Paying for your coffee with a credit card, you may get a flash thought on how trade has become easier today. Solid copper coins may already be replaced with the new money forms. No need to go down the Silk Road to get something from overseas. Often you don’t even need to leave your place to get something from overseas. It will be delivered straight to your hands. Seems easy? Not a secret it was totally different even 50 years ago, not mentioning early centuries.
The core idea of trade relations has always been to exchange material or non-material objects, bringing a value to the participants of the exchange. While idea stays the same, the way it’s being realized keeps going through modern modifications. Our ancestors from the Stone Age were trading food and weapons to have a better life, mostly realizing their basic needs. Centuries ahead merchants, crusades, industrial challenges and increased labor productivity made possible huge circulation of goods around the world.
All the deals need to be assured by a “guarantee”. Firstly, simple trust took this role, as well as looking forward to the new deals. Then the trade relations expanded, and you could not just trust every new “customer”. That’s how contracts appeared, adding to the process more reliability. Unique signatures, sometimes even in a form of blood, as well as mutual interest in a deal, seemed like a real solution.
Nevertheless, cruel reprisals in case of violations of the agreement, mastering of tricks and fraud schemes, or even a factor of loosing or damaging the contract, showed this process is not sufficient. That’s when the lawyers step in. Simply saying, they make sure that the actions under the deal are legal and undertaken to implement.
Other modern type of the guarantee third-party is a bank. In fact, bank is able to get all your financial operations under control. Indeed, this time you don’t have to travel, let’s say, to China, together with your legal representative, just to put your own signature, buying a new laptop. You will initiate a deal, transfer your money, and then get a product. However, money won’t be transferred themselves. Even if the seller doesn’t get the money in its’ physical form, some extra numbers appear on his bank account. And that’s exactly what bank has done here.
Trusting this third-party, guaranteeing the implementation of your actions moneywise, is established for everyone by a common sense. That’s a reality. However, how about having another way of creating authorised contracts faster, simpler and without interference of the third-party?
The future is now, and here’s what on a plate: digital technologies, empowered by constant developments and innovations in a tech world, enable launching smart contracts. Smart contracts are a type of an agreement, powered by an escrow platforms, functioning on blockchain, with no third-party involved. Such contracts are safer than ever due to the use of tokens, powered by cryptocurrencies and unique for every smart contract platform.
For instance, one of such platform is called Confideal. They are making the option of smart contracts accessible to the wide audience, eliminating the need of having programming skills for any individual who wants to sell, buy, rent, work remotely, or bigger groups of small, medium and large businesses. For everyone, who wants to have their deals to be confident and safe.
Furthermore, apart from giving an access to the smart contracts templates and construction, Confideal has a constant support of the arbitrage. If both parties on a stage of modifying the contract requirements, face misunderstanding , they may address to professional and anonymous arbitrators, who will observe the case and make the unbiased decision. What’s important is the data privacy. Data is encrypted and protected by Ethereum blockchain what guarantees the immutability of the terms of the deal, when no personal information is revealed even in the process of arbitration.
Want the full control on your transaction? Get more information here.
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