DocTailor is an extraordinary, robotized authoritative report stage encouraging the creation and circulation of self tweaked shrewd authoritative archives on the blockchain. DocTailor has been intended to rearrange execution of a brilliant contract, altogether diminishing related time and cost for clients. DocTailor has been created by a blockchain-experienced group, endeavoring to use the historic innovation in new and progressive ways. A large number of the group's engineers have joined DocTailor from computerized reasoning (AI) foundations, attempting to additionally build up the thought through AI-centered frameworks.
The DocTailor platform will enable all users, regardless of developer
experience, to deploy legal documents with an integrated smart
contract feature. The technology’s aim is to create a new ecosystem
designed to demonstrate ways in which blockchain advancements
can be utilised in the legal industry.
DocTailor aims to:
•Improve accessibility of customised smart contracts
•Boost ease of smart contract development, acquisition, and distribution
•Offer easy payment options, storing both cryptocurrencies and fiat money
•Facilitate use of the DocTailor DOCS token and/or other cryptocurrencies
•Operate on a P2P, B2C, and B2B basis as necessary
•Integrate with business infrastructure to bring value to real world situations
•Manage and monitor deployed smart contracts and blockchains
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.
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 contract. 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 seconds.
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. Utilising blockchain technology, DocTailor aims to focus on user
experience by ensuring that while contracts can be amended with ease, documents cannot be updated or changed without the permission of a higher authority. Blockchain technology will be used to maintain consistency in terms of clause accuracy and clarity of wording, to ensure that the legal document structure remains intact throughout.
Platform Revenue Streams
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.
Platform Use
It is anticipated that the following will form the primary user base for DocTailor:
Lawyers & Legal Professionals
DocTailor will provide lawyers and other legal representatives with an easy-to-use interface, enabling them to create tailor made documents at a faster pace, allowing for better use of valuable resources.
Individuals
DocTailor will enable individual users to create documents to their own specifications, utilising existing templates to maintain the typical structure and language of standardised legal documentation.
Industries
DocTailor will provide a platform allowing businesses to close deals faster and more cheaply. Documents can be created to further grow and develop the business through new service offerings to clients.
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.
For more information, visit:
WEB SITE: http://www.doctailor.com/
WHITEPAPER: http://www.doctailor.com/assets/pdfs/whitepaper-en.pdf
AUTHOR: Kitha