Smart contracts can offer a lot of functionality in the years to come. Right now, it is all about perfecting the technology and discovering new use cases. DocTailor may check a lot of the right boxes in this regard, as it aims to become a self-customizable, legally binding smart contract platform.
Finding More Use Cases for Smart Contracts
At first glance, DocTailor looks like a pretty interesting project. Legal smart contracts are of great interest to people all over the world, even though accessing this technology on a wide scale has not been possible as of yet. DocTailor may be one of the few solutions providing access to such technology in the future. There is still a lot of work to be done until such a project can go mainstream, though.
Users will be able to create their own smart contracts with legal implications on the DocTailor platform. It is expected that this technology will span over 100 industries in the future, although it remains to be seen how that will be achieved exactly. Making inroads in the trillion dollar crypto economy will not happen overnight by any means.
If everything goes according to plan, DocTailor will let lawyers, individuals, and even corporations send and create legal smart contracts and agreements on the blockchain. This will not require any previous developing or coding experience, as making this technology more accessible is a top priority right now.
The DocTailor platform claims to offer a lot of advantages. Users can select from various clauses defined by legal professionals across the supported industries. It is also possible to merge these clauses into existing document templates to create unique contracts and agreements. Structuring and formatting documents are other basic functionalities to keep an eye on.
One cannot have smart contracts without a proprietary blockchain. Rather than use an existing public chain, it seems DocTailor will create its own ecosystem from scratch, which means there is still plenty of work to be done before this ecosystem can come to market. All document templates and structures are held on the blockchain for easy access and transparency.
While all of this sounds interesting, it remains to be seen if the DocTailor team will live up to expectations, although developing legally binding smart contracts is certainly something worth looking into. With the alpha testing of this platform happening in Q3 of this year, there’s a lot to look forward to.