Monax, a digital legal infrastructure platform built on an open-source, universal blockchain, has introduced the private beta launch of the Monax Platform, the latest in its line of smart contract products. The Monax Platform is a collaborative workspace for businesses, legal and tech professionals, with market-ready smart contract templates available for individual or commercial use.
The platform initially focused on blockchain solutions in the legal field and now plans to extend to its solutions to benefit ancillary industries such as entrepreneurship, music, real estate, and beyond.
“By leveraging smart contract technology we can make legal processes more efficient and solve real-world business problems,” explained Monax CEO and Co-founder Casey Kuhlman. “At Monax, we believe that if we make it easier for legal professionals to turn their work into software-based legal products, it will benefit the legal system as whole. The traditional legal system was one of the least digitized industries, and we’re setting out to make sure that we build the tools necessary to make the legal products better and more suited to the digital age.”
The Monax Platform currently consists of two elements: the Monax Deal Space, which allows users to delegate and coordinate team tasks, automate repetitive tasks, track the state of development of contractual obligations, perform audits on legal obligations, and access quality legal products that suit a variety of needs, and the Monax Legal Products Studio, which enables users to create, test and market their work product in a like-minded community.
Built on the Agreements Network, co-founded by Monax in 2018, the Monax Platform also leverages Business Process Modeling (BPM) to connect and manage information across organizations without the need for third party providers. By incorporating blockchain technology as a layer of communication between parties, the Monax Platform is a new vehicle for networked commerce.