We are excited about distributed ledgers. We are excited about Smart Contracts and we are excited about our ability to enhance the trustworthiness of the inputs to distributed ledgers.
Why? Contracting and contract dispute is a huge industry, suffering with pre-modern standard processes and ripe for enhancement. Blockchain, Smart Contracts and enhanced accuracy of inputs to Smart Contracts are the future. We think the future is arriving and we are hard at work helping to speed and ease delivery.
How big is the opportunity? The legal costs born by the US economy in 2017 were $282bn. Large American corporations presently have 3.3 lawyers per $1bn in revenues and spend $1.7M per year on disputes per $1bn in revenue. This is just spending on disputes. The average firm experienced 3 lawsuits per $100M in revenue, the majority of which were either contract disputes, or disputes regarding employment. This is a deep and profound pain point.
It is clear that the law profession, like most professions, has seen much of the workload and data move online. It is also clear that the legal fighting, particularly regarding contracts, is a massive industry. This industry runs through antiquated and over burdened courts systems. Disputes, staffing, cost and preventative measures absorb vast resources, time and generate significant losses and stresses on firms of all sizes. We know the need is large and growing. Enter distributed ledger and Smart Contract.
1_oRoX9Mh-338z6nLyUdEYNg-1We have been working to build a protocol that allows Smart Contract generation and settlement across several leading distributed ledger technologies. The system works on our proprietary Proof of Trust Protocol. Our aim and attempt is to offer solutions that allow greater ease and lower friction, lower cost, contracting. We believe Smart Contracts with our protocol to verify trusted informational inputs to the contracts offer a meaningful solution to a massive challenge facing American businesses. Proof of Trust uses a curated group of informed and trusted parties to assure inputs to Smart Contracts are accurate. Additionally, Proof of Trust offers counterparties a dispute adjudication mechanism.
We see a future with greater commercial engagement with less friction and cost. The trifecta of distributed ledger, Smart Contracts and Proof of Trust is the iCash vision of the future and our corporate institutional mission.