Legally Binding Smart Contracts - Powered by AI
Today we're going to talk about something that's quite a bit different. As you might have heard, Agrello's ICO ran successfully in the last few months and recently hit the exchanges. For those of you who aren't yet aware of what Agrello is trying to achieve, get ready to be blown away!
Background
Agrello is a blockchain LegalTech startup, developing business-ready smart contract solutions. They are working on building an AI-powered graphical interface that gives anyone the ability to create and manage smart contract based legal agreements, even if they have no legal or coding skills!
Why Agrello?
Blockchain-based smart contracts hold great potential for the automation of business relations - increasing efficiency and reducing the need for paperwork and expenses. However, to date, smart contracts technology is almost impossible to implement as the basis of real world agreements due to its lack of legal viability. Here's where Agrello steps in: it is your personal AI smart contracting counsellor and it bridges the gap between you, the blockchain and the real world.
Operation
Agrello provides a graphical interface, templates and wizards, allowing you to readily draft legally binding multi-party agreements. Your agreement is then compiled into smart contract code, stored on the blockchain and executed using state of the art BDI (belief-desire-intention) artificial intelligence models.
You will also be guided through your contract, just like with a human counsellor - as well as get notified on your rights and obligations. In parallel, a legally binding document is created and digitally signed - allowing you to seek legal assistance in corner cases. Agrello's smart agreements remain open for management and renegotiation to allow for the flexibility real world business relationships demand.
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Road map
2018 is going to be a major year for Agrello. First, they will be looking to expand to Asia, in addition to US and Europe. This will open up the market even more just in time for their release of the rental & loan agreement graphical user interface and agent for PC as well as the mobile applications they're currently working on.
In terms of AI, 2018 will bring AI parties agents as well as markup language and methodology to the table. The main blockchain platforms could be Metaverse, Ripple and/or Lisk, while the cloud storage will be moved from AWS to a decentralised alternative - SIA/Storj/IPFS.
Conclusion
The current developments in AI are astonishing, but merging the blockchain technology with AI in order to enable smart contracts to become legally binding is something definitely worth investing in. If you're looking at trading DLT (Delta - Agrello's token), you can find it on EtherDelta, HitBTC and YoBit.
Credits
The images used in this post were taken from Google search and the credits go to their original creators.
Thanks for reading.
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