DocTailor allows professionals to create smart legal contracts and agreements with escrows on leading blockchains
Don’t you feel annoyed when you’re trying to make a money transfer, and you need to cover a fee, pay a percentage of the sum you send, and then wait for a few days while the transaction is being processed? Even though the modern banking system works rather smoothly, its imperfections are hard to deny.
Smart contracts do not require any intermediaries.Hence, you pay no fees. As there’s no bureaucracy involved, transactions become fast and cheap. Moreover, the transparency guaranteed by the blockchain reduces the possible risks of fraud.
DocTailor is a unique self customizing smart legal contract platform, that allows, lawyers, individuals and organizations to send and create legal tailor-made smart contracts and agreements on the blockchain without developer experience.
DocTailor's mission is to lay the foundation to enable non-crypto businesses to access the multi-trillion dollar cryptocurrency economy; at the same time, pave the way for organizations and individuals, to create self automated tailor-made agreements and smart contracts to assist in their acceleration of crypto business deals.
The Problem:
Blockchain technology remains a relatively new and undiscovered
concept; a fact which is, in part, responsible for the current low
adoption rates that have been witnessed. Many businesses and
consumers are still not fully onboard with the notion, and blockchain
has become something of a controversial topic, despite the many
clear benefits that this sort of technology promises to deliver.
However, some areas of blockchain are more widely accepted than
others. For example, research suggests that the notion of storing
personal data on the blockchain is still many years away from
widespread adoption, with many believing it will take around 10
years for this to become mainstream practice.
The public are, however, somewhat more open minded about smart
contracts on the blockchain, with this utlisation of the technology
estimated to become mainstream practice within 5 years
Early Limitations
As is clear, the existing range of blockchain applications is severely
limited. To date, applications are primarily focused on wallets and
online exchanges, although there are a small number of smart
contract services and monitoring tools available. However, despite
their availability and, indeed, their demand — the value of smart
contract deals reached $116 million during the first three months of
2016; more than twice the value of deals during the last quarter of
2015³ — these services often fail in terms of overall user experience.
This is a factor that can be directly attributed to confusion and low
adoption rates.
Additionally, as there are limited smart contract applications, there is
also limited demand for the necessary skills and experience required
to develop such platforms. There is a notable disconnect between
what is happening, and what needs to happen, to get blockchain
technology off the ground. A solution is urgently required to tie
stakeholders and applications together to bring value to the market.
Therefore, it is anticipated that the next wave of advancement for
blockchain technology will focus on building this ‘bridge’, connecting
blockchain protocols with mainstream consumers to develop the
new decentralised economy. This step is understood to be the key
to widespread blockchain adoption.
Cost & Time
Smart, tailor made legal document creation has been cited as a
major concern for businesses operating to tight budgets, as well as
to organisations, legal professionals, and individuals with restricted
resources or limited income. In addition, the time required to develop
such documentation must be considered, with complex contracts
often needing significantly more time and funding than their basic
counterparts.
Costs and time considerations are both major obstacles standing in
the way of joint ventures and partnerships. This is true for practically
any industry or sector. In human resources, for example, It is reported
that it can cost an average business up to $750 to prepare a basic
employment contract⁴.
There is an urgent requirement for a solution such as the
DocTailor platform. DocTailor utilises an ‘intelligent clause’ feature
to automatically identify and highlight sections of a document,
contract, or any other form of agreement which may need to be
amended to suit the purpose. DocTailor users can alter, replace, or
remove clauses as necessary to form a unique, customised, tailor
made smart contract. Research shows that smart contracts can be
deployed on the Ethereum blockchain in as little as 14 seconds⁵.
The Solution
DocTailor has been introduced as a viable long term solution to
issues hindering the widespread adoption of blockchain technology.
Focusing on a highlighted flaw of existing smart contract applications
— user experience — DocTailor enables easy access to blockchain,
cryptocurrency, and smart contracts.
The platform will support third party API integration, allowing for
any customised smart contracts to be incorporated into third party
systems. The notion is simple: to make it easy and straightforward
for businesses to create and deploy smart contracts while benefiting
from the cryptocurrency economy
Smart Legal Contract & Agreement Solutions:
Digital Identity Smart Contract
Transaction data therefore includes an auditable record of the digital identity of every person who accesses the data. ... Smart contracts allow transactions to be completed automatically once specific conditions are met, and they have use cases including digital payments, insurance contracts, and market trading that revert fees to the identity holder.
Financial & Banking Smart Contract
Financial & banking Smart contracts, in particular, are increasingly being seen as the future for record-keeping and transactions across a range of financial related industries. They can be are self-executing contracts that have the terms and conditions of the agreement written into their lines of code.
Insurance Smart Contract
The insurance industry is an area which benefits greatly from this technology, an insurance smart contract is based on the premise of an agreement between a policyholder and an insurer. Records of an insurer can be held on the blockchain and recalled for insight over a period of time as set.
Real Estate Smart Contract
A real estate smart agreement is a contract, usually written, between the owner of a property and a buyer/renter who desires to have permanent/temporary possession of the property as distinguished from a lease which is more typically for a fixed term.
Supply Chain Smart Contract
An intellectual property rights smart contract is an agreement recorded on the blockchain, stating that a specific individual or business may do certain acts without infringing the owner's intellectual property rights; at the same time its confirms ownership of the property to the author.
Gambling Smart Contract
A gambling smart contract is an agreement to engage in a gamble. In a gambling smart contract two parties wager something, especially money, for a chance to win a prize or an amount. Gambling smart contracts can enforce terms related to legal gambling activities where gambling is legal.
Intellectual Property Rights Smart Contract
An intellectual property rights smart contract is an agreement recorded on the blockchain, stating that a specific individual or business may do certain acts without infringing the owner's intellectual property rights; at the same time its confirms ownership of the property to the author.
Mortgage Smart Contract
A Mortgage smart agreement is a contract between a borrower and a lender written on the blockchain which regulates the mutual promises made by each party
DocTailor users will be able to access clauses and other ‘pay as you
go’ (PAYG) features with cryptocurrency. Tokens can be used to
purchase tailor made legal documents, as well as additional features
that are to be included on the platform. Those using tokens in
place of fiat money will be rewarded with additional time added
to the account, and access to exclusive documents and templates.
Incentives to utilise the platform will come, in part, from user and
token holder benefits and income.
Characteristics & Advantages
DocTailor has been designed to benefit from the following
characteristics and advantages:
• Clause Selection: Users can choose from more than 10,000 pre-created legal
clauses.
• Merging Clauses: Selected clauses can be merged into existing document
structures.
• Document Structuring: New contracts can be built for users quickly and
efficiently.
• Formatting: Documents can be downloaded in various formats (eg. Word,
HTML, XML, PDF).
• Blockchain: Templates are held on the blockchain, maintaining clarity and
transparency.
• Tracking: Users can monitor contract use and recipient participation (eg.
authorisation).
• Contract Management: Documents can be stored and managed online as
needed.
• Authentication: Alerts are used to signal the signing of documents and
contracts.
• Smart Contracts: Secure agreements are used to protect both parties in
financial transactions.
Based upon the characteristics and benefits of DocTailor, it is clear
that the platform has the necessary features and, most importantly,
the necessary unique selling point (USP) to achieve its aim of
revolutionising the existing smart contract landscape. The platform’s
specific focus on user experience and accessibility makes DocTailor
the most viable candidate to date to disrupt existing contract
systems.
However, DocTailor’s success relies heavily upon greater adoption
of blockchain, not only from individuals, but also from organisations
and legal professionals. As a tailor made platform, there is a reliance
upon users to work to create DocTailor’s data. However, blockchain
adoption is said to soar within the coming years, with more than half
of executives claiming that their business would be at a ‘significant
disadvantage’ against competitors in the future should they fail to
utilise blockchain.
Useful links:
Web site: https://www.doctailor.com/
Whitepaper: http://doctailor.com/whitepaper-en.pdf
Linkedin: https://www.linkedin.com/company/doctailor
Twitter: https://twitter.com/DocumentTailor?s=09
Youtube: https://www.youtube.com/channel/UC1NGhXDnjhhO1GDqw-rrWFw
My bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2575237
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