- Global cost of resolving commercial disputes through litigation estimated at $870 billion
- Blockchain-based smart contracts can streamline business, increasing efficiency and reducing costs
- Increasing admissibility of blockchain records for legal purposes creates opportunity for smart contracts
Epazz, Inc. (OTC: EPAZ), a leading provider of blockchain cryptocurrency mobile apps and cloud-based business software solutions, is poised to generate new sources of revenue with its patent-pending Cordtell blockchain-driven ‘Smart Contract’ technology, company spokesman Matt Chipman said during a recent interview on MoneyTV with Donald Baillargeon.
“Blockchain legal contracts are believed to be the way business is done in the future,” Chipman said in describing the patent-pending technology behind Cordtell and the company’s expectation that it will generate new sources of revenue. “Epazz is going to offer dispute resolution, customization, and integration (with Cordtell).”
Blockchain technology is generating buzz in every market sector as industry leaders begin customizing the technology to fit specific uses, an article published by Deloitte states (http://nnw.fm/3GvcT). Blockchain-based smart contracts, described as self-executing code on a blockchain that automatically implements the terms of an agreement between parties, could streamline processes that are typically spread across multiple systems and databases.
Epazz has developed Cordtell as a cost-effective way for businesses to resolve disputes in a conflict-free way. Cordtell will be offered on a subscription fee starting at $299 per month, with additional services available to assist in dispute resolution, customization and integration.
“By integrating Cordtell into their business, companies are able to upload data and timestamp it,” Chipman said, adding that the timestamp provides irrefutable evidence that can be used if a legal challenge is raised. “There will be less problems associated with contracts if both sides have to abide by the smart legal contract.”
Blockchain is extremely useful for business-to-business transactions, with merchants and vendors able to keep verifiable and tamperproof records on the chain, an article published by Forbes states (http://nnw.fm/0NShM). Companies are finding that blockchain-driven technologies and smart contracts can help reduce costs, automate order fulfillment and secure supply chains. The financial impact of commercial disputes resolved through litigation is estimated at an eye-popping $870 billion, according to an international comparison from a U.S. Chamber of Commerce study (http://nnw.fm/R6f2W). The indirect, hidden costs of contract disputes, such as missed deadlines, cost overruns, quality issues, and workplace stress, raise the financial impact even higher.
Cordtell’s proprietary technology could play a role in reducing fraud in business transactional contracts by tracking, tracing and verifying that terms within the contract are fulfilled. Cordtell, which Epazz is planning to introduce in the third quarter of 2018, will automatically verify signatures, distribute contracts to the blockchain, record transactions and verify that the contract terms are being followed (http://nnw.fm/vj7QU). The technology also sends reminders and tracks payments and delivery of items.
“We believe that blockchain will fundamentally change the way companies will do business,” Epazz CEO Shaun Passley, PhD, said in a news release (http://nnw.fm/5PrRa). “We are excited to view Cordtell as a solution, not just a blockchain software, but a tool to maximum resources and provide a quick return on investment.”
Cordtell is expected to work with Microsoft Word and Google Docs to provide real-time contract edits and updates via version control. Epazz will primarily market the technology to law firms, health care providers, businesses and governments.
For more information, visit the company’s website at www.Epazz.com
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