If you are familiar with the Ethereum blockchain and the crypto currency global market, you may already know what a smart contract is and how can it be used. Smart contracts are a great invention and are getting more and more attention, with each passing day. But what are smart contracts? According to the Blockgeeks website, smart contracts were designed to facilitate the exchange of money, property, shares (and anything else that is of value), in a transparent, conflict-free way - all these operations are done while avoiding the services of a middleman. This saves not only time, but also conflicts. To conclude, smart contracts are faster, cheaper and safe to use (most of the times they are more secure than traditional systems) - even banks or governments are starting to use them. Blockgeeks even has to courage (or inspiration) to conclude by saying that in the future, smart contracts will replace lawyers.
However, because they are still seen as a fresh or modern concept, most of the people see consider them to be so frustrating to handle. To address all of these issues, a new platform was created - it is called Confideal and was designed to be a platform for making safe and fast international deals through smart contracts, on Ethereum blockchain.
Some of the reasons it now exists is to provide:
- firm multilateral deals
- delays and automated payments
- creating custom tokens
All of these features are present in a single contract constructor - easy and intuitive. How does Confideal work? The moment a smart contract becomes part of the blockchain, it is kept there continuously. In the blockchain, the data is so tamper resistant that no one can modify it. During the process, contracts can either be ended or closed out successfully - this is done, of course, by common agreement of the parts involved. The payments for goods and services are done instantly by using a smart contract. Why? Mainly, because there are no banks involved in this process (as we all know, Blockchain is decentralised). Moreover, the smart contract creation and the payment happen at the exact same time - this means that if a contract is acted, without any signs of doubt, the customer also has the sufficient funds needed for the respective contract to be approved.
But you may suddenly ask yourself right now? What if a dispute arises? Where can the companies or persons involved turn to, in these situations? Confideal has thought of that as well and therefore it offers arbitration for such cases.Unprecedented in blockchain platforms and impartial panel of experts and legal firms resolve it - fair and just.
Take part in the Initial Coin Offering of Confideal, starting November 2nd 2017 on https://confideal.io - here you will find a FAQ section, details regarding the ecosystem Confideal created, several use cases, info regarding the team and other useful data. Get CDL tokens to use Confideal commision-free; vote for arbiters; convert to other ERC 20 tokens with 50% discount and sign up for the whitelist now!
