Global commerce is burdened by unreliable and largely manual paper-based processes characterized by a lack of transparency and an absence of secure, trusted information. As a result, suppliers, buyers, and transporters involved in international transactions suffer cash flow delays, payment disputes, and difficulty in maintaining liquidity. However, the advent of blockchain technology can eliminate these difficulties, ensuring the validity and security of transactions involved in the global movement of goods and delivery of services. Moreover, by automating payment methods such as letters of credit, it can eliminate inefficiencies, streamline business processes, reduce operational complexity, and reduce transaction costs.
The PrepayWay’s mission is to remove the aforementioned burden by integrating decentralized blockchain and self-executing smart contracts with business processes to introduce a new paradigm in international commerce. Specifically, PrepayWay offers the following:
- legally binding contract templates developed by legal experts in accordance with the appropriate national laws and regulations and translated into multiple languages;
- self-executing smart contracts containing coded terms and conditions of the contracts;
- an integrated gateway for digital and fiat currency transactions powered by licensed escrow partners;
- cross-border decentralized financing solution;
- secure storage of records of smart contracts and transactions on a blockchain;
- efficient and enforceable dispute resolution by SmartArb, the International Smart Mediation and Arbitration Institute.
No single company can unlock the potential of blockchain alone. The PrepayWay Blockchain Ecosystem integrates blockchain with existing business functions, leveraging it to generate value and accelerate growth. The resultant synergy will result in opportunities for strategic partnerships and access to innovative technology.