LegalThings One is a platform for running digitized workflows called Live Contracts. A Live Contract instructs humans and systems on what to do. These instructions are executed off-chain either manually or automatically. Nodes only facilitate, validate and verify the results.
Each Live Contract creates its own LEGALchain, a miniature private blockchain that is only shared with the participants involved. The platform has no master blockchain, instead LEGALchains anchor on public blockchains like Waves or Bitcoin. This approach make the platform horizontally scalable, sidestepping scalability issues seen in most blockchain technology.
Merin, one of the most innovative real estate parties in The Netherlands, uses LegalThings for end-to-end digitized real estate contract lifecycle management (CLM). By directly loading all static building data from LegalThings and linking other IT-systems, agreements are drafted in a matter of minutes.
LegalFling is a showcase for Live Contracts, demonstrating that an agreement doesn't have to be a 10 page document full of legal lingo that is drafted and enforced by lawyers.
Our showcase reached a global audience in days on TV, radio, newspapers, magazines and all over the internet.