The Issue
Blockchain networks offer undisputed advantages over alternative transaction systems. Among these are anonymous accounts, self-custodied assets, and an immutable ledger. While these benefits solve some of our financial challenges, they are also abused by criminals and bad actors attempting to steal digital assets.
While legal remedies exist for these injuries, they are not enforceable due to the blockchain’s decentralized architecture. But what if blockchains could apply the law autonomously while remaining decentralized, anonymous, and immutable? We believe such development would be a game changer and increase digital asset values, usher in widespread adoption, and reverse most lawmakers’ objections to cryptocurrency.
Now enters Jurat, a technological solution for applying legal rights in blockchain and Web3 environments through court-integrated technology.
The Technology
Our technology integrates judicial orders from state and federal courts into the blockchain’s transaction verification process. Jurat-enabled blockchains can understand and implement these courts’ orders through augmented protocols and secure connections to the court dockets. This method provides effective vindication of legal rights in all decentralized environments, including smart contracts and Web3 services, while preserving the blockchain’s native features.
Because this technological advance protects users from serious loss without adversely impacting blockchain’s value propositions, courts should recognize Jurat as the standard of care for operators’ (miners) liability, smart contract administration, and DAOs.
Here is an example on how the Jurat Blockchain comes to life through the generation of a unique ID that connects a case to the blockchain — allowing network nodes to automatically execute any orders.
This technology has already been tested in traditional commerce disputes. For example, in the case of Rosario v. Waterhouse we saw how the Jurat ID used in the judgment automatically distributed 200 USDC coins to the Commonwealth — one example, of many potential use cases.
The Jurat network originally launched in 2020, with a team of lawyers and blockchain engineers working in stealth through Q2 2022. The technology is currently being used in the Jurat Wallet, a token wrapper, and a soon-to-be-launched digital Escrow product. This is just the beginning stages for the network and we are excited to share with you our journey to provide legal rights on chain.
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