Australian law firm Corrs Chambers Westgarth has teamed up with ConsenSys startup OpenLaw to tap the potential of the Ethereum blockchain and smart contracts in settling real estate and property transactions.
Corrs and OpenLaw developed and simulated an end-to-end real estate transaction on the Ethereum blockchain. Ethereum is an emerging, decentralized ledger and computing platform that is used to experiment with and deploy smart contracts.
The project showcases how smart contracts (developed and executed via OpenLaw’s protocol) might be used to manage and streamline the sale of land, reducing commercial friction and transaction costs.
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