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StonePaper brings blockchain to legal sector


StonePaper, a software solution to implement digital contracts or ‘Smart Contracts’ in the blockchain, is letting users to complete legal processes with the help of blockchain, without hiring a lawyer, MotherBoard reported.






Toronto-based developer Matthew Rappard developed StonePaper app in order to empower people to do their own legal work instead of hiring expensive lawyers. The StonePaper app was launched in February 2016 and is available in an invitational beta phase.

“StonePaper allows for an individual to register a smart contract a combination of a traditional legal contract, which is drafted by a lawyer, and a small piece of software that manages the contract. The logic of the software mirrors the terminology that is laid out in the contract allowing both to work in concert,” the website stated.

With the help of this nascent technology the information stored is ‘immutable’ and blockchain allows an entire contract to be stored on thousands of computers all over the world. The electronic contract could be signed just like any contract. The user would be given a memory address to where the contract exists on the blockchain, the news report said.

“You would make an account, which creates an Ethereum wallet, then a bank or lawyer would swear that this wallet belongs to you. Now if you were to go to any site and sign a document, when you click 'send,' that entire document is digitally signed with that wallet. Since a lawyer or bank has agreed to say that wallet is you, it means only you could have put it on the blockchain,” said Rappard in an interview.

Although there are security concerns like the recent hack of the Distributed Autonomous Organization (DAO), an investment platform on the Ethereum blockchain, Rappard said that StonePaper would not be vulnerable to similar hacks. He further added that StonePaper contracts can only be modified if the wallet accessing it is one of the signatories.

“This effectively stop the hackers in the same way a password protects a computer. If a signatory tries to hack the contract, that is considered a contract violation under law, and the user will be subject to punishment,” he added.

StonePaper is accessible via a private Ethereum Network and the Hyperledger Fabric network.

stonepaper.io

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