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Utilizing smart contracts for exchanging goods with digital assets, “Qilin.Market” creates secure escrow for both parties, assuring money–back guarantee for buyer and secure funds transfer for seller.
Buyer transfers payment on smart contract that holds funds till the product is delivered. Distributed ledger ensures no one* can take funds before independent delivery service will confirm the purchase through external oracle. If the product is of the good quality and is accepted by Buyer, Seller receives money and Delivery service has its profit.
Transactions take place directly between the buyer and seller, and there are no middlemen to put additional holds on funds. That disrupts traditional e-commerce model making a direct connection from end-to-end in the global supply chain.
In classic e-commerce model, there is a party that wants to sell a product (the “Seller”), customer that wants buy the product (the “Buyer”) and “Delivery Service” that ships the product from Seller to Buyer.
Delivery Service’s role is extremely important as it is the sole independent party that can assure that product is accepted by customer receiving his signature on the paper and reporting result through oracle to blockchain.
“Qilin.Market” enriches this model with concept of Merchant’s on-lone shops — an independent marketing partner with website that helps Seller find a Buyer. Seller can name any reward for the Merchant to sell the product.
There is a system of Deal Deposit to cover product return costs if Seller sent product of a bad quality and Delivery Deposit to assure Delivery Service will manage to ship the product. These deposits are returned when smart contract is finished.
“Qilin.Market” model implements Shop rewards, Deal and Delivery Deposits to be made in Qilin Tokens (Qt.) that is an independent digital asset to maintain settlements between market participants within distributed network.