Legally Binding Smart Contracts, Powered by AI.Create and manage smart-contract-based legal agreements by engaging your own AI counselor. Agrello has developed an AI powered interface, that allows users to easily create and manage smart-contract-based agreements which are legally binding, just like traditional contracts. The platform provides a graphical interface, templates and wizards, allowing the user to draft legally-binding multi-party contracts with just a few clicks.
This whitepaper addresses existing problems with conventional non-machine readable contracts. Such conventional contracts (CC) are complicated to set up, disconnected from ICT-systems and when conflicts occur, tracking their execution is restrictively slow and in addition, CCs are challenging to enforce. On the other hand, so called self-aware contracts (SAC) that are similar to CCs with respect to legal enforceability, are machine readable and supportable by blockchain-technology. SACs do not require qualitative trust between contracting parties because blockchains establish instead a quantitative notion of trust as SAC-related events are immutably stored. However, currently existing machine-readable contract solutions, i.e., smart contracts, lack suitable obligation constructs for execution and enforcement. Additionally, current systems do not comprehend the dynamics of legal relationships. It is important to mask legal obligations with daily human conduct. This whitepaper address the gap by specifying a so-called Agrello-framework that enables blockchain-driven self-aware agents-assisted contracts for a decentralized peer-to-peer (P2P) economy.