Do blockchain and smart contracts help in current business transactions?
DocTailor is a kind of system in which several documents, legal structures, clauses, and agreements are updated for the use in legal contracts, business deals, property deeds, business management, partnerships and a lot more related to global benefits.
In the current era, people requisite to combat with numerous levels of difficulties and measures in a business. One should understand that using a new technology, which is actually created for the ease to do business, is beneficial in several ways. The role of trust and corrupt middlemen vanishes when blockchain or smart contract methods are used. Mostly, people are not aware of blockchain and its work. Henceforth, here is a brief discussion explaining the role of the blockchain, how it solves legal contract problems and why people should use it as a digital ledger?
What is a blockchain?
The blockchain is an undeniably a resourceful creation of computer science experts, which is nowadays trying to bring a revolutionary alteration in the global business processes. Its development has given birth to a greater platform known as digital information. Technically, this is a platform where you are permitted to transfer digital data without any risk of vulnerability or copying.
Currently, many individuals may find a decent instance of blockchain method in Bitcoin. However, it is a type of an algorithm as well as data circulation structure. It aids in the management of an electronic cash transaction without any interference from a centralized body or an administration. This is the internet space where your smart contracts, legal documents, and transactions are not recorded to any programmed body.
How does it work?
A blockchain method holds a respectful key to the surface because of its decentralized behavior. There is no certain clearing central body like banks are there for clearing our day to day transactions. Therefore, blockchain is free from central ledger management in which transaction is held by any one entity. The ledger recorded as a block is further distributed to a vast computer networks known as nodes. Each node keeps a copy of the whole ledger under their respective hard drive. There is software also which works as a catalyst to it known as P2P client i.e. peer-to-peer. All the data is synchronized across the network of nodes and it makes sure that everyone associated with it has the same version to view the ledger copy whenever they require.
What is the use of blockchain in framing legal document as smart contract system?
DocTailor is a type of a smart contract technology platform which is using blockchain system to ensure that contracts, documents, and legal data can be utilized effortlessly. There are no vicissitudes can be made to the document that is encrypted on the blockchain, so that anyone can view the exact and correct document at any point in time. Clarity of words, clause accuracy, and legal structure remains intact via this respective method. Hence, it is an expedient tool that slayed the decentralization process, middlemen and corruption foremost.
Another major use came into limelight at the global market is that DocTailor users will be competent enough to access the PAYG i.e. “pay as you go” features integrated with cryptocurrency method. There are tokens provided that can be purchased by you to buy customized or tailored legal documents. People who were using earlier fiat money are now buying tokens will be rewarded versatile benefits such as
- Extra time will be added to the account for access
- You can access exclusive documents and templates for making a customized self-legal contract
- You will start earning incentives by utilizing this platform through user as well as token holder benefits plus income service
- A user can start generating income by creating modified and smart agreements known as contracts on the respective platform and then share these documents with other DocTailor users who are searching for the similar kind of documents, clauses or requirements.
What are the characteristics of DocTailor?
- Clause selection feature– There is 10,000 and above pre-constructed legal clauses which a user can add to their smart contract.
- Clause merge option– One can merge two or more than clauses into their present document or contract whenever required without taking permission from an authority or a centralized body.
- Different formats- No matter which format you are using to create and upload the document to your operating system, DocTailor works on almost every format such as PDF, Word, XML, and HTML.
- Blockchain usage- DocTailor is using the blockchain system in which templates are saved that enables transparency and clarity.
- Track a record– The user of DocTailor system will be capable of monitoring the contract use as well as an active role of the other person in the similar regards.
- Online management– All the contracts are accomplished through the internet management system. You can store, use, customize and share a specific document recorded in the DocTailor program anywhere and anytime to anyone who is present on the network.
- Authentication alert– there is an alert system used by the DocTailor software under which whenever a contract is signed, a user will be notified instantly.
- Smart contract- the use of secured agreements is significant as both the parties financial transactions are protected.
Who can all gain benefits from DocTailor?
There are certain sectors which dominantly ensure the use of DocTailor technology to advance in their work management and ensure transparency to its associates. Here are some sectors which are using and must progress in DocTailor program in future-
Lawyer and legal authority bodies– Everyday legal notices, documents, clauses and many nodes are necessary to add or exempt in legal contracts. With the use of DocTailor, one could easily make documents, faster than before and accurate without missing any clause. It is a valuable resource for legal entities.
Business or individual users– An individual can use the templates, frame a legal document and gain typical legal language structure from the DocTailor system.
Industries- Those who are running global industries are able to close deals quicker than before. The cost of making online smart contracts is cheaper and moreover, easier. New services could be offered to the clients through the same server anytime which enables the business to grow rapidly.
Thus, DocTailor will be considered successful when people will start engaging in the blockchain. Where a user will gain help through templates saved in DocTailor, on the other hand, the developer will be able to make money. In coming years, this will bring ease in doing business at a global level without using fiat money or paying to the middlemen.