Jincor is a platform designed to allow businesses to work with cryptocurrency payments and smart contracts. It is secure and straightforward to use and comes with no technical, legal or operational complications. Users get to enjoy the cost-efficient nature of it. The platform itself is based on Jincor Private Blockchain, meaning that companies do not have to develop and implement their blockchain technology.
Company staff will be able to transact cryptocurrencies in different blockchains in a transparent way that meets compliance standards. Hyperledger, a blockchain technology, will write the smart contracts. Jincor is capitalizing on the ease with which anyone who’s tech-savvy will be able to register, initiate an agreement and pay a supplier. It’s so effortless that the company states that a 5-year-old kid child who’s fantastic with iPad user will be able to operate the app.
The heart of it all is to eliminate human error, flawed business commitments, and injustice that often plagues the corporate model. In turn, it will be able to bring businesses, big and small alike, closer to blockchain technologies.
Tackling issues that come with using smart contracts
Though each organization has its own specific needs that correspond to their niche and corporate structure, Jincor deals with the common areas that affect them. One of the domains is business operations. Companies tend to bleed money due to wayward business partners and contracts. They also suffer in the hands of mistakes made by someone in the chain of people signing off on, handing and executing payments. If this has been your narrative, then blockchain is for you.
Smart contracts automatically implement the terms of a contract between two parties, especially in a case where there’s a form of mistrust. For example, say you want to purchase something from someone, but you’re not sure they’ll deliver on their end. On the other hand, the supplier doesn’t want to ship before receiving a prepayment. A smart contract is free of manipulation; as soon as you get your goods, funds are released to the other party.
This method of transaction removes intermediaries such as banks and lawyers from the equation, who tend to increase the fees. Though Jincor is offering the service, they’ll be in no way involved in the execution of a contract. Having a smart contract and a crypto wallet can save you $2700-3300 in annual bank fees. All you have to do is send payments directly to the company or individual. If you’re tired of dealing with third parties and the amount of time it takes to execute a contract, then you should consider blockchain.
Another area of that can prove to be somewhat stressful is international trade and settlements. A McKinsey report published early 2017 said that cross-border B2Bp payments made on blockchain could have businesses saving $50-60 billion due to delays by 2021. Depending on the nature of the agreement, it takes three days to two weeks to settle international payments. Smart contracts allow you to make settlements in real-time, reducing operational costs and liquidity.
One of the problems facing this economy is the legal vacuum in the crypto and smart contracts ecosystem. This lack of assurance can make it hard for any company to trust a blockchain to handle their transactions. To fill this gap, Jincor will provide legal support in issues including platform features. This support comes in the form a detailed instruction and explanations compiled by the legal department in collaboration with global partners.
Smart contracts tend to be associated with expensive technology, but Jincor is offering user templates. Hiring a professional to come up with such an agreement can set you back $5,000-7,000, not to mention the time it takes to have the final product and the cost per contract. Their smart contract templates don’t need to you have the technical skills to operate it.
The cryptocurrency does not have regulations and compliance guidelines governing it. It, therefore, makes it harder to confirm the persons or organizations participating in a deal. With this blockchain company, every user has to go through a strict verification process. That means the digital ID of every person or business registered matches their real identity. Users meet the platform regulatory and corporate compliance policies.
When setting out, Jincor sort to create a platform that saves companies time and money spend in business transactions. Even with the hurdles facing smart contracts, the company may just have come up with a workable solution that big and small organizations can adopt.
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