Prepayway - New Paradigm of International Business Contracting

INTRODUCTION

After the blockchain technology was realized, it entered our lives as a crypto money. We had the chance to use these cryptocurrencies in many places in daily life. If we characterize the blockchain as a revolution, this revolution first began with ordinary people. The transition of large firms or companies to the blockchain took a little longer. Over the past 10 years, we have seen that millions of people have met cryptocurrencies, but big companies are looking at this technology with prejudice.

That is why companies have not already adapted to blockchain technology but ordinary peopl. Companies are at the beginning of this adaptation process. However, in 2019 we saw Facebook, Samsung, Jaguar, Amazon and many more companies invested in blockchain technology. In addition, many states have set up commissions and units to investigate blockchain technology.

Even though cryptocurrencies have already started to facilitate the lives of ordinary people, there have been some blockages in the system as the adaptations of the companies have been delayed. The Prepayway project, which I'm going to talk about in a moment, is a great project especially designed to speed up the adaptation process of firms to the blockchain.

Meet Prepayway

The main objective of the project is to offer an all-in-one solution for international finance, contracts, payments and dispute resolution. For this purpose, Prepayway wants to produce a solution that solves the problems arising from the contract or the agreements made by bringing together the lawyers, agencies and referees from a single source. Normally, these highly complex and time-consuming solutions will be much easier thanks to Prepayway.

The project wants to use blockchain technology as a solution to the problems arising from international trade. In doing so, the company does not want companies to abandon their traditional methods, and the project wants to present the old and new in the same pot. It was a necessity to integrate blockchain technology into the system, especially due to the problems experienced in international money transfers and commission fees.

How System Works?

Prepayway wants to create an eco-system that is self-sufficient and can grow in itself for all actors of international trade. Within this eco system, there will be many entrepreneurs from the real estate sector to finance. But to explain in more detail how the system works, I find it helpful to tell them one by one.

Service Providers: Service providers are an important factor that makes the system draw. They are banks, escrow agencies, payment services, neutral organizations, lawyers, notaries, IT committees and many others who require many professional skills.

• Banks, which are important actors in the system providers, are the actors who will ensure the flow of money or cryptocurrencies. Thanks to this money flow that will be provided by the leading banks of the world, the money need of the system will be eliminated. In addition, it will be much safer to trade by keeping banks and cryptocurrencies.

• Neutrality, The system for an international trade dispute needs a neutral board. This board has the ability to listen to both sides and make a fair decision. Prepayway will use these impartial individuals or organizations to solve problems arising from trade.

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• Information Technology, Information technology will be particularly useful in adapting the blockchain to the system. Prepayway wants to ensure that the system works best when using information technologies, especially by using smart contracts to make the flow of information and money more accurate. Smart contracts are a much faster and safer information technology tool, where both sides can best express their wishes.

• Lawyers and Notaries, These people are the ones who are doing the necessary work to make the international trade much safer and easier to operate. They will be able to accurately reflect the will of the two parties before and after the Agreement. In this way, everything will work in accordance with the law and rules.

How will Prepayway use blockchain technology?

Prepayway aims to use blockchain technology in all of the eco system it builds. Because blockchain technology makes money and information flow much faster, safer, less costly and more transparent. In this way, it wants to ensure that international trade is maintained much more easily and quickly. Prepayway wants the world trade to be kept free of boundaries, thanks to the smart contracts and blockchain.

The project develops two separate sub-projects in order to do all these, the first

1. Prepayway Real Estate, Elleeo, This project is planned to process money, cash and contract flows in the real estate sector through smart contracts using blockchain technology.

2. Prepayway Global Trade, Smart Arb sub-project is a sub-corporation established to provide the liquidity of the receivables and debts arising from international trade among the companies.

Inbit Token

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The InBit token is a utility token and the lifeblood of the PrepayWay Blockchain Ecosystem. The only mechanism by which a user may obtain access to the Ecosystem’s services, it is required to activate each PrepayWay smart contract and to access Elleeo financing platform and SmartArb dispute resolution services. The number of InBit tokens required to access each of the various Ecosystem services is determined by the following factors:

• The running exchange rate of the InBit token to the currency of the
  transaction;

• The contract price (either the total price or the deposit amount,
  depending on the type of contract);

• A fixed percentage of the contract price charged as a fee for using
  PrepayWay Blockchain Ecosystem.

CONCLUSION

We have said that Prepayway's aim is to accelerate the process of adapting to the blockchain of international trade in particular. Unlike traditional methods, blockchain technology is much cheaper, transparent and fast. Using this system, companies will be taking much safer and more profitable steps in international trade. Because the Prepayway project will coordinate and manage complex processes on behalf of companies. Thanks to smart contracts and other sub-projects, international trade will gain a new dimension.

TOKEN ECONOMY

PARTNERS

MEET THE TEAM

For Further Information

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