InheritChain Launches Product Beta of New LegalTech Platform Utilizing Blockchain and AI
Based on their own experiences, expertise, and market research they agreed that there was a need in the market to build a groundbreaking, Blockchain protected, legal software involving Wills and Estates. Collectively, they founded InheritChain, a LegalTech startup that is building a Blockchain-backed Will Management software for Lawyers.
Wills and Estates Lawyers are responsible for safeguarding confidential information, securing our legal rights, and ultimately protecting our legacy. Since its inception, Canada’s legal system has remained relatively untouched despite the constant evolution of innovative technologies, digital platforms, and administrative automations worldwide.
In December 2020 as the COVID-19 pandemic continued to wreak havoc, Sodaba Rameh, a Toronto-based lawyer and founder of Rameh Law Professional Corporation, was tasked with drafting a Will for a client who was hospitalized due to the COVID-19 virus.
“The process of creating a person’s Last Will requires the lawyer to meet in person with their client to complete the transaction,” said Sodaba. “Unfortunately, health and safety protocols prohibited us from meeting at the hospital, and therefore I was not able to help draft or complete their Will.”
This experience inspired Sodaba, co-founder and CPO, to find a solution to improve the way lawyers interact with their clients, draft Wills remotely, and allow for quick and efficient procedures to complete the transaction. During this dilemma, Sodaba met Manish Dixit – a visionary business and technology leader specializing in AI and Blockchain technology, and Sri Harsha Kondapalli – an entrepreneur with a background in IoT, mobile, and e-commerce technologies, to help develop a solution.
Based on their own experiences, expertise, and market research they agreed that there was a need in the market to build a groundbreaking, Blockchain protected, legal software involving Wills and Estates. Collectively, they founded InheritChain, a LegalTech startup that is building a Blockchain-backed Will Management software for Lawyers. It helps lawyers draft Wills quicker, store them securely on blockchain-backed Vault, and create further engagement with their clients through data-driven insights and analytics.
“Inheritances can get complex, according to Forbes there is a $30 trillion generational wealth transfer (1) waiting to happen, and it will happen through Wills and Estates”, said Manish, co-founder, and CTO. “By developing this platform our goal is to not only enhance productivity for the Law Firms but also achieve improved access to justice for the general public by providing a verifiable and immutable record of Will creation.”
Less than a year later the team presented their idea to a lawyer to get feedback and received their first investment on the spot. With new funding and validation from other industry experts, InheritChain enrolled in programming at the AC and Creative Destruction Lab and has received a grant through Conestoga College from NSERC to grow its team.
On November 24th InheritChain began a 3-month product beta launch.
“Our software is around 80% complete. The goal of our beta testing is to gain feedback from other lawyers (our customers) and find a true product market fit,” said Sri Harsha, co-founder, and CEO. “We are extremely proud of our team and our board of advisors for getting us to where we are today and continuing their amazing work!”
In order to help Lawyers, make the transition from paper-based practices to a digital platform the InheritChain team has positioned themselves as thought leaders and educators through seminars, webinars, and training sessions. Sodaba and Manish are currently running a workshop on the integration of Blockchain and AI into the legal system, they are also educating Law Firms on the benefits of using LegalTech software and digital platforms.
(1) The Greatest Wealth Transfer In History: What’s Happening And What Are The Implications (forbes.com)