With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, PrepayWay, a blockchain ecosystem that simplifies and streamlines international collaboration, contracting, and payments for companies across multiple industries has arrived.
"When most people hear the word “blockchain,” they immediately associate it with a rising trend in bitcoin and other cryptocurrency mining. While this direct association is right on point, blockchain technology, even in its young state, has already proved to be beneficial in countless numbers of business-use cases.
Blockchain has proven to be a game changer for supply chain management, specifically for product development teams in the manufacturing industry. Due to the transparency that blockchain provides, blockchain transactions enable management teams to have a complete documented history of a product, from its original inception to the transferring of goods to warehouses.
Most operation departments want more efficient, safer ways to process payments and manage other business transactions. Because of the automation and transactional transparency that it provides, blockchain technology eliminates the need for an intermediary when processing payments.
Even the future of FinTech and blockchain technology is continuously shaping itself to change the way modern businesses operate."
With that being said, PrepayWay Blockchain Ecosystem has been designed to be self-expanding and effortlessly scalable to support all types of international business operations, ranging from real estate to global commercial trade, with market size of up to 15 trillion USD.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is PrepayWay?
As depicted above and as indicated on the official website of PrepayWay, PrepayWay is a blockchain ecosystem that simplifies and streamlines international collaboration, contracting, and payments for companies across multiple industries.
Furthermore, PrepayWay is an all-in-one solution for international contracting, financing, payments, and dispute resolution. PrepayWay combines the functions of lawyers, banks, escrow agents, and arbitral institutions. PrepayWay - simple solution for complex processes.
In addition, by utilizing blockchain technology will make the transaction process more efficient, this will certainly provide liquidity for the participants and certainly can be accessed globally. On the other hand, by using smart contracts will reduce fraud or other negative things that can delay the transaction process.
Solutions Offered by PrepayWay
PrepayWay Real Estate
Contracting and escrow tool for real estate transactions
PrepayWay Global Trade
Collaboration, contracting, and payments platform for global trade
Dispute resolution with our International Smart Mediation and Arbitration Institute
Cross-border decentralized financing platform
Features of The PrepayWay Ecosystem
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.
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.
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.
How It Works?
Contribute to the development of the core elements of the Ecosystem.
Used by the Ecosystem participants as building blocks for the development of innovative Blockchain solutions.
Every solution developed by PrepayWay or any other Ecosystem participant smoothly integrates some or all of the core elements of the Ecosystem to boost business processes.
Both business and private users reap the following benefits to improve performance.
You are not limited by the scope of the space, that is, you can make trade, commercial and any other transactions wherever you are and from what country would not be your business partner;
Examples of contracts are drawn up in different languages to make it easier for you to learn them and not to waste time on their translation;
Contracts are always drawn up by professional lawyers, which increases the overall level of security of your transaction;
The contract is drawn up in such a way that its information form is accessible and understandable for each of the parties;
The developers made sure that the services for payment were the most accessible and convenient for all participants of PrepayWay. That is why they provide such an amazing opportunity to pay for transactions in both Fiat and electronic currency;
The use of blockchain technology allows not only to securely store all records, but also to protect them from any hacker attacks and other fraudulent activities.
About The PrepayWay Token
InBit is a native token that will be used on the ecosystem and it's a utility token. Initially this Token will be based on Ethereum Blockchain technology (ERC-20) and maybe in the future this token can be swapped to their own blockchain (Still being developed to meet ecosystem needs). This token can be used by holders to pay for services available in the ecosystem. No more tokens will be generated after TGE until the PoUalgorithm starts.
Token protocol: ERC20
Total token supply: 12 763 636 364 InBits
Token supply during Sale: 6,500,000,000 InBits
ICO sale date: 19 March, 2019
Token price: 1 InBit = 0.01 EUR
Accepted currencies: ETH
Hard Cap: 50,000,000 EUR
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.