Rumors from the pub
DocTailor – a unique self customizing smart legal contract platform

DocTailor is a unique self customizing smart legal contract platform, that allows, lawyers, individuals and organizations to send and create legal tailor-made smart contracts and agreements on the blockchain without developer experience.Bridging the gap between the trillion dollar crypto economy market. DocTailor’s mission is to lay the foundation to enable non-crypto businesses to access the multi-trillion dollar cryptocurrency economy; at the same time, pave the way for organizations and individuals, to create self automated tailor-made agreements and smart contracts to assist in their acceleration of crypto business deals.

The DocTailor platform will enable all users, regardless of developer experience, to deploy legal documents with an integrated smart contract feature. The technology’s aim is to create a new ecosystem designed to demonstrate ways in which blockchain advancements can be utilised in the legal industry.

DocTailor aims

DocTailor 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 introduction of the DocTailor platform coincides with an increase in concern regarding the low adoption rates of blockchain technology. Reports show that around 40% of senior executives do not understand how blockchain could benefit their business or their industry, citing little to no knowledge of the technology¹. To date, it appears that blockchain adoption rates vary significantly by sector.

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 contract.

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.

Blockchain & Legal Documents

Utilising blockchain technology, DocTailor aims to focus on user experience by ensuring that while contracts can be amended with ease, documents cannot be updated or changed without the permission of a higher authority. Blockchain technology will be used to maintain consistency in terms of clause accuracy and clarity of wording, to ensure that the legal document structure remains intact throughout.

For more information, visit the Website or read the Whitepaper.

No comments so far!
Leave a Comment