Overview of the Case
|Sale of vehicle ownership||$10,000||Contract done in less than 10 minutes for only $1.50|
A story that was first seen on Hackermoon. History was made in early November 2019 when a separated Austrian couple, Stefan and Daniela, entered into a legal smart contract to transfer the ownership of a $10,000 Land Rover campervan using the Jur Beta Platform.
The Jur Beta Platform enabled the ex-couple to create a legally binding contract through the blockchain, which made the transfer of vehicle ownership easier.
This transaction is a clear example of how technology is taking the legal industry to new and greater heights by providing effective and efficient processes that benefit lawyers and clients alike.
History of the case
Stefan and Daniela bought the van back in 2017. After splitting, Daniela thought about buying Stefan’s share of the vehicle to travel around Europe.
Stefan, who has been a supporter of VeChain (the network Jur is in), learned about Jur earlier that year. He asked Daniela if they could use the Jur platform to demonstrate and experience the benefits of using smart contracts.
Initially, Daniela thought it would be easy to do the sale via traditional means since they already know and trust each other. However, she was also curious and wanted to see a legal smart contract in action as she’s thinking about using it for her work as a freelance designer.
Using the platform, they simply accomplished some forms, set up some conditions on the transaction, and placed the money in escrow until the conditions were met. The sale contract was completed within 10 minutes and cost the two only $1.50.
Jur is on the case
Jur’s beta platform represents the Jur team’s dedication to innovation and experimentation in the legal field. The effort aimed to test alternative ways legal contracts are made and used by businesses and professionals. Jur developed a smart contract-based escrow connected to an editor of legal clauses. In case of failure, a decentralized “jury” would have voted on the case.
The experiment was interesting and unique because two parties trusted a digital editor and an escrow. In case of dispute, a decentralized jury would have decided where the $10,000 worth of tokens would have gone. Should that have happened, the vote would have required no more than 24 hours.
Aside from transactions such as the one in this case, Jur is using blockchain technology to define a new level of transparency and trustability in online dispute resolution processes. By using the UNCITRAL Model Law, Jur can make legally binding dispute resolution that is recognized in more than 160 countries, ensuring credible and quality arbitration procedures made affordable and faster.