Russian Blockchain startup BitCAD has recently announced the launch of its encrypted smart platform and decentralized trade engine. The new, unified operating system aims to maximize businesses efficiency by integrating various business processes on a single platform.
The platform’s design focuses on benefiting a diverse array of business processes and is capable of managing currencies, digital assets, smart contracts and DAO’s. BitCAD also offers a mobile application for convenience sake. BitCAD’s month-long ICO began on May 4th, 2017.
The encrypted smart-platform channels various business processes through ‘Tectum,’ the company’s decentralized trade engine. The Tectum trade engine, employs multiple API integrations, to interface with the banking systems, insurance, trade platforms, exchanges, CRM systems, taxation, governance, and customs, through a single application for businesses on the blockchain.
BitCAD’s decentralized governance model and multi-stakeholder approach allow for community-based, consensus-driven policy making. The model’s purpose is to guarantee compliance with all business conditions without restrictions and to be available to all levels of users. It could potentially change, or even remove the need for financial intermediaries by implementing smart contracts to minimize the time and resources required for decision-making and execution processes.
The BitCAD smart-platform utilizes contract templates to enable the control of total lifecycle of ‘smart’ legal contracts, which aims to create a trustworthy and reliable relationship between two counterparties. BitCAD’s smart contracts also offer automated contract execution, dispute resolution, and arbitration services. BitCAD’s dispute resolution center uses a three-stage automated process that involves electronic and story based arbitration or an independently hired, impartial employee, to resolve problems and complaints on decisions, actions or omissions of BitCAD and the organization’s management. Issues revolving around the improper treatment of the participant communities from employees, board or representatives are also resolved by the impartial Their neutral arbitrators.
BitCAD and the Smart Oracles
Smart Oracles exist on the BitCAD infrastructure, to provide a flexible way to implement smart contracts, which encode business logic, laws, and other agreed-upon rules.
These Smart Oracles enable the use of smart contracts with information about the state of the outside world and combine information gathering with contract code execution.
Within this system, rules can be written in any programming language and contracts can interact with any service that accepts cryptographically signed commands. This relates to cryptocurrency networks but can also be translated to other networks.
The company also provides an all-in-one mobile application for all business processes. The app utilizes Biometric Verification system, through the use of fingerprint or facial recognition. This new system scans the user’s fingerprints and facial features for identity verification. The blockchain-based application is capable of translating international languages, for users to create and finalize deals and agreements automatically. This also makes the ICO process more transparent, in a bid to increase confidence among investors.
The total number of available bitcad (BCD) tokens is 100,000,000, out of which the platform has assigned 51% for the upcoming crowdsale. Another 20 percent will be distributed among the founders, early backers, and the development team. Out of the remaining tokens, 2 percent will be allocated for post-ICO bounties, and the rest 27 percent of BCD will go towards marketing, promotional activities, community initiatives and more.