BitCAD is “a unified operating system for management, design and analysis of your business on based on blockchain technology”. It plans to offer a unified accounting system, online banking system (the much-needed integration of cryptowallets and banks) and a CRM automated system (integration with business automated systems). It is a decentralized multi-governance model that offers users a set of tools to administer their finances and their business, all integrated with compliance to reglementations.
BitCAD takes the governance model of The DAO and plans to construct smart contracts and all the business processes, all in one place. We looked into the features BitCAD offers. We first and foremost have the smart contracts, with easy to read and configure templates. By these templates, you can manage your affairs and create smart bindings with other entities. It’s supposed to make the creation of legal documents in accordance with legal frameworks and facilitate automated execution of the contract where necessary.
The main challenge with such a project would be to create less frictions between the carbon world and the code. First off, smart contracts should not only serve advanced programmers with good knowledge on how to read a code. The idea is to develop a formal language to write legal documents in, semantics that bridge the gap between the natural language and the code language. They need to take the well designed programming tools and make them easy to use, offering a lawyer the possibility to draft smart contracts instead of the traditional ones.
Their plan is quite ambitious. They are hoping to be able to offer an app that allows users to draft a contract in under a minute. The blockchain storage and distribution of these legal transactions is meant to offer a higher degree of reliability.
The BitCAD platform intends to integrate banking systems, insurance, trade platforms and exchanges, CRM systems, governments and taxation, customs and DN. At this point there is no actual data on how BitCAD plans to broker an alliance with legacy institutions like banks and local administration, or whether there have been talks with such institutions.
Drawing the line, the intent is to eliminate altogether financial and legal intermediaries.
Instead of simply making use of a secure login process, BitCAD proposes biometric authentication. Face recognition, fingerprint scanning and/or palm vein recognition are meant to add both to the security of identity and to the gloss of this project.
BitCAD will rely on the blockchain technology to insure fast and permanent transactions of information needed to execute the smart contract. To solve this problem, the app publicly announces transactions and changes of documents in a registry, much in the same way the Bitcoin blockchain records financial transactions.
In order to create a system that allows participants to agree on the transaction and their sequence, the developers use the distributed database maintained by a series of servers. One server preserves a time stamp on all transactions on the blockchain and collects a set of transactions in blocks, publishing a hash number.
Smart contracts “would take the form of a computer program that runs on the blockchain and is executed by the entire blockchain network. Its program code — the terms and conditions of the contract — cannot be changed, and thus provides the trust that used to require elaborate control and audit processes. Not only can blockchain contracts contain the same level of detail as a physical contract, they can do something no conventional contract can: perform tasks such as negotiating prices and monitoring inventory levels.” Their whitepaper explains. In turn, this would save time and labor for entrepreneurs and create a trustless arrangements without the need for intermediaries.
To better make themselves understood, they give a simple, real world use case. A smart vending machine could register on a platform and track its inventory and finances. It could restock according to a preset “agreement” and, even more importantly, it can search for better prices without the need of constant supervision and micromanagement.
It is also worth to talk about the dispute resolution department. It has three branches. Full electronic arbitration (via a newborn code), story-based arbitration in a decentralized manner and external intermediaries. This ties closely together with common and civil law, religious law (unclear at this point) socialist law and other means of settling a dispute.
This is a platform that targets entrepreneurs. Some of the most well-known currencies will be accepted for their services. This includes Bitcoin, Dash, Ether, Litecoin, Zcash and Monero. Considering they are planning to engage entrepreneurs, state institutions and banks, they will include some fiat currencies (US dollar, euro, British pound and Russian ruble).
This project benefits from a large team, with diverse backgrounds. In total, the website lists 12 people with a wide range of expertise, including legal advising and social research. Work on the Zvook music streaming service is mentioned multiple times, which is a service some of our Russian readers might already be familiar with.
Their work should be complete by the second quarter of 2018. They should have the first results of their work by May this year, with implementation of smart contract templates and biometric authentication on a testnet. In august 2017 they claim they will already have their dispute resolution department ready, along with a multistake holder model. The next step (accomplishable in September) is the creation of a decentralized trade engine called Tectum. The last step are the smart oracles, “able to encode business logic, laws and other agreed-upon rules”
The Innitial Coin Offering details and a description of the actual coin are still unclear at this point. We will continue to follow this project and give you more details on it as they arise.
ICO end. See details here.