Russian blockchain start-up BitCAD has announced the launch of its new encrypted smart-platform and decentralized ‘Tectum’ trade engine. The blockchain-backed unified operating system aims to streamline businesses and maximize efficiency by integrating various business processes on a single platform. The platform is designed to suit a variety of business processes, and it is capable of managing currencies, digital assets, smart contracts, DAOs, etc. BitCAD’s offering also includes a mobile application for convenience and efficiency. Its month-long ICO will start on May 4th, 2017.
The encrypted smart-platform channels various business processes through Tectum — the decentralized trade engine. The Tectum trade engine, with multiple API integrations interfaces with the banking systems, insurance, trade platforms, exchanges, CRM systems, taxation, governance, and customs to provide a single window for managing, designing and analysing businesses on the blockchain.
BitCAD’s decentralized governance model places individuals, industries, non-commercial interests and government on an equal level. The multi-stakeholder approach used by BitCAD allows for community-based, consensus-driven policy making. Its purpose is to ensure compliance with all business conditions without restrictions, accessible by all levels of users. It also eliminates the role of financial and legal intermediaries by implementing smart contracts to efficiently reduce the time and resources involved throughout the decision-making and execution processes.
The BitCAD smart-platform will include smart contract templates to facilitate the management of the complete lifecycle of ‘smart’ legal contracts which helps create a reliable, trustworthy partnership between counterparties. Other benefits of BitCAD smart contracts includes automated contract execution, dispute resolution, and arbitration services. The dispute resolution department on BitCAD implements a three-stage automated process, involving electronic and story based arbitration or an independent impartial hired person with competence to resolve problems and complaints regarding the decisions, actions or omissions of BitCAD and the organization’s management, as well as unfair treatment of the participant communities from employees, board or representatives.
Smart Oracles on BitCAD provide a flexible way to implement smart contracts, which encode business logic, laws, and other agreed-upon rules. Smart Oracles build on the idea of oracles, or entities that provide smart contracts with information about the state of the outside world and combine information gathering with contract code execution. In such a system, rules can be written in any programming language and contracts can interact with any service that accepts cryptographically signed commands. It includes, but is not limited to cryptocurrency networks.
The company also provides an all-in-one mobile application for all business processes. The app comes with a fingerprint or facial recognition authentication system. This new system scans the user’s fingerprints and facial features to prove ID. The app also comes with international digital language capabilities for users to create and finalize deals and agreements automatically. It also makes the ICO process more transparent 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.