Non-Fungible Token Based System for Litigation and Legal Matters

Abstract

The invention relates to an NFT based system of legal representation, including unique NFTs, oracles, and smart contracts for the management of legal matters, disposition of rights, and incentivizing of responsibilities.

Claims

1) A system for transacting rights and responsibilities in a legal relationship between an attorney and client, comprising: a medium for establishing mutual interests between an attorney and client; a mechanism for minting an NFT in which initial transactional value is influenced by and descriptors of the NFT that are fixed in a blockchain include identities of attorney and client and one or more of substantive matter, presiding judge, forum, damages potential, return on investment potential, defendant, case history, nature of injury, protectable technology, protectable source identifier, and estate interest; a means of exchanging by purchase said NFT with consideration; a smart contract governing rights and responsibilities between the parties; and, a blockchain oracle for informing the smart contract of triggering events.

Description

BRIEF DESCRIPTION OF THE DRAWINGS

[0015] Embodiments of the present invention are better understood from the following detailed description with reference to the following drawings:

[0016] FIG. 1 is a diagram showing an NFT transaction between an attorney or NFT issuer and a single client.

[0017] FIG. 2 is a diagram showing an NFT transaction among an attorney or NFT issuer, third-party supporter, and client in which the client is issued the NFT.

[0018] FIG. 3 is a diagram showing an NFT transaction among an attorney or NFT issuer, third-party investor, and client in which the investor is issued the NFT.

[0019] FIG. 4 is a diagram showing an NFT transaction among an attorney or NFT issuer, third-party supporter, and client in which the investor is issued the NFT and an additional royalty function is incorporated.

[0020] FIG. 5 is a diagram showing an NFT transaction among an attorney or NFT issuer, third-party investor, and client in which the investor is issued the NFT and a contractual damages right is issued to the client.

DETAILED DESCRIPTION OF CERTAIN EMBODIMENTS

[0021] As depicted in FIG. 1, an exemplary embodiment of the NFT system displays a representation of a “Legal Professional” on the upper left side of the page. The Legal Professional here constitutes not necessarily an attorney, but rather someone who is authorized to issue an NFT based on a combination of a particular representing attorney and client, plus one or more of substantive matter, presiding judge, forum, damages potential, return on investment potential, defendant, case history, nature of injury, protectable technology, protectable source identifier, estate interest, and/or any other expectation that is usually derived through legal representation. The cells depicted under the Legal Professional are actions that may be performed by the Legal Professional or rights that accrue to the Legal Professional.

[0022] This first embodiment displays at the top right a “Legal Client.” While the Legal Client is most often the individual or entity that is seeking redress of an injury, enforcement or registration of a right, the Legal Client may be a person or entity to whom the redress or right is assigned or bequeathed. The cells depicted under the Legal Client are actions that may be performed by the Legal Client or rights that accrue to the Legal Client.

[0023] In a first exemplary embodiment illustrated in FIG. 1, a Legal Professional and Legal Client meet and confer about potential legal representation in most but not all cases to redress an injury, enforce or register a right. Upon conferring, the Legal Professional issues creates an NFT that is unique to the potential representation sought by the Legal Client. The Legal Client may purchase the rights to the NFT with consideration such as but not limited to cash currency. This currency is placed in an escrow account to be used by the Legal Professional or returned to the Legal Client.

[0024] While the NFT is authoritative evidence of the legal representation, the Legal Professional, and Legal Client, various aspects of the legal representation by the Legal Professional and management of the legal case are governed by a “Dash Smart Contract” executed between the parties. A Smart Contract is any computer program or transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement. The Smart Contract in this case may be authored by the Legal Professional or provided as a template or service by a third party, or an accessory to an existing escrow account. The Smart Contract between the parties may include triggering events where for example money is released from escrow to one of the parties, further funds are deposited, or representation is concluded. Any number of triggering events, conditions, payment, representation or case management terms may be included in a Smart Contract.

[0025] In connection with a Smart Contract a blockchain “Dash Oracle” may be employed to inform the Smart Contract of real-world events that may implicate one of the triggering events captured within the Smart Contract. Examples of information that Oracle might obtain include but are not limited to issuance of a patent or summary judgment.

[0026] In the exemplary embodiment of FIG. 1, upon certain triggering events identified in the Smart Contract, the parties may conclude their legal relationship with Legal Professional receiving payment or other consideration based on his/her/its role in the matter, and the Legal Client receiving his/her interest that is verifiable with the previously issued NFT.