Agrello is an Estonian based company focussing on self-aware smart contracts. The traditional understanding of a contract is an exchange of commitments by identified parties that are enforceable by law. A condition for these contracts is, that the parties who are involved, voluntarily engage to establish a consensus. Agrello sees this as a problem. They claim that another problem with the traditional form of setting up and managing contracts is that they are often underspecified and the ability to manually track their status is restricted, which will lead to conflicts. The resulting conflict may even collapse an entire contractual relationship.
Agrello claims there is a lack of framework in the blockchain technology moving towards self-aware contracts (SAC). In their whitepaper they claim there is also no recognition that SAC’s must cater for having humans in the contract loop. Therefore they’ve come up with the Agrello solution, which contains 3 components. Identity, signature and contract. Already a lot of ICO’s are using the tech of Agrello.
The identity app is a KYC service. Especially now that ICO regulations is a hot topic, Agrello is providing a service which many ICO’s can use. The digital ID of the identity app is coming with facial recognition. The facial recognition is automated by Veriff at the back end. (1) Veriff is an Estonian company, utilizing advanced facial recognition software, video analysis and biometric data to verify user’s ID online. Verriff’s solution is recognized as a valid form of identification by Estonian and European authorities, and is used by several banks as well as by Uber. (2)
The signature is attached to your digital ID and can be used to formalize and sign agreements with a few clicks. Additional info hasn’t been released about it yet, but the signature will be legally binding. The Digital ID app is available in the IOS and Google play store.
Let’s say there are 2 parties who want to settle a rental contract on a property. Let’s call them John and Mary. Mary being the one who wants to rent and John being the renter. Agrello mentions in their whitepaper that the lifecycle of a rental contract is divided into the following stages/phases: preparatory, negotiations, contract execution rollback and a contract expiry stage.
The Agrello system provides the following approach. During the negotiation phase, John has predefined essential terms of the contract and based on this information he looks for the best match of a rental request. In the Agrello system, contract conclusion between John and Mary is possible when a match occurs. If Mary declines the offer, she indicates which factors she does consent with. Based on this information John modifies the search criteria for a better match with the modified requirements. The conclusion of the contract means that both parties to the contract have expressed their will to conclude it, i.e., all parties have signed it. The Agrello Artificial Intelligence contracts determines the obligations and the rights of either parties and notices the parties on these actions. The contract terminates if the expiry date of the contract arrives, or if the contract is prematurely terminated. Consequently, the apartment is transferred back to John. (3)
For each contract side, the Agrello system models an intelligent agent that is placed in charge of executing the party’s obligations, notifying them of tasks that require human involvement, and listing available courses of action permitted by contract terms, as well as their possible results. Additionally, a third agent is generated to govern the contract itself and to perform bilateral tasks, such as verifying the validity of submitted forms or performed actions. (4)
Agrello was founded by a team of Estonian lawyers, high-level academics, and information technology experts, with the shared vision of creating digital contracts that will forever change the way people interact with each other and interface with legal authorities.
Estonia is the world’s first digital country. They are very supportive of progress in the digital world. Agrello being based in Estonia and having a team with lawyers will reduce the legal complications. (5)
Hando Rand (6) is the CEO and the Co-founder of Agrello. He is specialized in IT-law at the Tallinn University of Technology and was the 1st Cohort accelerator program graduate.
Sergey Brezetskiy is the CTO and blockchain expert with a PhD from Lodz University of Technology. Sergey is a veteran engineer with more than 8 years of experience in software development.
Grace Torrellas (7) is a Blockchain enthusiast and the founder of Giveth (Open-Source Platform for building altruistic communities). (8) She was the Business and Team Leadership Development specialist at Taurus Vision (9), building a full-service marketing & PR strategy through blockchain.
Hikaru Kusaka (10) is the founder of Blockhive, you can read about Blockhive in our other post about Agrello partnerships. Blockhive is set for launch on January 26th and will use Agrello solutions. Agrello plays a role in their upcoming ILP (Initial Loan Procurement), which is a new alternative to the ICO. (11)
Agrello has made some partnerships on the road. We already posted an overview of the partnerships in this channel, just search for Agrello and you will see the post about partnerships. At this moment they gained another partnership. While attending Moontec 17, which is billed as the largest conference in Northern Europe, the team made a new contact called Rivetz. (12) They claim that through this partnership with veriff and Rivetz, Agrello-ID will be the most advanced and secure digital ID solution available, which will utilize the same cybersecurity technologies that safeguard Estonia’s E-Residency cards. (13)
In a recent AMA with Hando, he stated; ‘’We have a very close connection with Estonian e-residency, which is currently in a great need for something like that. There is no official partnership yet, but we have received their requirements.’’ (14)
On January 8th Agrello will be joining the Dubai International Blockchain Summit. They will talk about the government issued document based global digital identity. (15)
Hando made a detailed Youtube video explaining the roadmap. Watching this video will give a better idea than writing it out. (16)