DocTailor - Self Customised Smart Legal Documents on the Blockchain

vishudda (11)in #cryptocurrency • 6 years ago

About DocTailor

This is a kind of document which has been created for legal professionals, organizations and individuals, studying the long term possibility of self-customized smart legal documents on the blockchain. Specially, this report focuses on the DocTailor automated platform, considering the technology’s ability to position itself in such a way as to boost, innovate, and disrupt the current and existing tailor made legal document landscape.

Use of Smart Contracts on the Blockchain

The Organizations and individuals with limited developer experience are currently posing a challenge of creating smart legal documents. And it is both costly and time consuming. DocTailor aims to tackle these issues and concerns.

DocTailor is known as a unique, automated legal document platform that facilitates the creation and distribution of self-customized smart legal documents on the Blockchain. This has been created to simplify implementation of a smart contract. And reduces the time and cost for users. Blockchain-experienced team has developed DocTailor.

Abstract

The DocTailor enable all users to utilize legal documents with an integrated smart contract feature.

DocTailor aims to:
• Improve accessibility of customised smart contracts
• Boost ease of smart contract development, acquisition, and distribution
• Give easy payment options by 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
• Utilized smart contracts and blockchains are managed and monitored

Blockchain Adoption by Industry, 2017

Integration issues, a lack of experience within the newly emerged industry, high costs, volatility and concerns relating to consumer protection which have not yet been addressed are some challenges which have been cited as obstacles hindering widespread blockchain adoption.The DocTailor platform for smart contract development and deployment for multi-currency payments could be involved in increasing blockchain adoption rates on a global scale.

Introduction

Within the next 15 years the Cryptocurrency market is expected to grow from current $730 billion value to $10 trllion.

The Problem

Blockchain is relatively new and undiscovered concept; in other hand which is responsible for the current low adoption rates that have been witnessed. Blockchain has become something of a controversial topic.The practice of saving personal information on blockchain is not something which is going to become normal, atleast not within the next 10 years.

The Solution

DocTailorhas been introduced as a possible long term solution obstructing the widespread adoption of blockchain technology. DocTailor enables easy access to blockchain, cryptocurrency, and smart contracts. The platform also assists third party API incorporation, and allow for any customized smart contracts to be incorporated into third party systems.

The Legal Document Market

There is a current gap in the market for a solutions that truly capitalizes on usability; a crucial element of the business model which is notable. DocTailor is created to fill this gap and improve smart contract accessibility for users.

Blockchain and Legal Documents

By ensuring that while contracts can be amended with ease, documents cannot be updated or changed without the permission of a higher authority, DocTailor aims to focus on user experience by utilizing blockchain technology.

Platform Revenue Streams

The users of DocTailor will be able to access sections and other (PAYG) ‘pay as ypu go’ features with cryptocurrency. Tailor made legal documents as well as additional features that are to be included on the platforms can be purchased by tokens.

User Income

Users are able to bring an income by creating smart, tailor made agreements and contracts on the platform and sharing these with the other users who are seeking documents of same requirements and clauses.

Characteristics and Advantages

• Users are able to choose from more than 10,000 pre-created legal clauses
• Merging of selected clauses into existing document structures can be done
• Users can build new contracts quickly and efficiently
• Document downloading can be done in various formats.
• Maintaining clarity and transparency, the templates are held on the blockchain.
• Users are able to monitor contract use and recipient participation
• Documents can be stored and managed online
• To signal the signing of documents and contracts, Alerts are used
• Secure agreements are used to protect both parties in financial transactions.

Platform Use

Doctailor enable lawyers and legal professionals to create tailor made documents at a faster pase and it enable individuals to create documents to their own specification. Also it will provide a platform allowing businesses to close deals faster and more cheaply.

Number Of Tokens On Sale

500M (500,000,000) DOCT, of which:
• 300M to be available in tokensale.
• 50M are reserved for ICO bonuses.
• 100M retained by DocTailor.
• 50M are reserved for early adopters in PRESALE
• Ethereum ERC20
• Purchase methods accepted: BTC and ETH (1ETH = 2700 DOCT tokens)