OpenLaw has released a new tool to transform tens of thousands of legal agreements into blockchain compatible systems. Using OpenLaw, legal agreements can be generated and managed via a blockchain and incorporate smart contracts to transfer assets seamlessly in a legally enforceable way. The new tool will dramatically expand our library of agreements, helping accelerate the transformation of the legal industry. Help us build a library of agreements that will improve the blockchain industry and help lower the cost of legal services globally.

The legal industry is barreling towards an inflection point. Increasingly, legal technology companies, legal publishing companies, law firms, governments, and other organizations are turning to blockchain technology to store digital signatures and build more efficient commercial transactions that interact with the growing token economy. As many of you know, we’ve partnered with RocketLawyer to enhance their legal offerings to millions of consumers and DocuSign is beginning to store its digital signatures in the Ethereum blockchain. Legal agreements may be the first consumer use case of blockchain technology.

We’re just getting started. Indeed, here at OpenLaw, we’re accelerating this transformation by converting tens of thousands of traditional, “legacy” agreements “blockchain compatible” over the coming months.

OpenLaw is building what can be thought of as a legal operating system for blockchain technology and for the legal industry more broadly. We’re seamlessly integrating document automation, digital signatures, and contract management into one seamless system, while also allowing people to transfer assets secured and managed via a blockchain. These agreements and powerful blockchain functionality will be at the fingertips of developers through APIs. This architecture makes it possible for thousands of applications and services to leverage the Ethereum blockchain to streamline commercial activity.

To jump-start this ecosystem, we have begun to convert a vast library of legal agreements into templates that will be publicly available on openlaw.io using natural language processing and other machine learning techniques. We’ve done most of the work — stripping party names, transforming the formatting into our legal markdown, converting key terms into variables — but we need your help to validate certain bits of information like the names of organizations, names of individuals, dates, and other basic information.

We have loaded the fruits of our efforts into a newly released tool, our agreement converter, and now we need your help to finalize these agreements so we can make them publicly available.

Our request is modest. Spend 20 minutes and review some agreements. Together we can do this. If everyone in our community reviews 10 agreements, we’ll be able to publish these new legal templates in a matter of weeks.

Check out the tool here, and if you have any questions, send us a note at hello@openlaw.io.