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It might be hard for the younger generation to believe, but there was once a time when people were not able to buy online. However, Amazon once digitized goods to change the way we did our shopping. Today, online shopping has become a natural part of our everyday life, saving consumers both time and money. Now is the time to digitize deals between two persons from different corners of the Earth on blockchain. Similarly, with online commerce evolving to include cryptocurrencies, BANKEX is developing its Digital Deal to bring public confidence to the world of cryptocurrency.
In modern society, no one bats an eye when purchasing or selling items when they see the Amazon logo behind the payment service. However, security of in online purchasing wasn’t always the case. At one point, it was a challenge for consumers to trust that some retailer in some far-flung location on the globe would actually send the thing they had said they would. Similarly, it was hard for retailers to be sure that they could have faith in receiving the payment from the customer.
This all changed with the advent of services like Amazon Pay. Instead of money being handled by some unknown provider that may or may not have its clients’ best interests in mind, now small online shops could bring faith to their transactions by implementing a service from a trusted name. Also, for the more skittish individuals, there was also an escrow service included, so the world of digital finance expanded and confidence grew in the system.
Amazon.com began by selling books. Once having digitized goods, it is now the go-to site for online shoppers and merchants alike. A titan of e-commerce, logistics, payments, hardware, data storage, and media.
The Growing Cryptosphere
The cryptosphere now finds itself in a similar situation to that of e-commerce back in the early 1990s. A problem today with cryptocurrency is that there is no established recourse by which someone who is not satisfied with the service can take in order to rectify the situation.
And, more than this, some crypto services cannot be purchased in fiat from someone you can meet in person, to sign a contract or invite a lawyer. The only thing you can hope for is that an anonymous wallet holder from the other part of the planet will be a good guy. In a better situation, you may find information about the other person’s wallet transactions; however, there are still no guarantees that you won’t become a victim.
Why Amazon pay isn’t the answer?
Unfortunately, there is a problem with trying to apply the Amazon model to the cryptosphere. The crux of the issue is that Amazon’s solution was a centralized one that depended on the reputation of the company itself, first and foremost. While its escrow service was indeed a transformative measure within the burgeoning world of digital finance, the service mostly functioned based on the derived trust consumers already had in the e-commerce giant.
Obviously, this system is inappropriate for decentralized cryptocurrencies. And, more importantly, while Amazon is the best e-commerce company, there still needs to be a similar solution for the new deals and the new currency if it is to develop and change digital finance to the degree crypto evangelists promise.
Enter BANKEX Digital Deal
BANKEX Digital Deal is a set of applications that were developed to solve the above-mentioned issue. Every single step of a deal occurs on a level of pure code, meaning that the solutions and the currency function with symmetric logic, and the systems foreign to the cryptosphere aren’t imposed. In addition, unlike Amazon, BANKEX’s solution is not further centralization of trust in a third party – it goes in the total opposite direction. No longer do individuals have to rely on others to carry out the required actions – all trust can be placed in the focused programming that isn’t affected by human capriciousness or subterfuge.
BANKEX Digital Deal is a suite of products that allow clients and contractors to offer each other the necessary guarantees so they can work together without intermediaries.
The deal starts by creating something similar to a regular contract. BANKEX Trust allows two parties to sign a set of terms and conditions with the private keys from their wallets. They then attach whatever files they need to document their agreement, and record it to the blockchain. This serves as unfalsifiable proof that both parties entered into the contract, thus, holding them accountable in case of a dispute.
After the contract is signed, the client deposits funds into an Escrow wallet. The contractor sees that their payment is waiting for them, and then gets to work. When the contractor delivers, the client releases the payment. BANKEX Escrow keeps both parties reassured that everything is working as it should.
Of course, issues do arise, whereby, the provider and the client disagree with what occurred. However, when a dispute does arise, users can start a case in Smart Justice – BANKEX’s decentralized arbitration platform.
For any case pending on Smart Justice, enough independent arbitrators will be randomly selected so that the Law of Large Numbers puts overwhelmingly statistically-likely justice on the side of the wronged party. The arbitrators can examine each party’s existing record of disputes, look at the materials attached to an agreement created in Trust, and view whatever additional materials the parties to the dispute provide.
The Next Step for Digital Finance
BANKEX Digital Deal is a complete end-to-end business ecosystem that blockchain needs to grow out of from its transitional analog-to-digital stage. With the evolution of finance from fiat to crypto, the systems enabling its processing online also need to evolve.
BANKEX Digital Deal is a secure, robust solution that will take digital finance to its next crypto stage – one of public confidence and widespread use. Best of all, BANKEX doesn’t charge the 5+ percent commission that centralized platforms do, so using this new, world-changing systems, decides being simple, is also inexpensive.
BANKEX is a global top-20 fintech company. We are developing the Proof-of-Asset Protocol to bring Banking-as-a-Service product modules and blockchain together. Our complete PoA ecosystem enables the digitization, tokenization, and exchange of assets for the full development of a tokenized global ecosystem. BANKEX infrastructure services and technologies include STO framework, Custody Service, BANKEX Token Exchange, Ethereum Plasma Prime, Supply Chain, and Digital Deal.
For more information, please visit bankex.com
All news and information about BANKEX is available on the site www.bankex.com/en
For more information on this and other press release topics, contact
BANKEX Head of PR Maria Zvyagintseva, e-mail: [email protected]
e-mail: [email protected]