Trust sits at the heart of every peer-to-peer transaction. With both businesses and individuals increasingly concerned about data security and information credibility, disruptive platforms using smart contract principles propose to address the current “trust crisis” using financial technologies.
The trust crisis is the trust deficit currently prevalent in the digital business space. Many have become jaded with misleading or low-quality information flooding the internet.
A smart contract is a computer protocol intended to digitally facilitate, verify or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.
Using smart contract principles, a digital escrow is the third party which holds the asset on the presence of two parties. A digital escrow will release the fund when certain conditions are met. For example A is a seller and wants to sell his car, B is a buyer who wants to buy A’s car so they will contact Escrow C (an arbiter) which holds the asset until B receives the car. When this condition will be met, Escrow will release the fund to A. This solves the issue of trust and prevents any discrepancy.
In the migration sector, it is challenging for people in need of migration assistance to navigate the complex processes to apply for visas. Having sound migration advice is very important, and clients seek knowledgeable, capable, and consistently trustworthy professionals. Waiting for confirmation or the delivery of the promised work at the required quality can cause enormous stress for migration clients. A digital platform that facilitates an escrow smart contract system is expected to support the migration advisory process and minimise trust issues and emotional distress between stakeholders.
Visadoc by Charterdoc, the first-ever digital marketplace for Australian migration is expected to support engagements between a migration professional and the client by using smart contract principles. If you are a migration professional and would like to become an early adopter, please contact us.
