On the 17th October, media group Thomson Reuters
announced a partnership with smart contract firm OpenLaw for a document automation proof of concept (PoC). Thomson Reuters provides compliant legal templates through its
Contract Express service, which is now being tested with OpenLaw’s blockchain system.
Launched by Consensys in 2017, OpenLaw uses Ethereum to create and execute legal agreements. Its solutions enable digital signing, tokenization of assets, and the management of on-chain smart contracts. Last year, fellow Consensys firm Chainlink
partnered with OpenLaw to integrate oracles into its protocol. As of last week, it counts leading legal services firm Thomson Reuters as a partner.
The companies’ PoC aims to combine Contract Express, powered by knowledge base
Practical Law, with OpenLaw’s protocol for integrating smart contracts from standard legal documents. Thanks to the immutability of blockchain, contracts can be reliable and accurate with the ability to action real-time payments and settlements.
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