Inspiration
The inspiration for our project comes from the inefficiencies and security risks associated with traditional legal contract management. Manual processes, such as contract review, negotiation, and execution, are time-consuming and error-prone. Additionally, there's a lack of transparency and security in traditional contract management systems. Our goal is to revolutionize this process by leveraging the power of AI and blockchain technology.
What it does
Our Blockchain-Powered Legal Contract AI automates the entire contract lifecycle. It analyzes contracts, generates self-executing smart contracts, ensures secure data storage, and automates dispute resolution. It takes the legal contract in the form of PDF or scanned copies and sends it to an SLM. The SLM then analyses the keywords in the contract and sends it to an Oracle network like Chainlink since blockchain can't interact with the outside world. From the Oracle network, the data is sent to the blockchain, and a self-executing Smart Contract is prepared. The smart contract then executes according to the constraints.
Challenges
data acquisition, model training, smart contract security, blockchain scalability, and finding a good decentralized Oracle network.
What I learned
I learned the importance of high-quality data, the power of advanced AI techniques, the complexities of smart contract development, and the potential of blockchain technology to revolutionize industries.
What's next for Blockchain SLM for Legal Contracts
Find the right dataset, build and train the SLM, Integrate the SLM with an Oracle network, Create self-executing smart contracts, Integrate those self-executing smart contracts with the Oracle network.
Log in or sign up for Devpost to join the conversation.