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VAIOT has unveiled Legal Torch, a cutting-edge platform that combines AI Legal Assistant, zk-SNARKs certificates, and the Decentralized Dispute Resolution System (DDRS) to revolutionize and democratize legal services as part of the Decentralized Law (DeLaw) movement.
Traditional legal systems have long been plagued by high costs, lengthy procedures, and limited accessibility, creating significant barriers to justice. DeLaw is addressing these challenges by integrating blockchain and artificial intelligence into conventional legal processes, transforming the industry.
DeLaw’s Approach to Modernizing Legal Services
DeLaw tackles these issues by decentralizing legal services, introducing smart contracts—self-executing agreements with terms coded directly into the system—and leveraging AI for automated legal assistance. This approach reduces costs, saves time, and enhances trust and security in legal transactions. As a result, professional legal services are becoming more accessible, opening new opportunities for individuals and small businesses.
Democratizing Legal Services with VAIOT’s Innovation
VAIOT, an AI-driven LegalTech platform, is at the forefront of the DeLaw movement, offering a comprehensive suite of solutions that challenge traditional legal systems. Established in 2018, VAIOT merges AI and blockchain to develop innovative LegalTech tools aimed at democratizing access to legal services.
The Legal Torch platform, VAIOT’s flagship offering, is set to launch in Malta by the end of 2024. It aims to bridge the gap between traditional legal practices and modern technology by integrating AI and blockchain functionalities. VAIOT plans to expand across Europe and globally, adapting its business model to various markets and forging strategic partnerships to transform the legal industry worldwide.
Central to Legal Torch is VAIOT’s AI Legal Assistant, a tool that streamlines contract creation, review, and management, making legal services more efficient and accessible. Users can generate legally sound documents, automate routine tasks, and receive expert assistance, significantly reducing the time and cost associated with legal processes.
Another vital feature of Legal Torch is zk-SNARKs certificates, a cryptographic method that ensures privacy and confidentiality in contractual data sharing. These certificates provide a secure way to handle sensitive information without compromising transparency or trust.
Innovating Dispute Resolution with Blockchain
Legal Torch also addresses the need for fair and efficient dispute resolution through VAIOT’s Decentralized Dispute Resolution System (DDRS). Traditional dispute resolution methods are often time-consuming and expensive, requiring prolonged litigation or arbitration.
DDRS leverages blockchain technology to create a transparent and unbiased dispute resolution method. It involves an AI-assisted negotiation process and a decentralized panel of jurors, who are Know Your Customer (KYC)-verified and selected based on their expertise. This system expedites the resolution process, reduces costs, and ensures fairness, making it a valuable tool for businesses and individuals.
Becoming a Juror in the DDRS
Tokenholders can participate in DDRS as jurors, earning rewards in the platform’s native token, VAI, by analyzing evidence and voting on cases on-chain. Participants can advance from juror to attorney to judge, unlocking new avatars and earning additional rewards and non-fungible tokens (NFTs).
Participation requires staking VAI tokens and completing a questionnaire to determine expertise. However, certified experts verified through the KYC process may engage without staking.
DDRS by VAIOT will also be available for integration into existing and emerging Web3 platforms via an application programming interface (API), making it widely accessible and scalable.
Looking Ahead: The Future of LegalTech
Since its inception in 2018, VAIOT has established a solid market presence and has been regulated under Malta’s strict Virtual Financial Assets (VFA) framework since 2020. The company is gearing up for significant developments in 2024, including the launch of the Web2 version of its AI Legal Assistant, which aims to bridge the gap between traditional and modern legal practices.
Additionally, VAIOT plans to test its DDRS by October 2024. This phase will highlight the system’s potential to improve legal dispute resolution by making it more transparent, efficient, and cost-effective. Looking ahead, VAIOT aims to expand its DeLaw solutions into new markets, starting with Malta and extending into other EU countries.
As DeLaw continues to reshape the legal landscape, VAIOT’s comprehensive solutions, embodied in the Legal Torch platform, promise to make legal processes more efficient, transparent, and accessible for all. This transformation is set to pave the way for a future where advanced legal tools are universally available, fostering a more equitable and efficient global legal system.
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