Yuval Noah Harari is one of my favorite authors. He is a historian and likes to explain why humans dominated the world. In his books and his speeches, he highlights this great truth: humans dominated the world because of their ability to collaborate! When you think about it, it will strike you that no single human can produce any device that we use today. Not even a pencil! These things that we take for granted are all products of human collaboration. Companies and governments, for example, are big machines of collaboration.
We live in the age of international trade. The world is much smaller thanks to the advance of technology compared to what it was centuries ago. Global commerce greatly benefited from the advent of the internet! Things got easier. But guess what comes next? The blockchain technology! PrepayWay is a project that aims to bring this new technology to make global commerce better, easier and safer. It is actually hard to believe that global commerce still functions by paper documents in this digital age. So these manual paper-based processes can not offer transparency, security, and flow of trusted information that is quite possible with the use of blockchain. The PrepayWay’s way of achieving that includes decentralized blockchain and self-executing smart contracts.
Banks, lawyers, escrow agents, and arbitral institutions now play essential roles for global commerce but PrepayWay can combine all of their functions and become the one-man show that handles international payments, financing, contracting and dispute resolution all within its ecosystem.
CORE ECOSYSTEM ELEMENTS:
Legal Contract Templates: Standardized yet customizable legal and enforceable contract templates will be provided by PrepayWay on their online platform. They will be created by legal experts and will be translated into many languages. This will erase the necessity of employing translators and lawyers. Since these contracts will be recorded on the blockchain, the problem of security becomes an issue of the past.
Smart Contracts: First let me remind you the definition of it: "A smart contract is a computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. If and when the pre-defined rules are met, the agreement is automatically enforced. The smart contract code facilitates, verifies, and enforces the negotiation or performance of an agreement or transaction. It is the simplest form of decentralized automation." So the conditions of the contract are coded in a smart contract, and it runs smoothly if participants fulfill the conditions, if not, a dispute arises and the smart contract is “frozen” until an independent arbitrator’s decision is issued.
Payments: Fiat and digital payments are possible with the integrated payment solution of PrepayWay. Licensed escrow partners are ready as well.
Digital Currency Transaction: Smart contract does not release the money of the buyer to the seller until the seller uploads proof of fulfillment of the contractual conditions.
Fiat Currency Transaction: With the help of the escrow partner/bank, such transactions run smoothly.
Smart Dispute Resolution: SmartArb (International Smart Mediation and Arbitration Institute) provides alternative dispute resolution (ADR) services for international business disputes in smart contracts.
There is no doubt that global commerce is better when collaboration is better. And it is clear that the blockchain technology will have a big role in that regard. PrepayWay is on the right way and has a bright future ahead.
PrepayWay ICO Whitepaper = https://prepayway.com/PrepayWay_Blockchain_Ecosystem_Whitepaper_EN.pdf
PrepayWay ICO Website = https://prepayway.com
Telegram: https://telegram.me/prepaywaychat
ANN thread: https://bitcointalk.org/index.php?topic=5065060.0
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*Disclaimer: None of this information is intended to be financial advice. This article shows my personal opinion and I advise everyone to do their own research.
