Legal IT Newswire: Blockchain startup Monax launches public beta platform
Digital legal infrastructure vendor Monax has announced the public beta launch of the Monax Platform – a relationship-centric workspace for small-to-midsize businesses enabling users to create legally binding agreements that are also auto-enforceable smart contracts.
It features ready-to-use tooling that allows businesses to model, track, and visualize their contractual obligations in a real-time, secure environment. Since its private beta launch in December 2018, Monax says that the platform has successfully helped dozens of corporations and individuals with their legal contract needs.
“Through this ecosystem, we are able to provide a solutions suite to vexing problems that was simply not possible with previous generations of technology. 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,” stated Casey Kuhlman, Co-Founder and CEO of Monax. “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.”
The Monax Platform allows users to automate the management of their contractual obligations. It also enables them to gain collaborative insight into the execution of the contractual relationship, including the distribution of responsibilities, in an environment that adapts to changing conditions within the digital contract. Users maintain visibility over risk when they are depending on the performance of obligations by other contractual parties, all without needing to understand code or programming.
The Monax Platform consists of two components: the Monax Dealspace and the Monax Studio. The Monax Dealspace allows users and their counter-parties to delegate and coordinate team contractual tasks or approvals, automate repetitive contractual tasks, track the state of contractual obligations, dynamically load contractual tasks or approvals based on the contract’s state, and perform audits on legal obligations. The Monax Studio enables users to graphically create and test their obligations’ workflows in a drag and drop environment that does not require programming knowledge.
The Monax Platform is built on The Agreements Network, a decentralized, open-source, universal, process-optimized blockchain, co-founded by Monax in 2018. The network leverages Business Process Modeling (BPM) to connect and manage workflows across organizations without the need for third-party providers. By incorporating blockchain technology as a layer of communication between parties, the network increases efficiency and collaboration and streamlines processes. It is also a new vehicle for networked commerce.
“By using new technology, the Monax Platform provides a combination of consistency, transparency, and sophistication for contract management previously not available to small to mid-size businesses,” stated Kurt Watkins, counsel to MG Miller. “We are hopeful that the Monax Platform will catalyze an infrastructural upgrade to business and legal transactions across the board.”
“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, Social Solar. Using the Monax Platform will increase our completion speed by an estimated 50% and drastically change energy contract management,” stated Donna Sanders CEO and Founder of Social Solar. “We are happy to usher in this new era of cleaner cities.”
“The paradigm is shifting in legal technology and Monax is at its forefront,” stated Kuhlman.
The Monax Platform is scalable and prices start at $25 per month, with all packages being customizable and transparently priced. For more information, visit here or email firstname.lastname@example.org.