PREPAYWAY REVIEW

karldark (40)in #cryptocurrency • 5 years ago

INTRODUCTION

International business transactions before the advent of the internet were greatly limited to big establishments with the financial capability to process the relevant paperwork and make the necessary payments to the relevant parties involved in the supply chain of the transaction. Although the internet has helped in making the process more efficient by significantly reducing the time spent on communication, it has done very little in making the process more efficient; traditional methods of legal documents processing like contracts and other relevant verifications are still being employed resulting in a significant wastage of time, money and other valuable resources.

As technology continues to evolve and more efficient means of verification and transaction have been developed, it is imperative that a more efficient solution for the conducting of international business transactions be developed, regardless of the sector of the business transaction. This way, both multinationals and Small and Medium Enterprises (SMEs) looking to benefit from the international business market can easily leverage on the technology/platform to reduce the expended resources on the transaction paperwork.

PREPAYWAY- THE WAY FORWARD

The advent of blockchain technology has pioneered a new era of trustless transactions where two or more parties can easily carry out transactions without the need for a third-party to verify the credibility, authenticity, and integrity of the transaction. Take for instance, a buyer in France, interested in making a downpayment on a mortgage in Spain, if the involved parties don’t want to transact based on trust (which is a terrible idea), there is the need for the buyer to verify the authenticity of the listing, the ownership of the property and ensure that the relevant paperwork is intact. This process is very inefficient, resulting in significant wastage of valuable resources.

The use of blockchain technology, through the Prepayway ecosystem significantly increases international trade efficiency while reducing time spent on traditional processes. The Prepayway ecosystem has numerous solutions which can easily be integrated into traditional businesses. These solutions include:

PREPAYWAY REAL ESTATE: The Prepayway Real Estate facilitates the easy and seamless reservations of real estate properties while eliminating unnecessary intermediaries and removing the possibility of fraud. This results in a direct and transparent process which is flexible and secure.

PREPAYWAY GLOBAL TRADE: The Prepayway Global trade was developed in order to pioneer a new era in the market of global trade where transactions are recorded on the blockchain, resulting in a more efficient process without the need for excess paperwork and complex document flow, while significantly reducing the cost of drawing up a standard contract.

SMART ARB: This serves the function of mediating and arbitrating transactions within the Prepayway ecosystem for the purpose of providing fair and efficient resolution of disputes for smart contracts in their eventuality. SmartArb encompasses a network of independent experts that are certified in international mediation and arbitration.

ELLEEO: Elleeo offers users of the Prepayway platform collateralized loan services. Users can easily obtain loans from the platform upon the submission of collateral and the fulfillment of other relevant verification criteria. Lenders are protected from fraud as relevant security check is carried out in order to verify the identity and ascertain ownership of the property submitted as collateral.

HOW IT WORKS; CORE FEATURES

One of the core features of the Prepayway ecosystem is legal contract templates. One of the major limitations is international businesses are legal issues. Prepayway realizes that the laws for various countries and jurisdictions are different, hence, its development of contract templates which are customizable, eliminating the need for the hiring of a lawyer for drafting legal paperwork. These templates can be easily accessed as it is publically stored on the blockchain.

Smart contracts are effected once an agreement is reached and the legal contract signed. The legal contract is usually saved in three(3) formats; a signed document which is encrypted, data in the database, and as smart contracts, in order to ensure extra security of data and document. These smart contracts require a fee in order to be activated. These smart contracts make it easy for transactions to occur without the need for a third party as the smart-contract functions as a traditional contract but checks to ensure that the transaction criteria have been fulfilled.

The Prepayway ecosystem has an intelligent alternative dispute resolution (ADR) service SmartArb which can easily be used by smart contracts by adding its mediation and arbitration clause which is in the form of codes in order to resolve disputes in the eventuality of any and add an extra layer of security to the transaction.

Payments on the Prepayway platform can easily be made using fiat currency, Inbit, or any other accepted cryptocurrency.

THE INBIT TOKEN

Inbit is the native cryptocurrency of the Prepayway ecosystem, it serves as the financial model for providing liquidity on the platform. The use of a native means of payment completely eliminates the challenge of currency conversion, cross border fees and other expenses which may arise as a result of foreign exchange and international transactions.

The Inbit token is issued on Ethereum which facilitates fast and cheap transactions with top-notch security. Subsequently, when the Prepayway blockchain which employs Proof of Use is launched, the Inbit token will be swapped in a 1:1 ratio.

Inbit is being offered to members of the public through a token sale exercise, more details on the token and the exercise can be found below.

CONCLUSION
Prepayway has a partnership network of over 50 establishments in various countries around the globe, an indication of the dedication of the team to the vision of the Prepayway project in becoming the global solution in international business facilitation.