One of the main reasons why people are afraid to carry out transactions on the blockchain is that they have concerns over the human factors in the process. Even though blockchain itself is decentralized and secured, who can guarantee that the smart contracts will be executed properly by both sides of the deal?
Can a smart contract guarantee the quality of the service or product? The smart contracts are executed under the automatic regime. And they meet user need by recording the terms and conditions that cannot be altered or deleted. Still, we can’t escape from the human factor.
Or can we?
Let’s take a look at an example: Alice, a client, and Bob, a freelancer.
Alice orders a service from Bob and the two decide to sign a contract on BANKEX’s Trust Service so it can be recorded on the blockchain. For some reason, Alice is not satisfied with the quality of Bob’s service. In frustration, she chooses to file a dispute. Bob then receives a notification about that. But Bob, on the other hand, believes that he did a good job and Alice’s claims are unreasonable.
How to settle this disagreement?
BANKEX has developed a solution: BANKEX Smart Justice!
The essence of this service is simple: it is a voting system that settles various disputes over the transactions in the blockchain community.
BANKEX Smart Justice provides designated arbitrators, who have full access to details included in a smart contract. The two parties, such as Alice and Bob in the said example can make accusations and defend themselves by providing supporting evidences
The proceeding begins, the adjudicators will examine the evidences and make the decision by voting. If the arbitrators reach an agreement that Bob’s service does not live up to the standard required by the contract, Alice wins and she will get a refund. If Bob wins, he gets to keep his reputation as well as his financial reward for the work he did. The whole process is very simple.
The settled cases are given full public access and everyone can find them in the system by searching the wallet address. All the information is recorded on the blockchain and it can not be changed or erased. The results of adjudications will affect a provider’s rating, which is crucial to one’s business. This way, providers in the system are forced to deliver what they promise in the contract.