Agrello, a blockchain startup developing artificial-intelligence (AI) powered smart contract solutions, has selected the Qtum blockchain as the infrastructure for its smart contract interface, The announcement was made in Shanghai this week.
The Estonia-based company’s purported business case is that its interface allows users with no coding skills to create and manage automated smart contracts that will be stored and secured on the Qtum blockchain while being translated into documents in natural English. According to Agrello, their solution will allow individuals and businesses to use smart contracts as a substitute for and enhancement to standard paper contracts.
Speaking with Bitcoin Magazine, Co-founder and CEO of Agrello Hando Rand described his path from doing early research on what had not yet been termed “smart contracts” at Tallum University of Technology. He was “blown away” when Ethereum was first announced as he realized that blockchain technology could be the means for his work to become reality.
Rand said of the choice to build on Qtum that his team has been “searching for over a year to find a blockchain platform that would fit our needs. Qtum allows us to build a mobile-compatible and scalable smart contract solution, and hence is our technology of choice.”
Qtum Co-Founder and CEO Patrick Das weighed in on the news to Bitcoin Magazine, “Qtum aims to build the first POS smart contract platform that is mobile supported; we welcome more and more startups to build applications on Qtum platform in the future.”
The professional legal view of smart contract technology and its potential applications in the field trends positive, and several U.S. states have passed regulations confirming smart contract applications over the last year, while formally defining what they deem smart contracts to be.
In 2016 the state of Vermont passed a law providing that a blockchain-based digital record will be considered a business record under the Vermont Rules of Evidence; just this April the state of Arizona passed a law confirming that smart contracts managed on the blockchain are considered electronic records. The Arizona law defines smart contracts as an “event driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger that can take custody over and instruct transfer of assets on that ledger.”
Agrello’s AI smart contract interface corresponds with Qtum’s Smart Contract Lifecycle Management solution, detailed in Qtum’s whitepaper, which proposes a workflow to derive smart contract code from human-readable agreements and manage them in real time.The Qtum project, with management support from PWC, raised $15.6 million this March, and plans for its platform to be ready for public use in Q3 of this year.