Dubai-based Araa law firm has committed to lead by example and be the first law firm in Dubai to be based on the blockchain and be part of Dubai’s Blockchain Strategy, said a media statement.
“Araa law is extremely excited to be entering into a new era where digitilisation is so pronounced in our current society. Our leaders and their vision have been an inspiration to us to move into Blockchain and utilise local companies like e-Mal, who lead the vision. We will be showcasing our first smart contract and look forward to leading the way for the legal world by making this first step toward digital smart processes,” said advocate Abdallah Al Nasser, Araa’s founder and chairman.
e-Mal’s CEO and Founder, Yasmine Khan, said: “The time has come to look at the core of each industry and start from grass roots whether it be on-boarding end users or analysing the historic and current processes we follow in various industries. The main goal is to create sustainable growth and environment throughout the economy, as only then we as a community can achieve the standard of living we aspire to. By signing the partnership with Araa, e-Mal will bring more efficiency and uniformity in contracting like done by OpenLaw, ContractCode, Integra Ledger within the Legal Industry. By introducing the blockchain based platform, legal documents within the chain will now be a ‘single source of truth’ within the legal blockchain.”
The finalised contract, even within the notary services, will be immutable record and time stamped, with close to no room for disputes, Yasmine said. Al Nasser anticipates, in the nearby future, the legal industry in the UAE to see a historic shift and lawyers will be focusing more on complex agreements while utilising smart contract codes (enriched with specific triggers embedded in each) for routine and basic contract work.
Lawyers’ interest in blockchain grew significantly in the year 2017 as stated by Wall Street Blockchain Alliance that the legal industry was one of the fastest growing industries to join the blockchain network, said the statement.