Real-life Contract-building platform Notary (NTRY) is about to launch pre-ICO from 20th May, 2017 to 17th June to sell 3.5 million of NTRY tokens at a fixed price 10k satoshi for each token. You could have a look at the white paper to understand its underlying technology.
Notary platform will be built on top of Ethereum or Ethereum classic blockchain platform (team will be announced in a few days) and offer user-friendly, real life contracts building experience on your mobile apps or web page.
For the contract builders, it will provide easy-to-use templates of standard contracts basing on various real-life use cases through notary platform. They can download the template contract, input the essential information regarding binding parties, activate it in the blockchain, which will record all of the data in the immutable ledger.
The platform has real use cases as given by the official site and bitcointalk ANN thread. The potential use cases cover many aspects of daily life, like option contracts, lease contracts, letter of credit, warranties, certification etc.
Relying on this leading smart contract-building blockchain platform, the contract clauses and proof data are recorded on the immutable ledger. No one has excuses or are able to deny it. Besides that, the contract could automatically execute or enforce the contractual clauses, which fix the issues existing in our traditional contract, like requiring lawyers, term ambiguity, high cost, time-consuming etc. You counter party has no way to turn against you.
One astounding features is the integration of different digital sources to a contract based on the needs. This could be digital files, picture, sound even video etc as essential part of the contracts, which will make the contract building flexible and diverse. It will create timestamped digital content and could be retrieved as required at any given time. I will give you an example as followed.
Before buying a used car (or house, boat, etc.), you can simply open Notary Platform mobile app, download a contract (template) to your phone (or you do it on a website) and insert your key information. Eventually, before you close the deal, you can add the pictures/video of car showing its current condition. Then both parties sign the contract (with fingerprint or signature). You pay a small amount of transaction fee for activating the contract. The application sends copies to both e-mails. All those data (contract + video/sound/pictures/etc.) “go” through blockchain who creates a hash and corresponding time stamp which will prove the time of origin of the digital document. The hash and the time stamp gives you an immutable proof!
The NTRY team has set Long term roadmap for developing its user oriented applications and smart contracts. Now it is still on initial stage to prepare for pre-ico. Then they have the fund to expand the team, do the marketing and develop the framework of their product.