The concept of bail has been around since 399 BC with Plato tried to get a bond for his friend Socrates. It's been a problem a long time. If you read the whitepaper, part of the platform is to do exactly what the big insurance companies backing bail bonding agencies, lobbyists and PACs are doing by making investing in similar efforts to derail the system. Calling out the big insurers profiting off bail.
What this platform does is match bail requests with people willing to make small contributions to helping to pay someone's bail. Knowing that if the bail is paid in full it's returned by the courts when the accused attends trial.
It would be the same as someone putting up a gofund me page. Except it happens much faster and it's already funded.
When bail is paid in full it's returned by the courts when the person attends trial (regardless of the trial outcome). What this platform does is get many people "token holders to make small contributions to paying someone's bail. When they attend court the payment is returned back to the token holders.
Again, the risk assessment is simply used to provide a risk factor to token holders who are contributing to bail payments. So "Bob" is willing to help contribute to bail payments for any low-risk offender. While someone else may be willing to make contributions towards a high-risk offender. It's not used in the court system to make any decision. Only on the platform.
Not just family. But anyone can apply for bail. Even the offender can dial a tollfree number to apply. The risk assessment is used to predict the likelihood of FTA (same risk assessment being using in court systems today). This factor is provided to "peers" to help them determine if they want to contribute to bail payments.
Mainprise is a startup building a peer-to-peer bail payment platform on NEM Blockchain. The BAIL Token platform will enable family and friends to request low fee bail payments. Instead of throwing money away on bail bondsmen. Families apply for bail on the platform. After verifying their identity, they provide details on the accused such as name, bail amount, arrest charge, jail location, and booking number. The details along with details sourced from public data are fed into an AI-based risk scoring tool to generate a risk score. The tool will use data from millions of cases to help determine if the accused is likely to skip trial or commit another crime if released. Based on the score a fee of 0-3% is paid by the applicant.
Once the accused is released, we monitor the court calendars and notify them of court dates and changes. After attending court and regardless of the verdict, guilty or innocent. The bail payment is refunded by the court and returned to the token holders along with a share of the fee collected.
What this platform does is match bail requests with people willing to make small contributions to helping to pay someone's bail. Knowing that if the bail is paid in full it's returned by the courts when the accused attends trial.
It would be the same as someone putting up a gofund me page. Except it happens much faster and it's already funded.