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Cryptocurrncy by Market Cap









This economy will rely heavly upon self automated, tailor made legal agreements and smart contracts. DocTailor's mission is to lay the foundations for this new economy by enabling non crypto business to fully utilise blockchain technology,while multanesously encouraging the acceleration of crypto business.





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 business and consumers are still not fully onboard with the notion and blockchian 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 acepted that others. For exmaple, research suggest 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 are, however, somewhat more open minded about smart contracts on the blockchain, whit this utlistations of technology estimated to become mainstream practice within 5 years.





When will Blockcahin Technology become Mainstream ?





A primary concern is that, in order to drive value from blockchain technology, significant changes or complete overhauls are often required of existing 'tried and tested' system. For blockcahin to become a part of daily life, problems need to be identified and addressed, with suitable solutions implemented.





Early Limitations

As is clear, the existing range of blockchain applications is severely limited. To date, applications are primarily focused on wallets and online exchanges, although there are a small number of smart contract services and monitoring tools available. However, despite their availability and, indeed, their demand - the value of smart contract deals reached $116 million during the first three months of 2016; more than twice the value of deals during the last quarter of 2015 - these services often fail in terms of overall user experience. This is a factor that can be directly attributed to confusion and low adoption rates.





Additionally, as there limited smart contract applcations, there is also limited demand for the necessary skills and experience required to develop such platforms. There is a notable dsiconnect between what is happening, and what needs to happen, to get blockchain technology off the ground. A solution is urgently to tie stakeholders and applications together to bring value to the market.





Therefore, it is anticipated that the next wave of advancement for blockchain technology will focus on building this 'bridge' connecting blockchain protocols with mainstream consumers to develop the new decentralised economy. This step is understood to be the key to widespread blockchain adoption.





Cost & Time

Smart, tailor made legal document creations has been cited as a major concern for business operating to tight budgets, as well as to organizations, legal professional, and individuals with restricted resources or limited income. In additions, the time required to develop such document must be considered, with complex contract often needing significantly more time and funding than their basic counterparts.





Cost and time considerations are both major obstacle standing in the way of joint ventures and patnerships. 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.





There is an urgent requirement for a solution such as the DocTailor platform. DocTailor utilities an 'inteligent clause' feature to automatically identify and highlight sections of a document, contract, or any other form of agreement which may need to be amended to suit the purpose. DocTailor user can alter, replace, or remove clause as necessary to form a unique, csutomised, tailor made smart contract. Research shows that smart contract can be deployed on Ethereum blockchain in as little as 14 seconds.