The blockchain is attracting a lot of attention and with good reason. In addition to its impressive security and reliability benefits, the development of blockchain-based smart contracts represents the future of transactions. From individuals to enterprises, smart contracts are changing the nature of the deal, and they are opening up new opportunities for business interactions. Confideal is at the forefront of this movement with their Ethereum blockchain based application for smart contracts.
Smart Contracts? Smart. Contracts.
Smart contracts are one of the most promising benefits of the blockchain. They allow parties to set predetermined stipulations that are automatically enacted when users meet certain requirements. Smart contracts act as a digital escrow service that capitalizes on blockchain features like immutability, accuracy, reliability, and transparency to ensure that transactions occur when pre-determined stipulations are met. They are smart because they do exactly what both parties agree that they should do.
Unfortunately, while smart contracts are incredibly effective, not everyone has the legal background or programming skills to create unique contracts for every situation. Enter Confideal.
A Simple Solution.
As a smart contract platform, Confideal allows users to generate, manage, and enforce smart contracts. Users don’t need legal training or a programming background. It’s an ease-of-use solution that empowers users to enjoy the promise of smart contracts. In just a few simple steps, users can enact a contract with confidence so that they can return to the most important parts of their project – the project itself.
Confideal utilizes the Ethereum blockchain, and it deals in Ethereum’s native currency, Ether. Additionally, Confideal employs an internal currency that enables users to utilize services, to vote for arbiters, and to participate in the platform. In this way, Confideal is an organized and intentional community striving for fairness, accountability, and opportunity.
A Simple Process.
Confideal is progressive with their product, but they are surprisingly simple with their process.
First, users will download the MetaMask extension for Google Chrome, This allows users to enter the Confideal ecosystem and to operate on the blockchain. To participate in a smart contract, users must have currency available. Purchasing Ether from any exchange prepares users to participate in the Confideal network. After creating an account, a simple form is all that’s required to get a contract started.
Smart contracts never fail, but sometimes people do. In the case of a disagreement, Confideal provides arbitration services through pre-appointed, third-party law firms. With this process, all users can operate with the confidence of knowing that truth and fairness is the standard of operation.
This simple process underscores Confideal’s commitment to equipping people to create safe, trustworthy agreements with one another. Smart contracts with Confideal are the backbone of future transactions with possible applications for the sharing economy, e-commerce, industry disruption, and some many other transition based systems.
Where to begin?
Confideal set a pre-ICO funding goal of $600,000. They quickly surpassed that amount and generated more than $650,000. For those looking to get involved, Confideal is creating a Whitelist for the most interested investors to participate in their ICO in early November.
With their launch, Confideal is restoring our confidence in one-another. With trust comes greater levels of productivity, collaboration, and product development. In a digital-first, globalized economy, smart contracts are the gateway to success, and it’s so profoundly simple. There is no banks, lawyers, intermediaries, or paperwork. Smart contracts are the smart way forward, and the opportunity is ready to be embraced.