Employing blockchains allows value exchange without the need for
trust or the involvement of a central authority. Multiple third-party
confirmations of transaction details, recorded as blocks in a chain,
replace multiple phone calls and countless papers, deliver immutable
data verification, and assure the key parties involved in a contractual
relationship that the terms of the contract have been fulfilled and
that the transaction that the contract governs has been completed.
Whenever
a party chooses not to or fails to fulfill its contractual
obligations, the resultant dispute can affect all parties involved in a
transaction, driving up costs even further. In this case, blockchains
facilitate dispute resolution by making immutable contract and
transaction records accessible to all parties on the blockchain. Both
businesses and consumers benefit f rom the time and cost savings that
this type of process automation ensures.
When
the immutability, increased transparency, security, speed of
settlement, reduced risk of fraud, and automation of contracts secured
on the blockchain are taken into consideration, employing blockchain
technology across several stages of a transaction has the potential to
unlock tremendous value for all the parties involved. Embracing
blockchain technology can signif icantly compress execution times while
dramatically increasing performance and security.Current solutions
designed to hedge risks, such as letters of credit (LCs), involve an
intermediary, a bank or other f inancial institution, that alleviates
the burden on all parties involved by assuming many types of business
risk.
Nevertheless,
employing LCs is costly, and processing of contractual terms may
nonetheless be delayed or even cancelled; for instance, according to the
World Bank[1], in certain industries up to 50% of LCs may be denied.
Blockchain-enabled trade networks can benef it all stakeholders by
reducing f riction f rom logistical and operational inefficiencies
across the trade value chain. In the short term, employing blockchain
technology optimizes business processes by reducing redundancies and
implementa-tion inefficiencies.
PREPAYWAY Value Proposition
PREPAYWAY Blockchain Ecosystem
Businesses from various industries join PREPAYWAY Blockchain Ecosystem and integrate the blockchain technology with their traditional business processes, creating and by developing tailor-made innovative business solutions to suit specif ic requirements and address specif ic needs. Every solution developed by PREPAYWAY smoothly integrates the core elements of PREPAYWAY Blockchain Ecosystem with traditional business processes. Driven by the token economy, our self-evolving Ecosystem will continue to grow and develop.
Detailed Description of the Core Ecosystem Elements
Legal
Contract Templates PREPAYWAY provides standardized yet customizable
legal and enforceable contract templates prepared by legal experts and
translated into multiple languages. Instead of employing lawyers and
translators and spending signif icant amounts of time and money
preparing contracts and writing up terms and conditions, trade-related
contracts can be easily created and signed on our online platform,
recorded on the blockchain, and easily referenced along with other
transaction details. Transparency and trust accelerate the speed of
transactions, reduce transaction costs, and minimize the likelihood of fraud. The frequency of disputes is also signif i-cantly reduced.
Payments
PREPAYWAY offers integrated payment solutions for transactions in both digital
and fiat currencies powered by licensed escrow partners.
Digital Currency Transaction
The buyer of a product or service deposits the appropriate amount of InBit tokens into the smart contract, where the tokens are held until the other party uploads proof of fulfillment of the contractual conditions. At that point, the smart contract will trigger the release of the tokens to the receiver.
Once the contract is activated, the buyer of the product or service transfers the contractual amount to the PREPAYWAY’s partner escrow account. The escrow partner/bank creates and encrypts the sets of payment orders and records them in the smart contract. When the other party uploads proof of fulf illment of the contractual conditions, the smart contract triggers the release of the money from the escrow account to the receiver.
PREPAYWAY offers an intelligent system for alternative dispute resolution (ADR) services for international business disputes. Any smart contract can use the SmartArb mediation and arbitration clause in code form to add a layer of security to any smart contract to ensure that disputes will be resolved quickly and fairly. SmartArb encompasses a network of independent certified experts in international mediation and arbitration and provides a tiered system of fair, efficient, and reliable dispute-resolution services for businesses worldwide.
Digital Currency Transaction
The buyer of a product or service deposits the appropriate amount of InBit tokens into the smart contract, where the tokens are held until the other party uploads proof of fulfillment of the contractual conditions. At that point, the smart contract will trigger the release of the tokens to the receiver.
Fiat Currency Transaction
Once the contract is activated, the buyer of the product or service transfers the contractual amount to the PREPAYWAY’s partner escrow account. The escrow partner/bank creates and encrypts the sets of payment orders and records them in the smart contract. When the other party uploads proof of fulf illment of the contractual conditions, the smart contract triggers the release of the money from the escrow account to the receiver.
Smart Dispute Resolution
PREPAYWAY offers an intelligent system for alternative dispute resolution (ADR) services for international business disputes. Any smart contract can use the SmartArb mediation and arbitration clause in code form to add a layer of security to any smart contract to ensure that disputes will be resolved quickly and fairly. SmartArb encompasses a network of independent certified experts in international mediation and arbitration and provides a tiered system of fair, efficient, and reliable dispute-resolution services for businesses worldwide.
PREPAYWAY Blockchain Ecosystem: Benefits for Participants
Both businesses and private users of the Ecosystem benefit from business process optimization, reduced costs, and a safer business environment.
Efficiency
Blockchain technology reduces the need for intermediaries, thereby reducing costs and speeding up transactions.
Blockchain technology reduces the need for intermediaries, thereby reducing costs and speeding up transactions.
Versatility
Transactions in both f iat and digital currency are supported.
Transactions in both f iat and digital currency are supported.
Transparency
All transaction data are recorded on the blockchain to ensure accuracy, consistency, and transparency.
All transaction data are recorded on the blockchain to ensure accuracy, consistency, and transparency.
Security
Data immutability on the blockchain in combination with self-executing smart contracts minimizes the risk of data tampering and fraud.
Data immutability on the blockchain in combination with self-executing smart contracts minimizes the risk of data tampering and fraud.
Efficient dispute resolution
Professional dispute resolution services developed for smart contracts deliver arbitral judgments judicially enforceable in 159 countries.
Professional dispute resolution services developed for smart contracts deliver arbitral judgments judicially enforceable in 159 countries.
Token Generation Event (TGE) Overview
A Token Generation Event will be conducted in compliance with KYC regulations. Citizens or residents of restricted jurisdictions are not eligible to participate
InBit Token Demand
As long as the contract remains in force and effect (until its execution), the service fee paid in tokens is locked as part of the smart contract. Increased usage of PREPAYWAY Ecosystem services will increase the number of InBit tokens locked in smart contracts. Less tokens mean higher value. As the Ecosystem grows, the demand for the tokens will also increase.
The demand for our smart contracts has a direct relationship with the number of InBit tokens frozen at any point in time. Thus, InBit token price dynamics reflect its usage in the real economy rather than speculative moods.
Inbit Token Demand Key Factors
2. Development of a proprietary Blockchain
3. Growing volume of transactions concluded in the InBit tokens
4. Expansion of the PREPAYWAY Ecosystem by attracting businesses f rom multiple industries and regions
InBit Token Demand Dynamics
1. While the Smart Contract is active, the service fee paid in tokens is locked as part of the Smart 2. Contract The more Smart Contracts are in use at any point in time, the more tokens are locked.
3. The number of the InBit tokens frozen at any point in time has a direct correlation with the demand for our Smart Contracts.
For More information :
Facebook : https://www.facebook.com/PrepayWay/
Website : https://prepayway.com
Authors : Tellysa
Bitcointalk's Profile : https://bitcointalk.org/index.php?action=profile;u=1898514
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