QPQ™ Files patents to turn contracts into legally enforceable computer code
Transforming legal and business administration
Kildare, 1st October 2018 Financial technology start-up QPQ Limited, has today completed the filing of 3 patents with the UK Patent Office that enable the creation of Smart Legal Contracts. Smart legal contracts are legally binding contracts converted into computer code that governs interactions between counterparts (to the contract) and other stakeholders (e.g. regulators).
Smart Legal Contracts reduce costs and risks by eliminating paper-based processes, enabling complete automation of many business functions.
Many forms of regulation impact on business dealings; smart legal contracts allow regulations to be incorporated into the computer code along with the contractual agreements ensuring compliance throughout the process.
Smart legal contracts can also integrate production instructions to drive, for example, 3D printers, creating a single computer protocol that governs a production process, compliant with the contract and regulation.
A spokesman for QPQ said, “The digital revolution has so far been about digitisation; making inefficient processes more efficient. Smart legal contracts are about digitalisation – completely removing those inefficiencies. Our ongoing customer discovery programme shows that companies will save more than 9% of annual revenue using this technological breakthrough on our platforms.”