SmartLaw.io: Smart Contract Based Trusts Land on the Ethereum Blockchain

Recently a new startup, called SmartLaw has surfaced. The intention of this startup is to provide smart contract based trusts. In this case, the trust is between the current landowner and SmartLaw. In exchange for the title deed of the land, the (now ex) landowner gains certain benefits, such as a line of credit, backed by the signed over land. Prospective landowners can purchase land over time, by allowing SmartLaw to purchase the land in their place and then paying the cost of the land back over time. Though this does require that the land was already in SmartLaw’s system.

Why is SmartLaw interesting?

Like CryptoKitties, SmartLaw uses smart contracts,  specifically smart contracts on the Ethereum blockchain, which forces openness about dealings. And it means users can watch always be safe in the notion that (so long as they trust SmartLaw), the land cannot be stolen by SmartLaw.

What could go wrong?

SmartLaw is a new startup, whose software has not withstood mainstream usage, this means that bugs or exploits may exist. Which could cause loss of property, or loss of currency. They do not seem to state who its developers are or who owns the company itself. While this is not intrinsically a bad or unheard of thing, especially in the world of cryptocurrency, it could be an indication of a scam. Especially given that there is very little information on their site otherwise, aside from a link to chat.  There also seems to be some skepticism around SmartLaw in the Ethereum community

 

There are a large number of questions that need answering around SmartLaw. And a bit of time in the mainstream should let any exploits that may exist be discovered.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.