Blockchain technology and smart contracts are quite popular among financial experts right now. BitCAD is a unified operating system for management designed and business analysis. Moreover, they use blockchain technology for online accounting, online banking, and much more. It is also an encrypted smart platform that will shake up the financial sector over the coming years.
What is BitCAD?
One could argue BitCAD is the major application for all business processed. The project heavily relies on a decentralized network to promote decentralized governance. This places individuals and governments on an equal level. Unlike any other type of technology, there is no hierarchy or “advisory board” in place. In fact, BitCAD may be the first major project to bring together a worldwide community for governance and business purposes.
BitCAD uses a multi-stakeholder approach to achieve community-based consensus. To power this concept, the team uses smart contracts, business processes, and DAOs. Templates have been prepared to create smart legal contracts. A common standardized code will serve as the formal language between all parties. As a result, it will take about a minute to go from the decision-making process to signing smart contracts.
Additionally, participants can determine the commission size, which affects the speed of execution. There will also be smart oracles, for the purpose of implementing smart contracts in a flexible manner. This means rules can be written in any programming language. This technology has been displayed by cryptocurrency networks already. However, it will not become available to the entire world thanks to BitCAD.
One of the most intriguing aspects is the strong focus on biometric authentication. BitCAD wants to ensure users are unique, and using biometric authentication will facilitate this process. Face recognition, fingerprint identification, and palm vein identification are three possible authentication solutions. This entire concept is quite a marvelous system, to say the least.
To be more specific, the team is currently optimizing the user biometric identification system. BitCAD will be capable of distinguishing between facial features without having to store copies of the photographs. Moreover, this authentication method will be used as an additional security layer during the crowdsale. This will give investors a hands-on experience with this technology and how it works.
There is a good reason why BitCAD wants to use facial feature recognition. The veins in every face are unique, and they remain unchanged for the lifetime of every person. Face vein authentication is one of the most secure forms of biometric identification. This authentication procedure highlights hemoglobin at a particular frequency. To scan the facial veins, BitCAD will use afilter that blocks all light except infrared. This allows standard cameras installed in computers to be used for this authentication module.
BitCAD will commence its ICO crowdsale on May 11. The sale will run for a full month, and 100 million BCD tokens will be issued. Over half of the tokens are up for sale to raise funds for this innovative project. Twenty percent of tokens will be distributed among founders, developers, and early backers. Twenty-seven percent of tokens will be used for community initiatives. The remaining two percent is reserved for post-ICO bounties.
It is worth mentioning the crowdsale was originally intended to occur sooner. However, the team wanted to perfect the biometric identification system first. Since this method will be part of the crowdsale process, ensuring it works is of the utmost importance. As a result, the crowdsale will now take place on May 11th.
A unified operating system to manage, design, and analyze businesses over the blockchain can have a great impact on our society as a whole. BitCAD is a project well worth keeping an eye on. Make sure to check out the whitepaper as well, as it contains a lot of valuable information.