How Uniblok will use Smart Contracts for Effective Management of Digital Agreements

The concept of a smart contract is simple: it is a program stored on a blockchain that runs when predetermined conditions are met. In most cases, they automate the execution of an agreement so all participants are immediately certain of what happens, without the involvement of an intermediary.

Uniblok is here with its own concept of smart contracts where buyer and seller come together to buy and sell something for which they made an agreement with some predetermined conditions which is formed on blockchain using a smart contract. That smart contract is a self-executing contract in which the buyer and seller’s terms are written directly into its code.  

Smart Contracts Features in Uniblok

Unlike paper-based contracts, smart contracts offer significant benefits. Uniblok is a platform that offers smart contracts to leverage all features listed below  :

Better Security

In smart contracts, terms and conditions are written in code, and they are always followed without exception which provides a sense of security for your smart contracts.

Assurance

An automatic execution of the terms of a contract between two or more parties is a smart contract, which is based on a blockchain-based network, which assures participants that they are hardened programs insulated from threats. 

Transparency

Participants in the network remain able to see all the terms and conditions of the agreement in smart contracts.

Tamper Proof Data

Your smart contract is based on blockchain technology, which uses hash algorithms to store data information. This means the data cannot be altered.Blockchain technology enables smart contracts to store data information in a secure manner.

Smart Contracts Deployed on Pando Network PTX

Your smart contract will be ready to deploy once all the smart contract development processes have been followed correctly. The contract can be deployed seamlessly using Pando Network PTX. An essential developer’s tool, it’s easy to use and supports various kinds of smart contracts.

Execution of Smart Contracts

The execution of smart contracts is only triggered when specific conditions are met. This eliminates the possibility of fraud.

Workflow for smart contracts at Uniblok 

We now discuss the smart contracts process step by step in the smart contract section. There are two options available: talent and clients.

• First, a client posts a job on our platform looking for a talent.

• As soon as a talent searches for a job posted by a client, he can simply submit his proposal with his skills and charges

• Talents submit their proposals for jobs posted by clients, and clients receive notifications of these proposals.

• Afterward, the Client and Talent interact with each other and come up with an agreement about the completion of the task, payment terms, etc., which is stored as a smart contract between them.

• Payments can be made on an hourly or fixed basis 

• Upon completion of both parties’ smart contracts, the smart contract is executed, and the talent will receive payment for his work and the amount decided by the client will be paid to the talent.

The payment process is as follows

We offer two methods of payment, hourly or fixed. Here are the details on how the payment will be charged.

For instance :

A client found a talent through Uniblok and agreed on terms on a fixed basis, on completion of work the client will pay 100ptx, the client will deposit 110ptx in his wallet and 10% is a security deposit. Talent will receive 80ptx and the client will receive the security deposit refunded. Here, 20ptx is charged by us for using our platform. On an hourly basis, the payment process will be the same, client depositing the amount with security deposit, talent receiving the amount after deducting our charges.

Conclusion

It is evident now that Uniblok users are able to trade without concern for compliance with Smart Contracts. If there is a dispute between the buyer/client and seller/talent, our team person will try to resolve it. The smart contract will be executed in accordance with its defined terms if the issue is resolved, otherwise, it will be resolved in accordance with the terms and conditions decided for that situation.

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