Have you heard about the newest additions to the Ethereum Enterprise Alliance Group and its Legal industry working group? Do you know about the new OpenLaw Project? Whether you are following Ethereum price related news or just the disruptive potential of the Blockchain Technology, you need to know about this important development.
Why the Legal industry working group adding new members is Bullish for Ethereum Price
In July, another Group of Fortune 500 companies and Governments have joined the Enterprise Alliance Group. In the article we published back then to cover the event and its impact on Ethereum price, we wrote about the multiple working groups created within the EEA and spotted the Legal working group as a group with major disruption potential:
These working groups represent the industries that will potentially benefit the most from Smart contracts and their disruptive potential. In our previous articles, we shared how this technology can reshape the way we carry our financial transactions. Notice how in these working groups, there is one for the Legal industry. That’s another sector that has not necessarily been transformed in the last decades and could benefit a lot from a new way of doing business that will match today’s fast pace. Legal contracts have been registered and notarized very much in the same way for decades. With Smart contracts we are now hearing about the possibility of digital legal contracts.
August 14th, the Enterprise Alliance Group Announces in a press release the Addition of 13 new members to the Alliance. What’s interesting is that all members are in the Legal industry Sector and therefore joined the working group focusing on the same industry. That’s an important indicator that Smart Contracts are going to reshape the the legal industry and how operations and contracts are being handled in this industry.
The new members include 10 Law firms and 3 Law Schools:
- Debevoise & Plimpton
- Hogan Lovells
- Holland & Knight
- Jones Day
- Latham & Watkins
- Morrison & Foerster
- Perkins Coie
- Shearman & Sterling
- Cardozo Law School
- Duke Center on Law & Technology
- The University of Pennsylvania’s Wharton School’s department of Legal Studies and Business Ethics
Why the OpenLaw Project is Bullish for Ethereum Price
Clue # 2 lays in a new project spearheaded by Aaron Wright, Chair of the EEA Legal Industry Working Group. The project is OpenLaw, and from what we our Research Team was able to find out about the progress of this project, there is some really cool stuff being developed in the legal industry based on Ethereum’s Smart contracts. This Demo Video on YouTube is hosted by Aaron himself and is the first to demo how a smart contract can be triggered upon signature. This Consensys Media article has a great overview of the information available so far on the progress of OpenLaw.
If you watch the Demo, you will see how with OpenLaw, a simple employee offer letter now has the ability to pay the employee ether in real time . To achieve that outcome, no payroll processor or intermediary was involved in the creation and execution of the agreement. Revolutionary.
What’s Bullish about this? After the Financial sector, the Legal industry sector seems to be a solid candidate for a massive Ethereum adoption. Since the infrastructure is Ethereum and the currency used within the network is Ether. This should give investors and enthusiasts with a good idea of the massive upside potential of Ethereum price.