BizShake – A Sharing System on the Blockchain – Part 3 Trustworthy Transactions

I'm happy that this is already my third article about the fantastic BizShake project and I will focus on the main solution BizShake is working towards, namely trustworthy transactions with unlimited potential.

„By using the blockchain as a technology, this is nothing new!"

Some would most likely agree to the fact that this would be the most common comment of many, who are not new in the crypto space. Moreover, yes the point itself is not new at all, but there is so much more to it, as I will show in this article.

As we all know by now, the blockchain stores all data in its nodes and they can then certify the authenticity of the action, totally transparent and traceable. There is no questioning afterwards like we can see in a convenient use case which most recently happened. I'm talking about several political votings, which were successfully performed on the blockchain using the same impenetrability I already spoke about.

So BizShake is doing something new or different?

From my point of view, you always have to analyse all the blockchains, out there in the crypto space and look what fits your requirements. BizShake did precisely this and found its home on the NEO blockchain. With already existing scalability and a very promising quantum proof resistance, the NEO platform is destined to work perfectly with all the features BizShake is implementing in their ecosystem.

Two of them, namely the SmartPawn und SmartDispute dApps will be at the core of their renting/lending platform.

So what is SmartPawn in detail and how will it be performed?

Simply put, you have two users who will interact with each other. One is obtaining a short-term loan, he is the pawner, and the other user is the lender who gives the credit, which will be backed by a real-life asset.

First of all, there will be the signing of the smart contract, in which all will agree on the duration of the loan and the amount of the credit. This smart contract will happen in the lender's wallet.

The pawner will then need an asset of his own, which needs to be certified beforehand by a qualified professional of the particular asset. The professional will also be a user and a part of the BizShake affiliate program. He or she will get a commision for the work. The pawner will then send the asset as a backup to the lender, who will then either accept it or decline it as a backup. If approved the asset will serve as a backup as long as the duration of the loan is agreed upon. If not there are two more ways how to handle the following situation. I will explain those ways a little bit later showing how the SmartDispute system is performing in the BizShake ecosystem.

If everything is correct, the smart contract will activate the loan to the pawner, and the credit will transfer immediately.

Now its again on the pawner which has to follow the rules on which both parties agreed upon. If he pays the loan plus the interest rate back, everything will go its way smoothly. If not there are two ways ahead again.

One I will explain in my next step, and the other would be that the lender keeps the asset in his/her position.

The Bizshake team has constructed a deep & complex system, which covers all possible aspects of the process. I expect the smart contract works most of the time very smoothly. However, if not, then there are several other options which will save time and will work in the best possible way to solve the issues which happened.

One of those issue solving systems is called SmartDispute.

Everyone can imagine what a dispute system should do – solving a dispute of course. So how is it working in the BizShake Ecosystem?

First of all, there are three different stages of the SmartDispute which will flow into each other following an order.

1. If a dispute over some issue is occurring, both users can demand a penalty from the partner he/she is connected. Both will be able to equally start the SmartDispute smart contract, which will inform the other party about the issue.

2. There is time for two rounds of negotiations between the involved to solve the issue. If the involved parties are not agreeing, then both have to present all evidence, documents and will need to explain their point of view. A smart contract will is used again for this. The case file is submitted to the panel of judges (consisting of five randomly chosen high profile BizShake users), and they will have to emit a verdict reciprocally. After all, agree on the issue, several different penalties are the possible outcome, and they are calculated by a formula which is written in the smart contract.

3. According to the decision made by the panel, the smart contract will then pay out the compensation.

I tried to explain the whole process as simple as possible, and it is still as complex as I mentioned above. However, the smart contract will make it smooth and secure for all involved parties, and most importantly it will be time effective through automatism.

While writing the second article I had planned to include the topic of „crypto price volatility prevention“ into this third one. As you already can see right now, this article is way longer than the previous ones. So I decided to move it to the next piece of my BizShake series.

My plan for article four includes the crypto price volatility prevention and two other smart systems which are implemented in the BizShare Platform. Please come back in a few days if you like my content and consider an upvote which costs you nothing but has great value to me.

Please use the following links to do your research into the project, before you invest in the BizShake ICO.

Website: https://bizshake.io/
Telegram: https://t.me/bizshake
Twitter: https://twitter.com/BizShake_ico
Facebook: https://www.facebook.com/bizshake/
Medium: https://medium.com/bizshake
Email: [email protected]
Whitepaper: https://bizshake.io/sites/default/files/BizShake_Whitepaper_1.2_ENG.pdf

Here you can find my first BizShake article on Steemit: https://steemit.com/blockchain/@desposyni/bizshake-a-sharing-system-on-the-blockchain-smart-and-save

Here you can find my second Bizshake article on Steemit: https://steemit.com/blockchain/@desposyni/bizshake--a-sharing-system-on-the-blockchain--part-2-the-upcoming-ico