The contract takes force as soon as both parties sign it with e-signatures and requires specific elements in order to be executed automatically. For instance, a first-order requirement is the presence of cryptocurrency accounts of those involved. In other words, the executable code should have unhindered access to the smart contracts objects. Besides that, all of the smart contract conditions should be described mathematically and have a clear execution logic, and this is the reason why the first smart contracts in Jincor will be based on the simplest corporate relations, which involve just a few elements. Given that the code has the full access to the objects of an agreement, its execution and compliance will be handled automatically with account for the fulfillment of the smart contract conditions. To sum up, smart contracts automate contractual business relations and provide their total performance. First of all (Q4 2018), Jincor team will create smart contracts for the following applications:
- Regular payments;
- Partner programs;
- Signed transactions;
- Business-to-business commerce.
Although smart contracts are executed in decentralized environment eliminating the human factor, it is important to realize that there are many cases which may require external interference, no matter how explicit the smart contacts are. For this reason we have developed a decentralized arbitration system aimed at settling disputes arising with the smart contracts execution.
Arbitrage. In case when the execution logic of a contract is not defined clearly enough, the parties to the agreement may be drown to a dispute. This is particularly so with the cases related to the real-world actions and goods. Offline, there are clear regulatory mechanisms for such issues: should the parties have any disputes related to the contract performance, they can always take legal action. The similar patterns should be implemented within the digital jurisdiction, too. For that very reason we created Jincor Arbitrage, which help settling disputes related to the execution of smart contracts.
Jincor arbitration system let the participants of ecosystem resolve arising disputes right there, within the platform. There are three arbitration levels in Jincor: the first requires participation of three arbitrators (i.e., organizations who take the final decision), the second requires nine trusted participants, and the third level involves twenty-seven organizations aside from the parties to dispute.
In order to preclude the possibility of bias and corruption element Jincor arbitration system keep the personalities of parties to the case (and the companies to which they belong) in the dark, so that the arbitrators considered just the facts of the matter. In compliance with the foundations of decentralized society the arbitrators are chosen with the use of mathematical algorithms, which analyze their digital reputation, competence domain and practical experience in the given jurisdiction and economy sector.
With the view to motivate organizations and experts to attend the legal proceedings, Jincor arbitration system provides remuneration for arbitrators, which is paid by non-prevailing party on completing the process.
Within the digital jurisdiction of Jincor smart contracts will be available only to verified users. In common with real world, tainted reputation in the cyberspace will close any available space for irresponsible actors and hinder their further development.
Cryptocurrency wallets is a decentralized module which enables creating of enterprise and individual cryptocurrency wallets. Alongside cryptocurrency transactions these wallets open the door to a wide range of financial instruments used in business, such as bills of credits, overdrafts, insurance of payments and etc. Companies are able to create multiple cryptocurrency wallets for one account (enterprise or individual), which makes it even easier to organize bills and maintain book-keeping.
For further security it is also possible to create multisig wallets, which require approval from a number of people responsible for the wallet to get transaction processed.
Along with basic payment options Jincor cryptocurrency wallets also provide a full range of financial instruments, which one might need while doing business.
E-documents is a decentralized application (dApp), which is embedded in Jincor Messenger interface and allows to securely store, send and sign with digital signatures all kinds of electronic documents (Jincor ecosystem supports several authorized providers of digital signatures). All working papers, which are loaded into Jincor Messenger and signed with e-signatures, are written to the blockchain in order to guarantee their authenticity and save revision history. This application, as well as digital signatures, can also be used for signing contracts between the shareholders, employees and other parties.