9: Will startups still need lawyers? Not according to Simon Krystman of Smart Startup Token.
David Bradley talks to Simon Krystman about Smart Startup Token. Will that become the Next Big Thing in automated smart contracts? Simon is taking on the legal industry with a Blockchain-based solution, which automates the creation and enforcement of legal contracts. This is going to be hitting lawyers right where it hurts – in their billable hours. We all know that, when starting out, money is tight. It’s crucial to protect yourself by operating effectively within the legal framework, but the associated legal costs can seem disproportionately high and, crucially, they don’t generate any revenue. Even once you have your legal contracts in place, monitoring them and enforcing them is highly expensive. This is where Smart Startup Token comes in: through Blockchain technology, cryptographically secure smart contracts use software code to represent legal agreements, and, critically, to enforce them. So, for example, when a financial statement comes out in your company, you won’t need to check your contract and see whom you have to pay and how much. The software just does it automatically. Smart Startup Token: automation saving you time, personnel costs and legal fees.