What is #BitCAD ?
BitCAD is a multipurpose smart platform based on the Ethereum blockchain. BitCAD users
create reliable, trustworthy relationships between counterparties, thereby levelling out distrust,
unreliability and unpredictability of business partners.
Platform’s mission lies in providing a venue for seamless integration of business and computer
technology. BitCAD will help users to automate routine business processes, find business
opportunities globally and locally, make instant value transactions and resolve disputes in a
trustless environment.
Thanks to blockchain technology BitCAD eliminates financial and legal intermediaries and
enables users to form more agile supply chains through smart contracts that automatically find,
negotiate with and close deals with partners the world over.
This white paper explains the basics of using BitCAD, benefits and challenges of real world
implementation and practical application advice, with the aim of increasing efficiency, flexibility
and modernization of business processes.
Global business platform of the future :
#Blockchain is a distributed ledger, now primarily known as an integral part of bitcoin in the
financial services world, that provides a distributed system of trusted assets and transactions
without the need for a central trusted authority.
For manufacturers and their suppliers or logistic partners, an individual transaction in a block
might contain bills of lading for raw materials or finished goods, proof of their origin, quality of
operations performed or instructions for the place and time of a delivery. In each case, the
information could be stored, verified, shared and changed by the partners without going to the
cost and delay of negotiating formal contracts or requiring paperwork such as letters of credit
from a bank or a bond for a transportation provider.
Unlike in a traditional supply chain, where these documents and contracts are maintained by
each partner’s purchasing, accounting or legal department, in a blockchain these elements are
stored on many decentralized nodes. Their privacy and integrity is maintained by “mineraccountants”
rather than by a counterparty or a third party such as a bank.
BitCAD provides a simple constructor of smart contracts and DAO, with terms and conditions
both sides can specify and that assure trust in the enforceability of the contract and the identity
of the counterparty. This system of distributed trust allows for lower transaction costs in the
short term, but this is just the beginning. In the long run it will enable more agile value chains,
“Live Price” technology, closer cooperation with business partners and faster integration with the
Internet of Things (IoT), among other things.
Application in BitCAD :
Sluggishness of modern business processes, low level of trust between counter-parties and the
increase of friction in relations with governmental institutions have stimulated public demand for
the development of simple, fast and accessible interactive environment without unnecessary
intermediaries - BitCAD.
The advantages of BitCAD:
• Low barriers to entry for users to conduct the transaction.
• The “reputation” of participants performance on past smart contracts will help the highest-performing
users to demand premiums.
• Smart equipment can replace human contracting parties for certain transactions, as in our
example of the vending machine.
• Devices on the IoT can communicate with smart contracts to keep track of the status and state
of smart contracts for settlements. Smart shipping containers could, for example, automatically
sell their surplus capacity.
• Faster settlements using crypto-currencies.
Blockchain :
Blockchain is a distributed ledger that continually checks the security and integrity of each
transaction or data entry. Blocks chained by hash values and incentivized by proof of work (or
alternative proof algorithms) provide a foundation for distributed trust in blockchain.
While it’s best known in the financial services world as an infrastructure that enables trusted
financial transactions between parties without the need for a third party such as a bank, it can
be used in any industry to enable faster, less expensive transactions and to support more agile
supply chains that would be impossible otherwise.
Business processes :
Business processes are complex, multi-tiered combinations of various types of tasks aimed at
creating a certain product (or service) and its market integration. Producing even a single
component of a single product may involve a myriad of transactions, ranging from requests for
quotes to the transmission of purchase orders and engineering change notices. Each
transaction type may require different financial and regulatory intermediaries, as well as its own
contract and trust relationship among the parties. With The immediate and low-cost assurance
of trust, BitCAD can unleash disruptive innovation by allowing any users to instantly find one
another and begin a relationship.
Smart Contract:
In 1996, Nick Szabo described a smart contract as “a set of promises, specified in digital form,
including protocols within which the parties perform on these promises.”
In other words, a smart contract is an agreement whose execution is both automatable and
enforceable. Automatable by computer, although some parts may require human input and
control. Enforceable by either legal enforcement of rights and obligations or tamper-proof
execution.
DAO :
DAO (Decentralized autonomous organization) is a new paradigm of economic cooperation.
Unlike traditional companies, DAO is decentralized (it has no owner and prefers horizontal
governance structure) and autonomous (financial transaction record and program rules are
maintained on a blockchain, maintained by the entire community). Most business processes in
DAOs are automated and executed through rules encoded as computer programs called smart
contracts.
Live Price :
BitCAD’s signature feature which allows for monitoring the price of any product in online or
brick-and-mortar shops in real time. This future tech relies on ubiquity of block-chain in order to
gather reliable market data globally.
Live Price data is a godsend for market analysts and also a boon for customers enabling them
to monitor realistic prices and not fall for speculator schemes.
Smartnet :
Internet 2.0. The next stage of the Internet evolution marked by decentralized networks and
worldwide smart contracts integration.
more detail : http://bitcad.io/