DeLaw LegalTech gets AI and blockchain boost for easy access to legal services

VAIOT introduces Legal Torch, a platform that integrates AI Legal Assistant, zk-SNARKs certificates and the Decentralized Dispute Resolution System (DDRS) to modernize and democratize legal processes as part of the Decentralized Law movement.

Traditional legal systems often struggle with high costs, lengthy procedures and limited accessibility, creating significant barriers. Decentralized law (DeLaw) is changing the legal industry by integrating blockchain and artificial intelligence technologies into traditional legal processes.

DeLaw tackles conventional issues by decentralizing legal services, introducing smart contracts — self-executing contracts with terms directly embedded in code — and leveraging AI for automated legal assistance. This innovative approach reduces costs and saves time while enhancing trust and security in legal transactions. Consequently, professional legal services become more accessible, unlocking new opportunities for individuals and small businesses.

Democratizing legal services with blockchain and AI

VAIOT , an AI-driven LegalTech solutions platform, contributes to the emerging DeLaw movement, offering a comprehensive ecosystem of solutions that challenge traditional legal processes. Founded in 2018, VAIOT leverages the synergy between AI and blockchain to create innovative LegalTech tools designed to democratize access to legal services.

Source: VAIOT

Legal Torch is VAIOT’s flagship platform, 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 . The initiative plans to expand across Europe and globally, adapting its business model to various markets and leveraging strategic partnerships to transform the legal industry worldwide.

Central to Legal Torch is VAIOT’s AI Legal Assistant. The AI-powered tool streamlines contract creation, review and management, making professional legal services more accessible and efficient. Users can generate legally sound documents, automate routine tasks and receive assistance, significantly reducing the time and cost typically associated with legal processes.

Another critical component of Legal Torch is zk-SNARKs certificates. Zk-SNARKs are a cryptographic method that allows one party to prove to another that they know a value without revealing any information about the value itself. In the context of legal services, zk-SNARKs certificates ensure privacy and confidentiality in contractual data sharing, providing a secure way to handle sensitive information without compromising on transparency or trust.

Legal Torch also addresses the need for fair and efficient dispute resolution with VAIOT’s Decentralized Dispute Resolution System (DDRS). Traditional dispute resolution methods can be time-consuming and expensive, often requiring lengthy litigation or arbitration.

Source: VAIOT

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

Tokenholders can participate in DDRS as jurors, earning rewards in the platform’s native token, VAI, for analyzing evidence and making judgments on cases by voting onchain. Voters can advance in the rank system from juror to attorney to judge, unlocking new avatars and gaining additional rewards and non-fungible tokens (NFTs) .

Participation requires staking VAI tokens and completing a questionnaire to identify the expertise. However, certified experts verified through the KYC process may engage without staking.

DDRS by VAIOT will also be available for other projects via an application programming interface to integrate into existing and emerging Web3 platforms, making it widely accessible and scalable.

The road ahead for LegalTech

With a solid market presence since 2018 and regulated under Malta’s strict Virtual Financial Assets (VFA) framework since 2020, VAIOT is gearing up for significant developments in 2024. One key milestone is 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. The testing phase will highlight the system’s ability 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, beginning with Malta and venturing further into EU countries.

Source: VAIOT

As DeLaw continues to reshape the 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 will pave the way for a future where advanced legal tools are universally available, fostering a more equitable and efficient legal system globally.