If we think about the hot topics in technology in recent years, crowdfunding and blockchain technology will surely be featured among the top items in that list. The first makes it possible to fund a project or venture by raising many small amounts of money from a large number of people, while the latter is a trickier concept to grasp.
Without going into much details, blockchain can be described as “a secure transaction database that is shared by all parties participating in an established, distributed network of computers” (more on the subject here). This technology is getting everybody excited right now, especially because of all its potential applications.
Now, a new platform is unveiling yet another of those applications – one that no one would consider on a first glance. Trial Token, developed by Trial Funds, is a crowdsource litigation platform on the blockchain, which basically brings the power of crowdfunding to the world of Justice and litigation, based on the power of blockchain.
A bit all over the world, but especially in the United States, lots of cases do not make it to court because of the high costs of litigation. This is especially visible in cases where the parts have different “sizes”, such as a case where an individual faces a big corporation.
In these situations, maybe there are people wanting to help with those costs so that those cases can be pursued and Justice can be served right. So, why not harness the power and possibilities of crowdfunding in the field of Justice and litigation?
That is exactly the reasoning behind this platform. It uses the Ethereum protocol, allowing the mapping of Ethereum addresses to Token balances. These Tokens work as a cryptocurrency and are the way to access services in the platform, and can be periodically bought from the Trial Token’s website.
As one might expect, backers can choose the cases they will back and can track the process of each and every case they support. They will also receive a predetermined portion of the trial’s earnings in case of victory, whether the case is settled or actually won.
A platform like Trial Token is amazing and eye-opening, in the sense that it is yet another example of the impact blockchain technology can have in our lives. Even though it started as the backbone for the Bitcoin cryptocurrency, it is now way more than that and will, in the future, be more and more present in the world of technology.