle automatically in complex transfers, such as making payments to entire workforces, anywhere in the world, with a single signature on a simple legal template.
This isn’t sci-fi. This kind of legal engineering has become easier than ever using OpenLaw software. Iterating on development and research over the last year, we can now seamlessly remix traditional (‘dumb’) contracts into sm...