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.
Unlike paper-based contracts, smart contracts offer significant benefits. Uniblok is a platform that offers smart contracts to leverage all features listed below :
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.
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.
Participants in the network remain able to see all the terms and conditions of the agreement in smart contracts.
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.
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.
The execution of smart contracts is only triggered when specific conditions are met. This eliminates the possibility of fraud.
We now discuss the smart contracts process step by step in the smart contract section. There are two options available: talent and clients.
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.
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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