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The Smart Guide to Legaltech Terms for Blockchain
4 min read
Blockchain and legaltech have been on a collision-course for years.. This is bringing together two segments of society that weren’t all that well-acquainted in the past. Having trouble with some of the terms? Here’s a quick overview of some commonly used words from both the legal and blockchain space. Happy reading! The potential applications of blockchain technology to legal services are numerous. Below are some of the most common ones. Enter in the legaltech world with us! Let’s start with the basics: A glossary of Legaltech cannot start without mentioning: Smart Contract: a program that automatically executes a contract when triggered by a specified events. This is like a digital vending machine — if the pre-determined condition (in this case, a coin is put into the machine) is met, the vending machine releases control of an asset (in this case, a can of Pepsi). Smart contracts can be executed on a blockchain platform, like VeChain. The traditional vending machine is a smart contract early-adopter. Smart Legal Contracts: Self-executing agreements with terms and conditions traceable on an immutable blockchain. Smart legal contract platforms (eg. Jur, Openlaw, Clause) take more traditional legal contracts and automate them using code. https://youtu.be/tGsuRj_rkGk Decentralized: Lacking any centralized server or agency, significantly reducing the risk of breaches caused by bad actors, hacks or natural disasters.Blockchain: A decentralized, immutable ledger is used to record data or transactions across many computers, making data written to the chain transparent and permanent.dApps: A decentralized application, usually using a blockchain as part of their core product.Consensus: The agreement of all participants of the network on the validity of something. This is an important part of blockchains, as the method of consensus affects how secure, efficient, costly, and decentralized a platform is. If 51% consensus is reached, a Bitcoin transaction is considered valid. Now that we have that under control, let’s move on to some more advanced terminology: ADR (and ODR): Alternate Dispute Resolution platforms (and Online Dispute Resolution) replace the role of courts in mediation processes. They can act as a third-party to make a decision on a dispute and distribute contested funds via smart contracts (eg. Jur, Kleros).Litigation funding (or legal financing): In the current legal system, people hoping to fund high-profile lawsuits can receive funding from firms or groups of people hoping to earn interest on any damages received from a successful ruling. Tokenisation (making a product, asset, security, or liability into a token on the blockchain)enables plaintiffs to crowdsource litigation funding and automate the repayment of financing (eg. Jur).Trust accounting: A smart escrow ‘locks up’ digital assets so no party can access it until it released by a defined trigger event. The “power of attorney” can now become digital and transparent. This is how the Jur Beta Platform works. Evidence: Users can trace digital documents or media for evidence of contract versioning or proof of prior ownership (eg. Blocknotary).Certification: Institutions can issue certificates for bar qualifications and university degrees which can be verified by anyone. (eg. Blockcert).Paper documents: Important documents like property deeds can be stored on the blockchain, preventing loss or destruction (eg. Lantmateriet).Pro bono: Tokenised reward systems incentivize pro bono (free) legal work for low income or disadvantaged clients (eg. Legaler Aid).Fractional asset ownership: Token ownership makes it possible to “crowdsource” ownership of real-world assets like real estate or fine art (eg. Blocksquare).Predictive justice: Applications that use big data and AI to compare acurrent scenario to a database of previous court decisions and output a chance of success. Minority Report was a movie based on the idea of ‘predictive justice’ Computational Law: The capability of computers to automate some aspects of the law, particularly judicial decision making.Document analysis: A data collection technique that evaluates documents, grouping together key words and important pieces of information.Digital Signature: a mathematical or cryptographic method of presenting the authenticity of digital assets.Digital identity: online identity adopted by either a person or an electronic device.Application Programming Interface (API): A gateway to a program, protocol, or operating system. This makes it easy for other applications or users to “use” or integrate the application (e.g. logging into a third-party website using Facebook or Google account details). Jur’s API will allow other platforms to integrate parts of our decentralized legal ecosystem for easier adoption. That’s all for now! Use the knowledge just learned to get a better understanding of the nascent legaltech industry and help us building the legal decentralized ecosystem. Do you want to follow all the updates about Jur?

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IE University in Spain to join hands with Jur and the Lab For New Justice by Launching the ‘Smart Contract Competition’
After the first edition at Radboud University Faculty of Law, Nijmegen, and immediately following the beginning of the Lab for New Justice at Hull University, Jur is launching the ‘Smart Contract Competition’ with IE University, in Segovia (Spain). Students from the acclaimed private University in Spain will be able to work hands-on in the creation of smart legal contracts and experience the entire flow of Jur’s online dispute resolution system. IE University, Spain The competition will be held starting from the 18th of February 2020, over four dates, lead by professor Francisco de Elizalde, full-time Professor at IE University, Law School: Day 1 — Tuesday, 18th FebruaryDay 2 — Tuesday, 25th FebruaryDay 3 — Tuesday, 24th March // date updatedDay 4 — Tuesday, 31st March // date updated The four meetings will take a deep dive into the main concepts and practice of dealing with ODR — Online Dispute Resolution systems — on the blockchain. Luigi Cantisani, legal engineer, and Michele D’Asaro, R&D will lead the meetings at IE University and will touch topics widely ranging from blockchain, use of smart contracts and game theory, which is the underlying framework for the Jur Beta Platform’s dispute resolution system. The poster used by the IE University to call for the Smart Contract Competition The Lab for New Justice’s educational offer has been welcomed, with IE University by the third university in Europe now, after Radboud’s Faculty of Law and Hull’s Business and Law department began leading the way. Jur’s team is extremely honoured for having aroused such interest in the Academic sector; an important step towards a scientific approach in the development of the decentralized legal app (dApp) by Jur. “The Smart contracts competition entails a unique opportunity to instil in our students the skills that lawyers will require to succeed in a highly-developed technological environment. Professor Francisco de Elizalde, full-time Professor at IE University, Law School A hands-on experience on smart contracts and blockchain technology will also enhance a normative reflection on how law and technology should interact” — Professor Francisco de Elizalde, full-time Professor at IE University, Law School - he concludes. Francisco De Elizalde | IE UniversityFrancisco de Elizalde is a full-time Professor at IE University, Law School. He focuses on Private Law, especially…www.ie.edu Smart legal contracts enable a more efficient and transparent relationship between parties. In Jur, we try to bring contracts to life automating core clauses ensuring they become auditable and as self-enforceable as possibleLuca Daniel, CTO of Jur The Lab For New Justice is the initiative held by Jur to research over the dispute resolution methods and carry out testing on the Jur Beta Platform. Jur is currently releasing the second edition, after the first was carried at Radboud University, Nijmegen, under the supervision of Profs. Andre Janssen and Pietro Ortolani. IE University offers a technology-based learning ecosystem for people who make a difference in the world through innovation, global vision, an entrepreneurial mentality and a unique focus on the humanities. IE University has a staff of more than 500 professors who currently teach university diplomas, master, doctoral, and training programmes and executive training to students in 131 countries. The platform of over 60,000 alumni of IE University is located in 165 countries. Professor Francisco de Elizalde, which leads the Smart Contract Competition at IE University, is a full-time Professor at IE University, Law School. He focuses on Private Law, especially Contracts and the Law of Property. He is a permanent Visiting Professor at Koç University (Turkey) and has lectured as visiting at City University of Hong Kong, FGV Sao Paulo (Brazil) and the Law Schools Global League. Do you want to follow all the updates about Jur?
The Lab For New Justice Lands in the UK at Hull University Business and Law School
AfteAfter the first edition at the Radboud University Faculty of Law, Nijmegen, the Lab for New Justice has been selected by professor Diana Wallis for leading the lectures on ODR (online dispute resolution) during the Alternative Dispute Resolution and Mediation: Theory and Practice course at the University of Hull, Department of Business, Law and Politics. The course at Hull University will take place in the Second Semester 2019–2020 and the lectures will take place on the 10th of February and 2nd of March. The course will host the Jur’s Lab For New Justice leaders, such as Luigi Cantisani, legal engineer, and Michele D’Asaro, R&D. Hull’s students will test the On-Line Dispute resolution system designed by the Swiss legal tech start-up Jur AG and it is likely that there will be an internship award following-on. See here for an extensive idea of the course offered at Hull University Faculty of Law We are looking forwarding to welcoming members of the Jur team in Hull. I have been convinced since I first heard about their on-line work on smart contracts and dispute resolution that this is the way for legal development in the future.Diana Wallis, Senior Lecturer in Law at the University of Hull " It is exciting and a privilege for our students at Hull law School to play a part in the development of this cutting edge legal tech" - she concludes. The future of ADR (Alternate Dispute Resolution) is online. Platforms such as the Jur Beta Platform are the first fundamental steps to create a new, transparent and more affordable way to obtain commercial justice. Thanks to academic pioneers like Professor Diana Wallis, former vice-president of the European Parliament, currently a Senior Lecturer in Law at the University of Hull and a member of Jur’s Scientific Committee, it is now possible for students to have a hands-on experience of the future of the legal world and make it real. We are thrilled to have this opportunity to bring the Lab for New Justice to England and to the University of Hull.Raffaele Battaglini, CLO of Jur "Jur strongly believes that educating young law students about cutting-edge technologies which will change legal services forever is crucial for the future of the legal profession" - he remarks. The Lab For New Justice is the initiative held by Jur to research over the dispute resolution methods and carry out testing on the Jur Beta Platform. Jur is currently releasing the second edition, after the first was carried at Radboud University, Nijmegen, under the supervision of Profs. Andre Janssen and Pietro Ortolani. The University of Hull, founded in 1927, is a public research university located in Hull, United Kingdom. The Law courses are part of the School of Business, Law and Politics. Do you want to follow all the updates about Jur?