International transactions and trades are the pillars of our global economy. If it weren’t for international trade, life would be very different. It would be virtually impossible to get your hands on a mango, a cup of coffee, and many other products you currently enjoy on a daily basis.
But despite all the benefits, international transactions also come with many associated costs and risks.
Problems like forging signatures, modifying contracts, payment processing delays by banks, and disputes between parties happen every day.
Smart Contracts: The Future of International Transactions
Cue the invention of smart contracts. Smart contracts are digital algorithms used to describe a set of terms and conditions. When the terms and conditions are met, the contract is automatically fulfilled by the Ethereum network.
Smart contracts already have many different applications and are set to revolutionize the way we carry out transactions in the future.
However, one major barrier that is currently preventing users from leveraging the benefits of smart contracts to their full potential is the requirement for programming skills. In 2014, IDC discovered there were an estimated 11 million professional developers in the world, which was about 0.3 percent of the global workforce.
For the vast majority of the population, smart contracts are inaccessible.
Confideal Allows Users to Create Smart Contracts from Templates
Confideal is a user-friendly smart contract platform that makes smart contracts accessible to everyone, meaning no programming skills are required. It removes the borders from worldwide trading to promote transparency and make the essential business tools of today available to everyone, regardless of their skills.
The platform is especially revolutionary for SMEs (Small and Medium Enterprises), where security is a necessity, and large potential losses could force them out of business.
Its main features include:
- A high level of integration
- Protection of personal data
- A built-in arbitration mode
Confideal even have a free demo you can use to create your own first smart contract.
How Confideal Works
Confideal acts as a template that allows users to create Ethereum smart contracts without any programming knowledge at all and allows its users to resolve disputes without leaving the platform. It makes creating, managing and enforcing smart contracts easier than ever before.
Whilst there are already a number of services that allow non-programmers to create their own smart contracts, these platforms cannot be considered fully integrated platforms. Confideal is unique in that it provides its own arbitration services for dispute resolution. This is a vital feature of the platform, as it is almost inevitable that disputes will occur as smart contracts gain popularity.
Anyone can make use of Confideal. At the beginning, it is expected that the main users of Confideal will be cryptocurrency-based businesses, such as miners (who can create their own equipment supply/cloud mining power rental contracts, exporters and importers who can make international supply deals with smart contracts, and blockchain-based companies.
But in the future when blockchain becomes mainstream, smart contracts have the potential to open up unlimited opportunities. For example, freelancing security without the need for third parties, international delivery of cargo using GPS-trackers, and car leasing with automatic payments.
Confideal’s ICO is Running Now
The CDL token is the main internal cryptocurrency that will be used for payments in the Confideal ecosystem. It can be used for paying for arbiters and other services.
The token was developed according to the ECR20 standard on the Ethereum blockchain. This ensures it will be fully compatible with other projects complaint to this standard.
There will be 100 million tokens in supply overall. You can buy 1,000 CDL tokens for one ETH token.
74 percent of tokens will be distributed during the ICO, which will run from November 2 to November 22, 2017. The campaign is expected to raise 70,000 ETH.
Confideal’s campaign has received high ratings and has been evaluated as “stable.” It has also been recommended to long-term investors.
You can check out the ICO here for more information.
The Future of Smart Contracts
As smart contracts become more mainstream, it will become increasingly important that they are accessible to the wider population. Confideal tackles this problem head-on, and ultimately makes international transactions faster, safer, and more accessible to everyone involved.
For more information on Confideal, you can also take a look at their whitepaper.