ShelterZoom, an award winning technology company and a market leader in blockchain, today announced the “Contract of Things” (CoT) (™). This new, patent-pending invention – in which all interrelated elements, objects, entities, and processes associated with agreements and contracts will be made fully digital, interconnected and interoperable – is the next milestone in the evolution of contracts.
The CoT concept was invented by ShelterZoom co-founders Chao Cheng-Shorland and Allen Alishahi and applies to all forms, documents, certificates, agreements and contracts. Their goal with CoT is not just to create a new vision and concept, but to initiate a movement that takes human civilization to a brand new era. ShelterZoom is leading the way by building this core platform that will become the foundation of the CoT movement.
Looking ahead, the company will incrementally release a line of CoT products beginning in Q4 of this year. In the second half of 2020, ShelterZoom will launch “CoT as a Service,” which will enable consumers and multiple industries to benefit from CoT with minimum upfront cost and effort.
Contract of Things Use Case – Medical
In the medical field, CoT can potentially solve the seemingly intractable and legacy problems of medical record management, sharing and accessibility. Access to medical information plays a major role in healthcare delivery and outcomes. With CoT, an individual’s lifelong medical history and health records will finally become accessible and shareable to the individual and the health professionals involved in their health care within a CoT network – anytime, anywhere.
Contract of Things Lifecycle Management
CoT will also allow for data, records, contracts and transactions to be tracked and managed continuously over time. CoT’s lifecycle management will apply to any person, any property, any field or any entity that requires tracking throughout its lifecycle.
“Lifecycle Management of Things” will have far-reaching applications across industries and use cases. For example, one of the major applications of CoT is to help facilitate any type of real estate transaction anywhere in the world. The numerous types of contracts required to transfer ownership or rental rights for any type of property contain dozens of components, many of which have to stay in place over the long term. CoT allows them to become interconnected with an auditable record of the information and to create interoperability across all documents, agreements and contracts involved across the entire lifecycle of a property. All documents for a property – from construction to demolition, purchase and rental transactions, insurance claims and building permits – can all be tracked and interconnected under CoT.
“What we’ve done with the Contract of Things is to take the concept of the Internet of Things, which is the interconnectedness of multiple entities, and apply it to the contract world,” said Allen Alishahi, ShelterZoom’s president and co-founder. “Contracts are basically ‘dead’ once their value has been extracted. Our Contract of Things changes this completely by creating a cornerstone for the evolution of contracts. It potentially transforms the contract world into the new digital era in which all elements, objects, entities and processes associated with structured documentation will be interoperable.”
“ShelterZoom’s vision is to become the company that establishes the dominance in the world of digital contracts and smart contracts via our invention of the Contract of Things,” said Chao Cheng-Shorland, CEO and co-founder of ShelterZoom. “By transforming contracts from a static entity to living, moving, breathing and transferable assets, we believe we’ll have a profound impact on the way the world interacts. That will put us one step closer to moving human civilization forward.”
ShelterZoom was founded with a vision to revolutionize the way people buy, sell and rent properties. In 2017, we launched the world’s first blockchain-based platform that provides a way to stay on top of every stage of property offers and negotiations. After winning the 2018 SIIA CODiE Best Emerging Technology Award, which recognizes “high-impact products,” we are developing a transformational and industry-agnostic platform to evolve contracts to Contract of Things (CoT).