Smart contracts are a phenomenal technological innovation, they enable regular folk like you and I to form pacts without having to trust one another, or have a trusted mediator oversee the carrying out of the agreement. This technology is increasingly becoming a key component in second generation blockchains and has the potential to change the way we pay bills, interact and vote.
Here’s the kicker though, you have to be savvy with coding languages like Java, C++, or Solidity depending on which blockchain platform you’re working on, in order to throw together the clauses that make up your smart contract. Imagine that! Smart contracts are meant for the mass use but you have to be Vitalik Buterin to access their benefits. But fret ye not mere mortals, for the BlockCAT cometh!
BlockCAT, which stands for Blockchain Complex Automated Transactions, is a decentralized application (or DApp if you want to sound cool) built on the Ethereum platform which puts the power of smart contracts to the average Joe by offering a menu of prebuilt contracts and editable clauses on it’s portal.
The benefits Smart contracts offer over the eloquently worded documents lawyers throw together is that they are completely autonomous, deployed and executed without any human intervention, they are written in programming code, which eliminates the risk of ambiguity and is extremely resistant to malicious attack or external tampering.
BlockCAT, promises to contribute to blockchain and smart contract adoption as well as make the society more efficient by becoming the go-to platform for creating and deploying smart contracts in a way that is easy to use, by delivering a device-agnostic (compatible with multiple devices) web portal and a broad set of conﬁgurable templates for quick construction, and deployment.
BlockCAT aims to make smart contracts quicker to use, more efficient, easier to understand, more reliable and more affordable than existing agreements, contracts, and multi-step payment solutions. BlockCAT will also have a marketplace, enabling smart contract developers to code various kinds of contracts (with minimal risk of failure) and earn a portion of proceeds from contract execution.
Smart contracts technology has a nearly endless list of potential applications and could disrupt, crowdfunding, payment and escrow services, prediction markets, auctions as well as polling and voting to name but a few potential implementations. One could even set up group contracts and set up automatic payments for all members of the group, which may revolutionise the insurance and debt collection industries.
According to the technical roadmap outlined on BlockCAT’s whitepaper the DApp is slated for release in the fourth courter of 2019, it’s quite a wait, but there are a lot of tests, audits and revisions scheduled between now and then which inspires confidence in Eric Huang (CEO) and the rest of the BlockCAT team’s commitment to quality and thoroughness (I mean we’re dealing with contracts here after all).
Between July 15th and August 15th, of this year BlockCAT held a crowd sale which raised 23,799 ETH (almost R92.5 million) and if they’ve managed to keep to the schedule outlined in their roadmap are currently hard at work on BlockCAT’s core platform slated for release in Q1 of 2018 according to BlockCAT’s report.