Docnota ICO (DCNT Token): E-Documents Blockchain Database?
Docnota offers a new paradigm for the creation and processing of documents at text blocks levels. It also aims to create a new paradigm for sharing and publishing them on a secured platform with an API and open architecture.
Such a platform would have the potential to solve the potential and existing problems of electronic documents and circulation of such documents that have legal significance. Besides that, this project will have an option for investors and developers to take part in the development.
The Current Issues
Various issues exist with the creation of documents that have legal significance. These are:
In the existing system, publication in print media is used to provide the public with access to documents that have legal significance. Right now, this information is also made available on official government sites. However, this has some problems. For instance, there is no guarantee that the document will be lost or edited in future. Besides that, the document loses its original formatting.
Uniqueness and Integrity
A holistic interpretation of any document is only possible in a given context. The context of a document can differ when reading and creating. Besides that, it requires ensuring unambiguity and integrity of a document.
For instance, in some online documents with links, you will often find that some of the links die out after a few years. Besides that, since there is a general lack of accepted wording templates, it often leads to the creation of documents which require extra effort to interpret. Besides that, it often leads to the creation of documents with glaring omissions.
In terms of reliability, some of the issues that arise include the incorrect filling of input fields, choosing the wrong templates, and noncompliance with the common standards. Besides that, there are contradictions, wrong references to paragraphs and much more.
Ensuring that a document is relevant to creation and in future requires one to monitor the relevance of all documents related to the main document. For instance, you have to ensure that the regulatory framework to which a document refers to remains relevant.
Besides that, when you process a document, you should record the dates of changes in the document. Some of the issues include the prolongation term if the contract is missed, the order of the taxman was not fulfilled, leading to fines, and the regulatory document of a company is not compliant with the law.
Docnota DCNT Token Solution
All of these issues can seem quite complex. However, the developers of this project believe that the blockchain can help to solve these issues. They have already done some beta testing and confirmed there is a real problem.
They sent out some beta testers who sent 200 applications to the Prosecutors Office. This was done in about two weeks, and in compliance with the existing laws. However, what was noted was that the recipient did not have the capacity to process such a huge number of applications. Besides that, there were many human resources involved. After looking at the results, they decided that a project based on the blockchain was the only way to offer a lasting solution. The initial token offering started on April 1 and will end on April 30.