Monday, March 19, 2018

Self Customised Smart Legal Documents on the Blockchain

Self Customised Smart Legal Documents on the BlockchainAbout DocTailor - Actually, a lot of senior executives like to use smart contracts on the blockchain, but only 13% of technology that could be used to help their work. So, this technology needs an improvement of quality significantly in order that can widespread in usage. 

About Tailor Made Platforms
This report discussed about the long term advisability of self change smart legal documents on the blackchain. The report focuses on the DocTailor automated platform in which the technology’s ability will push, innovate, and disrupt the current and existing tailor made legal document landscape.

The DocTailor platform herds all users to apply legal documents with an integrated smart contract feature. The technology’s aim is to prove the progress and advisability of blockchain in the legal industry.

DocTailor aims to :
  • Improve accessibility of customized 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 report result showed an improvement that is 40% of senior executives said that blockchain can give profits to their business or industry. 

The Problem
Blockchain technology is a new and unknown concept. Although, many businesses and consumers are still not fully identify about this technology, blockchain had became a controversial topic because of these benefit. For example, research suggested that need 10 years for blockchain to become mainstream practice. While, for smart contracts just need around 5 years to become mainstream practice.

Early Limitations
The early limitations of blockchain are on the availability of application range. However, there are many smart contract services and monitoring tools available, blockchain just focused on wallets and online exchanges. The advancement of blockchain technology will be focused on building this ‘bridge” by connecting blockchain protocols with mainstream consumers, hope that it can extend the blockchain usage.

Cost & Time
In one hand, constructing and developing of legal document required cost and time which needed a handling tightly and exactly, related to limit of restricted resources or income and also contracts available. The consideration of cost and time are become main obstacle in the way of joint ventures and partnerships. 
In other hands, there is an urgent requirement for DocTailor platform in which the feature “intelligent clause” automatically identifies and illuminate of document parts, contract, or any other form of agreement which may need to be change apropriate the purpose. 

The Solution
DocTailor is the best solution to resolve barrier from the widespread usage of blockchain technology. DocTailor facilitates users to access in to blockchain, cryptocurrency, and smart contracts. In addition, it is easy for business to make and/ applied smart contracts included to get some benefit of cryptocurrency economies.

The Legal Document Market
There is an improvement rapidly toward demand of smart contracts. DocTailor resolve all problem about what needed by users especially business is. Furthermore, DocTailor improved the accessibility of smart contracts for users.

Blockchain & Legal Documents
By exploiting the blockchain technology, DocTailor will focuses on the user’s experiences. Blockchain technology will be used to maintain the consistency accuracy and clarity of wording, to ensure that the legal document structure remains whole.

User Income
Users will obtain income by making agreements and contracts on the platform and sharing these documents with other users.

Characteristics & Advantages
The characteristics of Doctailor which can create benefit are : 
  • 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. authorization).
  • 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.

Platform Use
Based on temporary notion, the following will design will be the major user base for DocTailor :
  • Lawyers and Legal Professionals, DocTailor will make them easier to use interface, make documents faster, and use of valuable resources better.
  • Individuals, DocTailor will create documents to their own specifications.
  • Industries, DocTailor will close deals faster and cheaper. Developing the business is done by offering new service to clients.

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