Jincor is a decentralized and straightforward web application that lets anyone without the tech insight enjoy its benefits. Management conducted on Hyperledger technologies, a private blockchain. Users get templates that help with smart contracts, managing companies and employees, cryptocurrency payments and. The interface is user-friendly, making easy for anyone on the management chain to use and transact.
The company module deals with employees and promotes seamless organization operation. With it, you can manage the company, send invitations to employees and define their roles. Each organization that joins Jincor gets a one or more cryptocurrency accounts, a unique digital ID, a public profile, a URL and the list of participants. This curation makes it easier for other people and companies within the platform to run a search.
Public profiles act as digital business cards. People or organizations seeking to collaborate or just contact a company can do it in one easy click. The information you get includes the trading name, category of business, industry, a location of headquarters, website, social media links and contacts.
Individual participants and organizations can own cryptocurrency accounts that they can use for making payments, receiving wages, dividends, and other transactions. Smart contracts such as labor contracts, loan agreements, bonuses distribution policy and others can be organized using Jincor’s platform. Using it eliminates time taken to draft a traditional contract and human error that’s often the case when formulating one. This system also fosters transparency, fairness, and trust, elements often lacking in financial transactions between companies and between companies and employees.
Each employee gets a basic profile, but depending on company role, they can be bumped up to administrator rights, granting them access to the entire system. Management issues this type of access. Different departments can form their sub-organizations within their Jincor account to make operations smoother. If your company’s organizational structure is complicated, this system will aid in simplifying how different departments and branches run.
The hindrance to the widespread adoption of Jincor is that not all jurisdictions permit the paying of salaries and dividends in cryptocurrencies. They do however promise to make reasonable effort to ensure legality thereof. A registry indicating what lands permit payment in cryptocurrency will be available to you. Should you decide to proceed, you’ll get a warning about the validity of the transaction.
Cryptocurrency operates using smart contacts, and companies stand to gain much from their adoption. Some advantages are that they give small-scale businesses global reach, corporations make massive savings in transactional costs and create trust between parties. While this sounds easy enough, people are not oblivious to how difficult it can be.
Adoption of smart contracts has not been widespread due to the high costs that come with employing a coder specialized in cryptocurrency. Jincor found a way to get around this issue, and this is where their templates come in. Its mission is to let companies create smart contracts even though they aren’t proficient in what it takes to formulate one. A user can write a smart contract to a blockchain; it has the same makings of what Jincor use on their blockchain.
The simplification of the process makes it relatable as making online purchases. It does, however, come with added features; e-signatures via third parties operating in a given jurisdiction, digital verification mechanisms and a decentralized arbitration system that allows for fair settlement of disputes.
Creating a smart contract
To create one, you’ll require Jincor (JRC) tokens. You can purchase the desired amount from the company. The templates available are Employment Agreement, Service Agreement, Supply Contract, Purchase & Sale Agreement, Insurance Agreement, Lease, Franchise Agreement, Option Agreement and Sponsorship Agreement. As mentioned before, Jincor cannot guarantee that a smart agreement will be honored by both parties especially where cryptocurrency is not a recognized means of payment. For this, a company is advised to follow through with more traditional contracts to avoid loopholes.
While using Jincor’s application to streamline operational needs is beneficial, until a time where cryptocurrencies are a globally recognized currency, one should consider additional measures. Doing so may come across as an inconvenience, but in this case, in a crypto economy, the gains outweigh the hitches.
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