Legal contract blockchain platform Monax launches public beta

By February 14, 2019 Ethereum
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Monax Industries, a legal digital infrastructure provider, today announced the launch of its distributed ledger blockchain service for legal contract applications into a public beta, making it generally available for production-level commercial use.

The service, called the Monax Platform, provides all a business needs to register, assign and track legal “smart contracts” using a tamper-proof digital ledger. The platform allows small to medium-sized companies to use digital contracts to control risk and more easily track and analyze relationships and contractual obligations in real time.

A blockchain is a database of authenticated records distributed among all parties using the system. The records are built such that each new transaction recorded is cryptographically connected to the previous one in a chain, meaning that changes are easily detectable. And because every node in the network contains a copy of the ledger, any one that is changed would become obvious.

The private beta of the Monax Platform was launched in December, and since then the platform has seen use by dozens of companies.

“Through this ecosystem, we are able to provide a solutions suite to vexing problems that was simply not possible with previous generations of technology,” said Casey Kuhlman, co-founder and chief executive of Monax. “Namely, legal relationships facilitated on our platform allow users to dynamically track their obligations in real time using a system that adapts to changing conditions along the lifecycle of the contract.”

With the Monax Platform companies can automate the management of contractual obligations as well as gain collaborative insight into the execution of contractual relationships. Digital contracts added to the network can be trusted to execute and follow through without the need for users to understand code or programming.

The platform consists of two parts: Monax Dealspace and Monax Studio. Monax Dealspace is a decentralized contracting marketplace that permits parties to delegate and coordinate team-based contracts using blockchain smart contracts. It allows the creation of one-time contracts, automated repeating contracts and track the status of entire networks of contracts related to business operations.

Monax Studio is a visual editor with drag-and-drop capability that enables users to create smart contracts without the need for programming experience. Using the studio, users will be able to design and test contracts that can then be published onto the Monax blockchain for execution.

The platform is built on The Agreements Network, a distributed, open-source blockchain co-founded by Monax in 2018 that connects to the public Ethereum blockchain, the second-largest blockchain in the world. The network uses business practice modeling and blockchain technology in order to create a mechanism for building and executing smart contracts in a fashion suitable for business operations.

One Monax Platform customer is Social Solar, a clean-energy management company that connects customers with energy providers and optimizes connections and electricity using artificial intelligence. The company uses it to connect multiple parties in a complex relationship that takes a lot of paperwork and time to complete.

“Every time we help a city resident purchase clean energy, five parties are involved — the city resident, renewable energy supplier, local utility, business partner and ourselves,” said Donna Sanders, founder and chief executive of Social Solar. “Using the Monax Platform will increase our completion speed by an estimated 50 percent and drastically change energy contract management.”

Because of the distributed, digital nature of the blockchain, contracts can be automated more swiftly and with fewer human errors than with traditional paper-pushing. This is also scalable to as many nodes or parties needed to complete contracts, with highly complex obligations that can have dependencies automated.

Businesses in insurance, document retention and financial technology have used blockchains to speed up transactions. For example, State Farm Mutual Automobile Insurance Co. used the technology to speed up auto claims, Cygnetize Ltd. uses the technology to lower error rates in authorized signatory lists for documents and Wyre Inc. uses a blockchain to make cross-border payments take hours instead of days.

“Through the use of cutting-edge technology, we are decentralizing business collaborations, which will allow global scale and a transformation in how contracting works in the digital age,” said Kuhlman.

Subscriptions for the Monax Platform start at $25 per month, with many packages customizable to business needs.

Image: Monax

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