As February draws closer to its end, at PrepayWay we are getting ready for our 2nd birthday. We take this opportunity to reflect on what we have accomplished and ponder what lies ahead of us. If you have not been following us on Twitter or reading our blog posts, this is a good time to catch up.
Two years ago, PrepayWay was but a nascent idea. We felt that in today’s digital economy, doing business is more than just exchange of goods and services for payment. It was clear to us that in the Information Age, the foundation of success lies in new forms of value and successful businesses should leverage the power of data and digitization to tap into that value. Since its conception, PrepayWay has been committed to designing and building a self-expanding ecosystem that would enable new partnerships, insights, business models, and ultimately facilitating new forms of value creation.
We have had an amazing year laying the groundwork for our Ecosystem, a blockchain-based environment designed to simplify and streamline international collaboration and commercial transactions, from contracting and financing to payments. Business and consumers alike favor integrated solutions available at the tap of a button. Platform-based solutions that combine different functionalities are thus our favored business architecture.
In close cooperation with the core team, our talented development team has been working around the clock on implementing the technical specifications required for our four flagship solutions: PrepayWay Real Estate, PrepayWay Global Trade, Elleeo, and SmartArb. These reflect the essential business requirements identified through repeated interactions with a wide range of actors in the real estate industry in particular, and international contracting more broadly.
We have created a fully functional demo of Elleeo, cross-border decentralized financing platform that matches borrowers and lenders and serves as a viable alternative to traditional bank loans. Our demo allows users to create both an investor’s and borrower’s account to experiment with the platform and its various functionalities.
In order to deliver superior user experience, we have devoted countless hours to designing our products but let’s face it, you cannot get a taste of how the product actually works without creating some kind of prototype. Prototypes breathe life into any design and provide a great deal of insight into the user interaction at various levels.
The main purpose of building a prototype is to test whether the flow of the product is smooth and consistent. Not only do prototypes allow us to test the feasibility and usability of our designs before we put it in code form, they may also lead to unexpected discoveries and innovations. That is why we have built a visual prototype of PrepayWay Real Estate, a contracting and escrow tool for real estate reservations that has been designed to make the real estate reservation process direct, flexible, transparent, and secure.
We have continued establishing connections to legal offices around the world. This is an integral component of our ecosystem as using smart contracts without a legal contract behind them…is not so smart.
Also worth mentioning is the creation and publication of SmartArb model clauses on SmartArb website. SmartArb (International Smart Mediation and Arbitration Institute) provides alternative dispute resolution (ADR) services for international business disputes in smart contracts. Our model clauses can be incorporated in (international) commercial contracts at the time of contract creation, anticipating the possibility of disagreements that might arise in the future.
You can tell we have had a busy and productive time, and growth will only pick up pace in the future. We have ambitious plans and we know that we have much more to do to realize our vision of introducing a new paradigm for international business transactions.