On the official website of Blocko appeared an announcement of news about the signing of a cooperation agreement between Blocko and legal technical startup Legal Insight.
- Combination of ‘Marshmallow’, a non-face-to-face legal document creation solution and ‘Instine’, a blockchain electronic contract solution
- The entire process from legal document preparation to contract management is non-face-to-face
Blocko CEO Kim Won-beom (left) and Chae Min-seong, CEO of Legal Insight, are taking a commemorative photo after signing the MOU.
Blocko, a blockchain technology company, announced on the 4th that it has signed a business agreement (MOU) with Legal Tech startup Legal Insight to build an intelligent legal contract platform using blockchain.
Through this agreement, the two companies will cooperate in developing an intelligent contract platform that makes the entire legal process non-face-to-face, from automatic legal document creation to user authentication, contract creation, and non-face-to-face contract signing and management.
Blockchain-based electronic contract solution’InstSign’, which is being developed by Blocko, converts the entire contract into data, formalizes it, and stores it in the blockchain to prevent forgery and alteration. ‘Marshmallow’ is an automatic contract creation service that recommends the optimal contract template, important terms, and special agreements with AI technology. It is highly utilized throughout the legal process, including general legal documents such as complaints, administrative trial requests, and contracts, as well as legal information search and analysis of toxin clauses in contracts. The intelligent contract platform that combines the two services is characterized by being able to complete the contract from writing to conclusion within one platform.
In addition, Blocko plans to link and expand the legal data accumulated on the platform with the Decentralized Trust Point Verification (DTT) Alliance currently being promoted. Among the corporate data stored in the blockchain, it is expanded to an e-discovery service that collects/processes/stores lawsuit-related data. Analysis of the entire contents of the contract-Inquiry and analysis of related company data-This is the process of collecting and managing the secured data.
“The legal field is a representative field in which many tasks such as counseling, contract writing, and psychology are conducted face-to-face,” said Mr. Kim Won-beom, CEO of Blocko. We will expand to various solutions such as Discovery.”
Chae Min-seong, CEO of Legal Insight, said, “We want to build an intelligent contract platform that maximizes usability by meeting a blockchain-based electronic contract and a non-face-to-face legal document creation solution.” ”Said.
On the other hand, the two companies proceeded with this contract by Insig-Sign and proceeded with electronic signatures instead of paper documents. The encrypted hash value of the contract is processed and stored in Aergo, a hybrid blockchain platform, and can be checked in Aergo Scan.