The widespread of blockchain technology is a notable one, so also is the demand for smart contracts, few senior executives, reportedly (13%) have introduced it in their work. Reports have also highlighted the fact that about 40% of senior executives do not understand how blockchain could benefit their business or their industry, showing little to no knowledge of the technology. However, almost half of them still believe in the value of smart contract on blockchain, and will happily use it.
Many challenges are seen as the primary reasons that have hindered the widespread adoption of the blockchain, including
• LACK OF EXPERTISE
Within the newly emerged industry, integration issues, high costs, consumer
Protection concerns that haven’t been addressed, and volatility of which many have been solved, but the lack of widespread adoption still points to the fact that something still is amiss in existing blockchain and smart contract services, and more needs to be done in this regard.
Creating smart legal documents is a challenge for most individuals and organizations, especially the ones whose developer experience are limited.
• TIME CONSUMPTION.
Preparing a smart contract, is time-consuming, many don’t have the luxury of much time to do so ,as some issues needs urgent legal attention
IMPORTANCE OF DOCTAILOR PLATFROM
DocTailor is a unique, automated legal document platform that facilitates the creation and distribution of self- customized smart legal documents on the blockchain. Users of DocTailor will be able to alter, replace, or remove clauses as necessary to form a unique, customized, tailor-made smart contract. The platform will integrate third-party API integration, which allow contracts to be integrated into a third-party DocTailor will use the powerful blockchain to make sure that the structure of the legal documents are kept intact.
DOCTAILOR’S AIM INVOLVES:
• Boost the ease of smart contract development, acquisition, and distribution
• Improve accessibility of customized smart contracts
• Offer easy payment options, storing both cryptocurrencies and fiat money
• Manage and check deployed smart contracts and blockchain
• Integrate with business infrastructure to bring value to real world situations
• Facilitate the use of the DocTailor token (DOCS) and/or other cryptocurrencies
DOCTAILOR ADVANTAGES
Legal professionals, organizations and individuals can store and manage their contracts online
• provide best security for contracts of legal professionals, organizations and individual
• Use of Smart Contracts.
• Document Structuring - New contracts can be built for users quickly and efficiently
• Blockchain - Templates are held on the blockchain, maintaining clarity and transparency
DOCT TOKEN USES
• Token Holders
Token holder can either convert DocTailor tokens rewards to DOCT or ETH.
5% of total revenue derived from the platform is allocated to all DOCT token holders every quarter.
• Business Users
DOCT tokens allow businesses in all sectors, to start accepting cryptocurrency securely and safely.
• Crypto Users
DOCT tokens allow cryptonians to spend cryptocurrency on websites, in physical stores and for services.
• Platform Users
DOCT tokens allow legal professionals and users to create customized legal binding smart contracts that deliver useful functionality and create business opportunities; at the same time earn the
authors income, who opt-in to having their document made available to other users looking for similar requirements.
TEAM
Conclusion
Blockchain success in the legal industry can be potentially expanded into other industries with opportunity for value and with the need for ledger-based platforms such as DocTailor. DocTailor might be the push that blockchain technology needs to become mainstream.
Useful links for more information
Telegram: https://t.me/joinchat/GZaHXQ-Bbr7xnrNmjX4zIA
Website: http://doctailor.com/
Follow on Twitter: https://twitter.com/documenttailor
Whitepaper: http://107.6.184.93/doc/assets/pdfs/whitepaper-en.pdf
Bounty: https://bountyhive.io/browse/DocTailor
Bountyhive referral link: bountyhive.io/r/Easzjohn