Data Driven Futures

Monax launches smart contracts platform

Written by Peter Walker

Digital legal infrastructure company Monax has announced the private beta launch of the Monax Platform, the latest in its line of smart contract products.

The platform is a collaborative workspace for businesses, legal and tech professionals, complete with market-ready smart contract templates available for individual or commercial use.

It consists of two elements, the Monax Deal Space - which allows users to delegate and coordinate team tasks, automate repetitive tasks, track the state of development of contractual obligations, perform audits on legal obligations, and access quality legal products that suit a variety of needs - and the Monax Legal Products Studio - which allows users to create, test and market their products.

Chief executive and co-founder Casey Kuhlman said he was excited to bring another blockchain solution to the legal field and see how this will benefit ancillary industries such as entrepreneurship, music and property.

“By leveraging smart contract technology we can make legal processes more efficient and solve real-world business problems,” he added.

The platform is built on an open-source, universal blockchain, The Agreements Network, which was co-founded by Monax in April. It also leverages Business Process Modeling (BPM) to connect and manage information across organisations without the need for third party providers.

Kuhlman concluded: “The traditional legal system was one of the least digitised industries, and we’re setting out to make sure that we build the tools necessary to make the legal products better and more suited to the digital age.”

The Edinburgh-based company was founded in 2014 and has an office in New York.