These days all anyone can talk about are how smart contracts are going to change the world. Everything from real estate to human resources to online gambling and more will change as a result of this revolutionary technology. Smart contracts are still complicated to design correctly and only developers, and those with intimate knowledge of coding, can create usable smart contracts, leaving the average user and business hanging out to dry.
An Easy Smart Contract Solution
Agrello is designed to allow anyone to create a smart contract with a few clicks of a button by using what it calls “self-aware smart contracts”. In many ways, Agrello is looking to replace existing lawyers with smart contract technology, thereby significantly reducing legal costs and the time it takes to reach legally binding agreements.
By providing smart contract templates, one party can create a smart contract, and the other can review the contract in full and use a digital signature to validate the contract. Use cases for these templates already exist in the fields of commercial real estate, employment, loan agreements, and residential real estate agreements.
Once a contract becomes valid, Agrello uses artificial intelligence to create a virtual agent that guides users through their agreement and notifies them of their legal rights and when action needs to be taken. Or, the agent can be used to automate contract obligations for the user. This also allows for an extreme amount of flexibility, in which participants can decide on when to activate or waive certain pieces of the agreement as they come up.
The company’s co-founder and CEO Hando Rand points to the usability of use of his system. “We use blockchain to create smart contracts that actually act as contracts. They are signed obligations to be performed in line with the contract execution data registered in the blockchain and transferable by the blockchain for evidence. This minimizes the amount of trust needed.”
Agrello operates on the Ethereum blockchain, with its Delta (DLT) token powering smart contracts and other functions on the platform. The company is based in Estonia, where there is already a great deal of blockchain development occurring. It uses the crowdsourced knowledge of legal professionals to create its contract templates
Dan is a freelance cryptocurrency and blockchain content writer. He has written content for startups, ICOs, financial planners, venture capital firms, and more. Previously he founded an e-commerce company that grew to $1 million in revenue and profitability in less than 3 years. Dan has a degree in Economics and Finance from Bentley University.