Computer software which, according to its developer, transforms written agreements into self-executing ‘smart’ contracts is among the innovations to be tested in the government-funded Lawtech Sandbox. Hunit, which operates in the UK, Norway and the US, is one of eight companies named yesterday by the LawtechUK initiative. They are the second cohort picked for the sandbox, which allows innovators to test new products with real data under the eye of the relevant regulators.
Jenifer Swallow, LawtechUK director, said that testing systems in this way can speed up the pace of innovation. 'Despite triple digit growth in the UK lawtech sector over the last three years, there are barriers we need to tackle collectively, to unlock the full potential of lawtech. The Lawtech Sandbox is about bringing people together to address those barriers and help lawtech pioneers accelerate through their development cycles faster than they could alone. The goal is for that support ultimately to benefit the whole market and push the boundaries of what is possible.'
The chosen innovators are:
- Avvoka, a document automation, negotiation and analytics tool.
- Feesier, a tool for managing legal fees.
- Hunit, a platform which transforms investment agreements into legally binding smart contracts.
- LegalMe, an online platform that helps tenants facing housing disrepair pursue legal claims without the need for a lawyer.
- Lexyfi, an artificial intelligence system to reduce risks of employees using electronic communication.
- Smarter:Contracts, a data privacy and consent management platform using blockchain and machine learning
- Valla, an employment law platform to help employees build cases and connect them with a lawyer.
- WhatVisa? A self service visa evaluation tool.