London Law Firm to Digitise Contracts Using Bitcoin Technology


A London law firm has announced plans to digitise its legal agreements using blockchain technology.

In partnership with Stash, a Texan startup formed earlier this year, Selachii will swap its paper documents for self-executing ‘smart contracts’ run on a layer above bitcoin’s blockchain.

Selachii partner Richard Howlett told CoinDesk his firm, which has been researching various blockchain solutions since 2013, will start out with contracts such as wills, title registries and shareholder agreements. He said:

“We envisage smart contracts being revolutionary in … litigation across the world. This is just the beginning of a game-changing implementation and execution of contracts. Ultimately, the technology is now in place for any contract to be a smart contract.”

Currently, Selachii and Stash are still at the testing phase. However, the firm expects to roll out the product to UK clients by the end of 2015, with an international launch due in 2016.

In terms of clients, Howlett said he is currently in discussion with a European bank looking to use smart contracts with its commercial contacts. A London Stock Exchange has also expressed interest in recording and executing their trades on the platform.

Eventually, Howlett sees ‘Selachii Smart Contracts’ extending beyond the firm’s clientele as a whitelabel service used

Read more ... source: TheBitcoinNews