All posts tagged Legal
Legal design is a multidisciplinary approach that combines law, design, technology, psychology, and other fields to reimagine the way legal information is presented and accessed, ultimately making the law more inclusive and understandable for everyone.
Legal design recognises that traditional legal materials can be complex, confusing, and inaccessible to many people, leading to barriers in accessing justice and understanding legal rights and obligations.
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Companies can achieve better Blockchain mediation and arbitration with smart contracts. Blockchain’s capacity to expedite and simplify the entire commercial process will have a flow-on benefit to both the enforcement and procedural components of arbitration.
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Lawyer and Smart legal contracts: legitimate fears and concrete opportunities? How many times years ago have I wondered? How many times before deciding to take this path, I wondered if the blockchain, smart contracts and everything revolved around it constituted a new opportunity, the solution I was looking for, or if instead they would simply replace me, put me on the corner.
I glimpsed, but did not fully understand.
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Looking into the future we’re on the road to a new world where everything is linked and potentially possible.
People get connected with other people physically, through avatars, online tools, and any element that belongs to this new world. Rather than one device handling every calculation, a network of devices can now do this instead, benefitting of the cooperation of an entire network.
Every data is accessible, every service is sensing, automated, connected and shared…
We are on a new planet where industries totally shifted from inflexible, monolithic methods to more modular and microservices approaches.
But let’s imagine moving forward in time for a sec.
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Companies rely primarily on IT professionals to write the scripts needed to keep operations running smoothly.
What happens if there is a shortage of staff?
This issue can leave many organisations with interrupted or malfunctioning processes due to a lack of adequate staff and proprietary knowledge to solve the problem at the source.
The introduction of no-code automation platform resolves these problems, empowering teams of any skill level to manage IT operations seamlessly.
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The acronym “DeFi” stands for decentralized finance. Think of it as an umbrella term for a whole huge financial infrastructure that focuses on and empowers decentralization. DeFi is closely related to cryptocurrencies or rather – the blockchain technology that underpins them. As such, it is important to understand what is DEFI and why it is important for companies to apply it in contracts.
Definition of DeFi
Being decentralized means that contracts can function without a middleman. When it comes to financial transactions and supply chains, that middleman can be anything or anyone – a bank, an individual acting as an escrow, a developer who has written code for the application that you’re using, and so on.
Following that train of thought, the main benefit of DeFi is the fact that it allows for trustless financial processes to take place within its ecosystem. For companies that deal with multiple vendors or suppliers, this could mean thousands of dollars in savings. When you think about what is DEFI and why it is important for companies to apply it in contracts, think of it in the context of optimization of existing processes and operations.
Smart contract and token usage
We have talked about smart contracts in the past. A smart contract is an agreement that has been coded into the blockchain. The main advantage of smart contracts is that they are practically impossible to breach – once a contract is submitted to the blockchain, there’s no turning back, and no way to reverse it or change its settings.
Smart contracts are the gateway into DeFi applications as they are completely trustless, and do not have any third-party interference.
More and more organizations are harnessing the power of the open-source financial ecosystem to solve problems and create new opportunities.
Benefits of DeFi
One of the biggest trends in the DeFi sector is the emergence of cross-chain technology, which allows users to carry out transactions across multiple blockchains. This is a bandwidth solution that can be used to distribute the burden of demand. Other trends that are gaining momentum include the automated market-making capabilities of Uniswap, the ability to manage assets on YFI, and the faster transactions on Aave.
The rapid emergence and evolution of the DeFi movement have taken it beyond its traditional role as a speculative trading platform. It is now taking on a more utility-based approach, with the goal of making it easier for users to exchange fiat money for cryptocurrency. The success of the movement will depend on the various factors that affect its utility, such as transaction fees, speed, and systems.
As the world experiences new challenges, players in the financial industry continue to develop new ideas. With the support of strong momentum, DeFi is well-positioned to transform the traditional paradigm by helping companies manage their assets, including — buying, selling, and transferring digital assets.
Transparency and decentralization are paving the way to discover and analyse an unprecedented amount of data. With faster access to data, businesses can make well-informed business decisions, discover new financial opportunities, and adopt better risk management tactics.
Get your company DeFi-ready with Trakti’s automation tools.
To better understand the definitions related to the use of Smart legal contracts and the Trakti platform, download now your copy of the Trakti Smart Legal Contract Glossary: https://trakti.com/smart-contract-glossary/
To find out more about Trakti, go to: https://www.trakti.com/why-trakti-en/
Blockchain gave rise to the concept of smart contracts; legal agreements programmed, executed and automated in computer code. While the automation associated with smart contracts has proceeded, legal standards supporting that automation have been slow to emerge. Legal practices who want to adopt this new technology need to be aware of the essentials for smart legal contracts drafting.
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