Introduction
The legal market is the least innovative market, which has seen minuscule change over the last fifty years. The global value of the legal market is estimated to be around 700 billion dollars yet it has managed to avoid any major technological advancement. Disruptive Innovation based on the Blockchain technology is the need of the hour and we have already seen many startups based on this technology. Currently, there are more than 100 different kinds of currency being traded on the stock exchange while cryptocurrency being the latest. Many startups have found new ways to generate funds bypassing the traditional system of banks and venture capitalists. They are offering ICOs based on ethereum platform to collect funds for research and development.
The problem associated with this method of fund generation is the lack of a clear and coherent policy associated with it in many countries. This leads to unwanted hassles for the startups who want to raise fund through ICO. Some countries have accepted it by taking it under securities like The USA, and some have rejected it altogether like China.The ambiguous legal guidelines associated with the latest technology creates stagnation in the company. To maximise potential by attracting big investors companies need to follow protocols like KYC and AML.
The traditional legal system is inefficient to deal with the latest technology because it neither understands the products nor the market. The system of paper-based legal service is not viable for the fast-moving tech world.There is a need for a decentralized platform based on blockchain technology to ease the legal process for startups based on blockchain technology.
Solution Offered
The solution is to create a decentralised platform for decentralised technology wherein lies the future of business. SmartOne has created a bridge between legal and crypto community by launching a legal token. This token acts as a foundation for legal tech ecosystem, which is still in its nascent stage. It offers a marketplace to crypto communities to buy legal services of their choice using legal token. The SmartOne network is a network of researchers, legal experts, crypto experts and designers to further the research and development of the product.
The SmartOne ecosystem aims to promote the inclusive legal tech policy which widens the landscape of legal services and solutions. There is membership scheme available for users to become a member of SmartOne network to avail various services through their secure wallets. Three organisations which provide legal services through the SmartOne network are mentioned below.
- LegalOne: It is one of the largest digital law firm Of Switzerland which is still in development stage.
- NextLex: A platform which provides legal document automation services to different companies.It automates the legal document, contracts and processes for small and medium businesses.
- SKUANI: It offers consultancy services in various disciplines.It aims to create a community of legal and crypto experts who can solve user's queries through the digital medium.
Technology Advantage
According to research by Boston consulting group, up to 50% of legal jobs will be done by algorithms in a few years. The technology of SmartOne is based on blockchain which is defined as a decentralised database. All the data is stored in the blocks which are not corruptible and secure. The smart contract is another key part of SmartOne technology. It is nothing but an agreement written in codes by people who decide to exchange some value. The payment is locked in the escrow fund until the contract is complete. They have launched a decentralised application (DApp) based on ethereum blockchain and smart contract for the token launch and SMS verification. Their server is based out of Switzerland and the data center is FINMA RS 08/7 Compliant. Their website SmartOne provides all the necessary details with live chat support and has a great user interface. Overall, they have created a solid technical foundation for offering their services.
ICO Information
To further the research and development of their service, they are offering us to be part of their team. They will launch legal tokens for public sale in two phases. The first phase starts on 15th November 2017 and ends on 30th November 2017.
For the first phase participants, they are offering a 10% bonus on tokens bought. The second Phase starts on 1st of December and will end on 10th December. Meanwhile, they do not guarantee the second phase if they meet their target of total token sale in the first phase.
Team
Qualified and experienced crypto-legal experts are founders of the SmartOne, who are supported by researchers, scientists, and engineers. Their only mission is to provide the best legal solutions to crypto communities on their platform. They have established their credentials with their remarkable achievement.
Why Should You Invest
As the crypto community Progresses, it needs legal experts who understand best of both the worlds. Therefore, the concept presented by SmartOne team is just the right tool they need to solve the web of legal principles. We might become the early participant of the community by participating in the token sale scheduled in November and December. As we have seen in the traditional legal market, there is a resistance to adopt the latest technological Innovations, hence the solution displayed by SmartOne is our next big step into the legal sector.
Website : https://smartone.legal/
Authored by: Etheran (Btalk name)