Overview:
Doc Tailor is a unique, automated legal document platform facilitating the creation and distribution of self-customised smart legal documents on the blockchain. DocTailor has been designed to simplify implementation of a smart contract, significantly reducing associated time and cost for users. DocTailor has been developed by a blockchain-experienced team, striving to utilise the groundbreaking technology in new and revolutionary ways. Many of the team’s developers have joined DocTailor from artificial intelligence (AI) backgrounds, working to further develop the idea through AI-focused systems.
Doc Tailor 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
The Problem
Early Limitation
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.
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.
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
The Legal Document Market The overall value of the digital legal document market is rising rapidly. This would suggest that there is increasing demand for the industry, and that there are already numerous contractual services and solutions in place. However, there is a current and notable gap in the market for a solution that truly capitalises on usability; a crucial element of the business model. DocTailor has been designed to fill this gap and improve smart contract accessibility for users.
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.
Characteristics & 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.
The Team:
Sam Enrico Williams – Founder & CEO
Dominic Brown – COO
Saffron Weale – CMO
Pavel Rubin – Blockchain & software developer
Victor Khomiak – Front-End developer
Khaja Aleemuddin – Data Management
Verdict:
Doc Tailor platform has a necessary feature and most importantly, the necessary USP to achieve its aim of revolution using the existing smart contract landscape. However, Doc Tailor success relies on adoption of blockchain, not only from individuals, but also from organisations and legal professionals.
Website: http://www.doctailor.com/
Whitepaper: file:///C:/Users/aditya/Desktop/Doctailor.com%20whitepaper-en.pdf