The StonePaper project and its StonePaper app aim to revolutionize how contracts and the law that are conducted. By using Blockchain, the app lets use
The StonePaper project and its StonePaper app aim to revolutionize how contracts and the law that are conducted. By using Blockchain, the app lets users securely sign and share their most private documents with governments and companies.
The founder Matthew Rappard, a Toronto developer aims to address the issue of expensive legal procedures. This is a problem in Canada, where people need legal help, but often can`t afford it.
According to a survey from last year published at the legal magazine Canadian Lawyer (canadianlawyermag.com), lawyer fees in Canada can go as high as $761 in the case of a simple will or $4,508 for a work permit.
“StonePaper is a software solution to implement digital contracts or “Smart Contracts” in the blockchain. This allows business and individuals to safely share property, and finance projects while having the flexibility to trade, sell, and sublicense their ownership to other individuals.”, as StonePaper`s website explained.
“StonePaper allows for an individual to register a smart contract a combination of a traditional legal contract, which is drafted by a lawyer, and a small piece of software that manages the contract. The logic of the software mirrors the terminology that is laid out in the contract allowing both to work in concert.”, as thestonepaper.io elaborated.
Signing a contract on the Blockchain is legal. Also, the technology allows users to digitally sign the record that is dated with person`s own cryptographic signature, as cryptocoinnews.com pointed out. Users receive memory address, where the document exists on the Blockchain. In this way, they can access the contract.
As Rappard said, the app gives each user a unique identity. Firstly, an account is being created, along with an Ethereum wallet. After that, a bank or a lawyer should confirm that the wallet belongs to the user. Having that sorted out, the user could sign or upload to the blockchain, as Rappard added.
While the company tries to avoid legal cost, Rappard recommends that users seek a lawyer to write legal contracts since they are “normally better at it”.