Thousands of international deals are signed each day across a wide range of markets, from international shipping to real estate. Contracting, however, is a heavily bureaucratic procedure, which costs companies a lot of time and money. The process involves a large amount of paperwork and requires dealing with third parties, which results in additional expenditures for contract parties.
Confideal wants to change the way international agreements are conducted today. The Ireland-based startup has developed a blockchain platform that allows businesses and individuals to create deals in a fast and secure way.
The goal of the company is to provide a uniform escrow platform that will facilitate the management of agreements without any middlemen, such as payment processing companies. According to McKinsey Global Payments Report in 2016, the global revenue of payment processors generated by conducting international payments totaled $ 303.2 billion in 2015, which is 17.32% of their total revenue.
By using the new smart contract builder, Confideal users will be able to create a new agreement or choose an already existing smart contract template designed for a wide range of purposes, including freelancing, house rentals and ICOs. This allows customers to easily execute smart contracts without having any coding skills or hiring expensive programmers.
By far, Confideal is the world’s only platform for making secure international contracts. “It is possible to use the Ethereum blockchain to create smart-contracts manually, however that requires programming skills, or incurs the additional cost of hiring a programmer,” the company explains.
“There is also a number of services, which allow non-programmers to create smart contracts with the use of a simplified interface. But these services cannot be considered integrated platforms for international deals, because they do not provide arbitration services for settling disputes.”
In the end of 4th quarter of 2017, the company will launch its own arbitrage service to solve any contractual disputes, eliminating the need to hire third party arbitrators who are unfamiliar with the smart contract technology.
Confideal expects that the first users of its service will be individuals and companies who are already involved in cryptocurrency businesses as they are better understand the benefits of the technology.
On November 2, the company will launch the sale of its CDL tokens that will continue for 20 days until November 22. The total supply of CDL tokens is 100,000,000, while the total sum the company aims to gain is 70,000 ETH. Everyone will be able to take part in an upcoming ICO except residents of USA, Singapore, Canada, China and South Korea because of the regulation in these countries. The project has already raised 650.000 USD in a pre-ICO, surpassing the initial goal of 600,000 USD.