Smarter Contracts, the company behind the patent-pending data privacy and consent management platform Pulse®, has been selected by LawtechUK to join the Lawtech Sandbox, a government-backed initiative hosted by Tech Nation, to fast track transformative ideas, products and services that address the legal needs of businesses and society.
Pulse® utilises the inherent features of blockchain and machine learning to give consumers total control over how their data is shared and used. This provides businesses with real-time transparency, in turn mitigating risk and ensuing regulatory compliance. As part of the Lawtech Sandbox, Smarter Contracts will accelerate the training and development of Pulse’s machine learning engine which aims to prevent the mis-use of personal data after sharing, whilst providing the core Pulse platform with even greater features and functionality.
Wayne Lloyd, Founder and CEO of Smarter Contracts comments, “As industries become increasingly Open there has to be greater transparency and trust in how our personal data is being used and subsequently shared. To do this successfully, it must be monitored and controlled in real-time. Pulse will provide businesses and their customers with an aggregated, real-time view over the data they use, as well as the real-time controls relating to how it should, and should not, be used after sharing.
We’re very excited to have been selected to participate in the Lawtech Sandbox. Not only will it provide us with access to the data we need to train our models, but it will be tested by the very best people, which will inform our design and product roadmap. We’re also looking forward to working closely with the regulators and discussing some of the more specific use cases that we want Pulse® to address now and in the future.”
The Lawtech Sandbox has been designed to help transform the UK legal sector through technology. It provides access to a number of tools and services, to accelerate the development of game-changing technology, including access to legal datasets that are often difficult to source, and a fast-response forum of twelve cross-sector regulators to help work through regulatory challenges.
Jenifer Swallow, LawtechUK Director at Tech Nation, comments: “Lawtech is the way we evolve legal services to meet the changing needs of business and wider society - there is a £22bn unmet demand for lawtech in the UK alone. Despite triple digit growth in the UK lawtech sector over the last three years, there are barriers we need to tackle collectively, to unlock the full potential of lawtech.
“The Lawtech Sandbox is about bringing people together to address those barriers and help lawtech pioneers accelerate through their development cycles faster than they could alone. The goal is for that support ultimately to benefit the whole market and push the boundaries of what is possible.
“We are delighted to have chosen eight pioneering lawtechs across a range of target segments to take part in the Lawtech Sandbox, and look forward to wrapping around them the tools and community they need to deliver and thrive.”
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