Kongens Lyngby, Denmark, 12th July, 2022, Chainwire
A long-standing problem confronting the blockchain world and NFT owners is the distinct lack of contractual clarity and legal rights in the enforcement of digital asset transactions. Today, Vleppo and Tokel have successfully conducted a breakthrough digital procedure that will pave the way for the blockchain industry and NFT owners to establish and enable their legal rights embodied in the NFTs and digital transactions to be made legally enforceable in the courts of law around the world.
In June 2022, Vleppo developed a Blockchain Contract Management System (“CMS”) that enables NFT owners to create a digital contract by embedding their NFT’s on-chain ID directly into the Blockchain record of the same digital contract.
This seemingly simple digital procedure however has massive ground-breaking significance for the digital world.
Through this process, the NFT can now act as an immutable evidentiary anchor for the digital contract, forever linking the two together. This link is readily observable because Vleppo’s Blockchain system, called Alysides, which is a customized fork of the Komodo Protocol, is both public and permissionless.
This Vleppo Solution has for the first time finally addressed the longstanding concern of the blockchain industry and NFT owners about the lack of clarity on the legal enforceability of smart contracts as related to NFTs.
That Vleppo has developed a solution is most welcoming as well as providing a great sense of relief to holders of valuable NFTs.
For a contract to be legally enforceable it needs to fully satisfy the elements of (1) offer (2) acceptance (3) consideration (4) capacity of the parties to contract and (5) an intention between parties to create and be bound to legal relations.
The first three elements are satisfied by any smart
