American law firm Rocket Lawyer recently launched new blockchain-based services for legal contract execution and alternative payment methods in collaboration with Consensys and Open Law.
Rocket Lawyer’s blockchain-powered services include legal contract execution, automated dispute resolution, identity management and legal transaction. A cryptocurrency wallet called “Rocket Wallet” using Ethereum blockchain is among the services.
The company’s popularity and success has surged since its inception in 2008. Currently, Rocket Lawyer has more than 20 million subscribers using its affordable online legal services. The firm works by connecting the customer with a quality legal professional.
One of Rocket Lawyer’s new blockchain-based services promises efficient storage of contractual papers while preventing concerns such as manual error and repetitive paperwork. Partnering with Open Law and Consensys. Rocket Lawyer has utilized smart contracts and Ethereum to develop such services.
The target customers of Rocket Lawyer include small and medium enterprises, divorce settlements and individuals seeking legal support in the United States, Mexico and Europe.
Tokenized system Rocket Wallet can facilitate the execution of smart contracts, ensuring secure transactions and protecting personal information. The wallet is used for storing funds and making payments.
“The immutability of blockchain is a gamechanger for the fundamental way law works. It gives incredible benefits,” said Charley Moore, CEO of Rocket Lawyer. “We can bring more trust into legal transactions.”
“By tokenizing those payments, we can make them safer, we can make them more secure, and we can make it more affordable for folks,” he added.
Rocket Wallet is an example of integrating blockchain technology with legal transactions using a stablecoin. The wallet is regarded as an innovation that will make it possible in the future to conduct digital dispute resolution and self-executable terms and conditions.
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