Alliance promotes projects that alter the paradigm of the legal sector

First phase of the Abreu Advogados Challenge, dedicated to Smart Contracts, was closed on May 25. The projects presented in this challenge have the potential to change the technological paradigm of the legal sector.

Portuguese Blockchain Alliance announces that Abreu Advogados Smart Contract Challenge has already found qualified solutions for the next phase of Blockchain's innovation challenge. Through this challenge, Abreu Advogados aims to launch the challenge for the development of contracts and legal processes more efficient and able to support new usage models.

The projects qualified for the second phase of the Challenge promoted by Abreu Advogados present different solutions to the proposed challenge: on one hand, it is suggested to create contracts capable of supporting new use models; on the other hand, the development of a complete set of immutable and verifiable records that can be accessed by organizations and individuals and which includes the creation of documents, as well as their management, revision, publication, archiving, research, etc.

These types of solutions are in line with what we have seen in recent years: the incorporation into traditional contracts and legal processes of new technologies and approaches (such as distributed on-demand ledgers (including Blockchain), artificial intelligence, or automation). This means that new models of contractual use are being developed so that static contractual relations give way to dynamic subscriptions and other relational models, which leads to these models also requiring a new framework of contractual services.

The combination of these trends opens up an opportunity for the development of services based on smart contracts (or "parametric contracts").

"We know that Blockchain technology can change the world and that the area of ​​advocacy will be no exception. It is necessary that the Portuguese law firm position itself for this future ", affirms Armando Martins Ferreira, Partner of Abreu Advogados. "Of the various proposals submitted, we received very interesting ideas and we believe that the proposals that go on to the next phase have enormous potential."

"Portugal has talent and this has been proven with the various proposals received in this and other Challenges launched on the Alliance website," explains Rui Serapicos of the Portuguese Blockchain Alliance. "Abreu Advogados Smart Contract Challenge received quality proposals that correspond to what we expected: solutions with great technological and business potential and with good bases to move from theory to practice."