LegalThings One: The Blockchain for Smart Law & Regulation March 24, 2018 – Posted in: News
Tokenization of assets is a big hype at the moment. But how do we cope with regulation that still applies to those assets in local jurisdictions? That’s where the solution of LegalThings One comes in. It provides the infrastructure to make any tokenization idea compliant with local laws and regulation.
To show the world that they have the best solution for this, LegalThings One has teamed up with the Waves Platform and global law firm CMS. They plan to get this solution into the market within the next 4 months.
- In collaboration with the Waves platform, LegalThings One is building the mandatory regulatory frameworks for the tokenization of illiquid assets. By doing so, costly, complex and time-consuming legal procedures will become vastly more efficient and transparent. This perfectly fitting collaboration will have an enormous effect on the way they define and handle assets.
- Together with renowned, top 10 global law firm CMS law, LegalThings One plans on getting the Dutch shareholders’ register on the Waves blockchain. By tokenizing company shares, unique characteristics can be programmed into these tokens, rendering them in effect ‘smart tokens’. These smart tokens can be used to enable and restrict things like opening bank accounts, approving a purchase above a certain threshold, signing board resolutions, etc.
From the 25th of May, all organizations that process data will need to comply with the new GDPR-regulations. Through the Compliance & Regulation vertical, LegalThings One offers instant and ongoing compliance through the LTO platform
- For being compliant with the upcoming GDPR regulations, Dekra, Germany’s largest insurance claim company, requested a streamlined compliance process for their data processing agreements between partners. Automated data deletion anchored in a public blockchain ensures their full compliance.
Publication of LTO Specifications
LegalThings One has also published the LTO specifications for the BlockChaingers hackathon, the world’s biggest Blockathon taking place 4-8th April in Groningen. During this blockathon, teams will build their solutions on various protocols. The LegalThings One protocol will be one of them.
The release of the specifications includes:
- Identities (using Curve25519 signatures)
- Templates and documents
- Workflows; scenarios and processes
- Dynamic forms, including a form builder
For more information, visit the official website.