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The Estonia-based blockchain company unveiled during the last week’s Qtum event that it is planning to use the startup’s technology for its smart contracts platform.
Agrello’s interface lets users without any legal or coding to manage and automate smart agreements, which are stored as smart contracts on the Qtum blockchain, as well as translated into legally biding documents in natural English. The interface corresponds with Qtum’s Smart Contract Lifecycle Management solution which offers a workflow to derive smart contract code from human-readable contracts and manage them in real time.
The company’s platform will enable businesses and individuals to substitute standard paper agreements with smart contracts, which was considered impossible until now because of the complexity of smart contract technology.
In March, the Qtum project raised $15.6 million in a first five days of its token crowdsale, thus joining the list of top 10 blockchain-token crowdsale campaigns. Moreover, the startup received support of PwC, which has a wide expertise across different sectors. The professional services provider not only helped Qtum to prepare its white paper, but provided help in setting up the project’s governance model, project management, and risk management. The startup plans to make its platform available for public use in Q3 this year.
“We’ve been searching for over a year to find a blockchain platform that would fit our needs. Qtum allows us to build a mobile-compatible and scalable smart contract solution, and hence is our technology of choice,” said Hando Rand, co-founder and CEO of Agrello.
Speaking to Bitcoin Magazine, co-founder and CEO of Qtum, Patrick Das, encouraged more companies to develop their solutions using the startup’s blockchain technology. “Qtum aims to build the first POS smart contract platform that is mobile supported; we welcome more and more startups to build applications on Qtum platform in the future,” he said.
Over the last year, some states in the US have passed regulations defining the status of blockchain-based smart contracts. Last year, Vermont passed a law which states that a blockchain digital record is considered a business record under the Vermont Rules of Evidence.
Earlier this year, Arizona representative Jeff Weninger proposed a bill to make smart agreements built on blockchain legal. The state’s law defines smart contracts as an “event driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger that can take custody over and instruct transfer of assets on that ledger.”