Legaler is creating a decentralized app to offer a platform that will provide people with direct access to legal services. The company has just raised $1.5 million in a fundraising round.
An Australian company, Legaler, is going to build a blockchain infrastructure for providing legal services to those who need it. The company has raised $1.5 million in a recent fundraising round led by MasterNode Ventures.
Who Are They Targeting?
An online meeting tool was previously launched by the company in 2017 with the purpose to help lawyers and clients collaborate easily. Now, Legaler is targeting the 4 billion people of the world who are living without any access to legal services.
Steve Ghiassi, the CEO and co-founder of the company, said:
In developed countries like the United States, United Kingdom, Canada, and even Australia, 80% of people encountering a legal issue are unable to get help due to the prohibitive costs and arcane complexity of the system. There needs to be a fundamental shift and blockchain technology will provide just that.
The blockchain and development tools of Legaler are to be utilized to build protected and expandable decentralized applications (dApps). The aim of raising the funds is to bring the $1 trillion legal industry online, allowing those who lack access to legal services to have their voices heard while also reducing expenses by cutting out the middleman.
Existing public blockchains have several limitations which limit privacy and transaction throughput which have prompted us to explore new consensus algorithms and sidechains for speed and cost savings, as well as zero knowledge proof technology to meet the confidentiality requirements of the legal industry.
The company will soon be conducting a token sale which has been structured in a very unique way, allowing any citizen to participate from day one. Ghiassi says:
Although token sales were initially a democratic process, recent times have seen access to early stages of sales reserved for the elite few. We want to change that by getting back to what decentralisation is all about.
Mr. Ghiassi said that the upcoming time is going to be an exciting one for the legal industry. saying:
It’s an exciting time to be in the legal industry. The convergence of AI, blockchain, and automation will bring radical change to a profession that has traditionally lagged behind other service industries.
So what are your views on using blockchain technology as part of the legal system? Share your views in the comments below.
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