What is DocTailor about?
There is notable demand for smart contracts, although few are making use of the services that have already been made available. In fact, while almost half of all senior executives believe there is value in smart contracts on the blockchain, and while they would be happy to use a smart contract service, reports suggest that just 13% have actually incorporated the technology into their work. This highlights the fact that there is something missing from existing services which is preventing widespread adoption.
About Tailor Made Platforms
This report has been created for legal professionals, organizations, and individuals, discussing the long-term viability of self-customized smart legal documents on the blockchain. Specifically, the report will focus 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.
The Problem
Blockchain technology remains a relatively new and undiscovered concept; a fact which is, in part, responsible for the current low adoption rates that have been witnessed. Many businesses and consumers are still not fully onboard with the notion, and blockchain has become something of a controversial topic, despite the many clear benefits that this sort of technology promises to deliver. However, some areas of blockchain are more widely accepted than others. For example, research suggests that the notion of storing personal data on the blockchain is still many years away from widespread adoption, with many believing it will take around 10 years for this to become mainstream practice. The public is, however, somewhat more open-minded about smart contracts on the blockchain, with this utilization of the technology estimated to become mainstream practice within 5 years.
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 in existing smart contract applications — user experience — DocTailor enables easy access to the blockchain, cryptocurrency, and smart contracts. The platform will support third-party API integration, allowing for any customized 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.
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 utilize the platform will come, in part, from user and token holder benefits and income.
Conclusion
Based on the characteristics and benefits of DocTailor, it is clear that the platform has the necessary features and, most importantly, the necessary unique selling point (USP) to achieve its aim of revolutionizing the existing smart contract landscape. The platform’s specific focus on user experience and accessibility makes DocTailor the most viable candidate to date to disrupt existing contract systems.
However, DocTailor’s success relies heavily upon greater adoption of the blockchain, not only from individuals but also from organizations 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 utilize blockchain.
Useful links:
White-paper: https://www.doctailor.com/assets/pdfs/whitepaper-en.pdf
Web: https://www.doctailor.com/
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