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The latest developments in Estonia’s Blockchain story come from local startup Agrello’s plans for smart contracts in the legal sector.
A further use case for Blockchain in Estonia is emerging in the form of Agrello’s self-signing legal contracts.
Under plans announced by the startup this week, the legal practice in Estonia could soon see Blockchain-based smart contracts and artificial intelligence (AI) leave their mark.
“Until now, current Smart Contract technology has been impossible to implement as a real-world agreement due to its lack of legal visibility and obscured nature,” Agrello’s chief scientist Alexander Norta said in an accompanying press release.
“Utilizing state of the art AI technology, we are bridging the gap between the Blockchain, the legal world and the non-coding end user to make Smart Contracts legally-binding and available to everyone.”
Estonia has been actively perusing the possibilities afforded by Blockchain for several years and has positioned itself as a global leader in e-government.
Contracts are Agrello’s specialty, with a graphical interface allowing relevant parties to draft and circulate paperless paperwork.
AI’s role comes in the form of virtual ‘counselors’ which are on hand to provide reference to parties’ rights.
Meanwhile, the country’s disruptor banking project Polybius Cryptobank this week announced the participation of global consulting firm Ernst & Young, with its ICO due to begin later this month.
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