Legal Contracts on Blockchain (Quislex)
USE CASE

Legal Contracts on Blockchain

Receive a fully negotiated and executed contract that also gets hashed on a blockchain by just answering a few questions in a form on your smartphone.

Quislex

Involved parties

QuisLex, DocJuris, JotForm, WebMerge, SignRequest and TheContractApp.

Business challenges

Legal automation

It's difficult for computers to understand any natural language. This shortcoming means that doing automation based on (paper) contracts is almost impossible.

Time consuming

Negotiations about contracts, including NDA's, often take lots of time and cost much money. You also have to wait for comments from legal teams, and the average person has trouble understanding the difficult language in legal contracts.

Confusion

Contracts are often sent back and forth. This way of working allows for the possibility of different parties having different versions of the contract.

Solution overview

Tamperproof QR codes

Transforming standard contracts to data points and process steps, understandable to both humans and machines to enable automation for both contracting parties. The first contracts that are automated are NDA's.

Tamperproof QR codes
Effective collaboration

Effective collaboration

Allowing two parties to "pre-negotiate" their contract by aligning on mutually agreeable positions before generation of a contract, avoiding the time spent exchanging drafts back and forth but addressing the reality faced by all companies who do not have the bargaining leverage to force terms on a counterparty.

Data sharing

After a document is signed in theContractApp, participants receive an indisputable Proof of Existence (PoE) by securing a hash on the LTO Network public blockchain. By having this PoE placed on signed documents, third parties can independently check the authenticity of the document by uploading the document for instant validation.

Data sharing

Advantages using LTO Network

LTO Network - Rock LTO Network - Rock LTO Network - Rock LTO Network - Cost savings

Cost savings

Full automation of legal contracts and processes drastically increases convenience and the overall experience of a deal with all parties involved.

LTO Network - Rock LTO Network - Rock LTO Network - Easy integration

Easy integration

Automating the processes significantly decreases the time from initiation to final contract, saving time and money.

LTO Network - Rock LTO Network - Rock LTO Network - Compliant by design

Compliant by design

Get a Proof of Existence (PoE) by securing a hash on the LTO Network public blockchain creates an indisputable proof of the final version, without the need of any paper.

Theme
LTO Network solution
Traditional solution
Theme
Trust
LTO Network solution
LTO Network solution

The new solution allows for immediate, trusted checks on certificates by anyone with a smartphone.

Traditional solution
Traditional solution

Paper-based certificates can't be validated on the spot, when necessary.

Theme
Signatures
LTO Network solution
LTO Network solution

Integrated eSignature functionality.

Traditional solution
Traditional solution

Tracking down hand signatures delays execution.

Theme
Costs and speed
LTO Network solution
LTO Network solution

LTO's blockchain is optimized for anchoring, making transactions near-instant and affordable.

Traditional solution
Traditional solution

Traditional blockchains tend to be very slow and expensive.

Run a node

Run a node

Set up a node on your local machine or in the cloud. It only takes minutes.

Stake LTO

Stake LTO

Become a validator on mainnet and share the non-inflationary network rewards.

Get involved

Get involved

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