PrepayWay Blockchain Ecosystem

Integrating Tech into Legal and Financial Aspects of Business Transactions

We are developing an ecosystem capable of facilitating international business transactions across multiple industries. We offer a unique bundle of functionalities:

  • legally binding agreement templates developed by legal experts in accordance with national laws and regulations;
  • availability of these agreement templates in multiple languages;
  • user-friendly interface for agreements customization accompanied by detailed explanations and recommendations;
  • integrated gateway for transactions in both digital and fiat currencies powered by licensed escrow partners;
  • self-executing smart contracts that automatically send out payment orders for both fiat and digital currency payments;
  • blockchain for secure storage of records of smart contracts and transactions;
  • efficient and enforceable dispute resolution by SmartArb, our International Smart Mediation and Arbitration Institute.

How PrepayWay
Blockchain Ecosystem Works

PrepayWay Blockchain Ecosystem has been designed to be self-expanding and effortlessly scalable to support all types of international business operations, ranging from real estate to global commercial trade, with market size of up to 15 trillion USD.

  • 1
    Service Providers
    Contribute to the development of the core elements of the Ecosystem.
  • Banks, payment service providers, escrow agents
  • Neutrals
  • IT community
  • Lawyers and notaries
  • Other professionals
  • 2
    Core Elements
    Used by the Ecosystem participants as building blocks for the development of innovative Blockchain solutions.
  • Fiat & crypto money gateways
  • Smart dispute resolution
  • Smart contracts
  • Legal agreement templates
  • Other core elements
  • 3
    Blockchain Solutions
    Every solution developed by PrepayWay or any other Ecosystem participant smoothly integrates some or all of the core elements of the Ecosystem to boost business processes.
  • Solutions for merchants, logistics, crypto industry, and others.

  • Real Estate

  • Global Trade
  • 4
    Ecosystem Users
    Both business and private users reap the following benefits to improve performance:
  • Global reach
  • Security and transparency
  • Reduced costs
  • Speed of transactions
  • Convenience
  • 3
    Blockchain Solutions
    Every solution developed by PrepayWay or any other Ecosystem participant smoothly integrates some or all of the core elements of the Ecosystem to boost business processes.
  • Solutions for merchants, logistics, crypto industry, and others.
  • Real Estate
  • Global Trade

Join PrepayWay Blockchain Ecosystem!

We invite you to join our vibrant, expanding community. By joining, you do not only get access to the ecosystem of services provided by PrepayWay and other participants, but we also give you a chance to get actively involved and contribute your ideas, talent, and passion to drive higher levels of growth. Companies that are seeking to integrate blockchain into existing business functions can leverage our ecosystem to generate value. Businesses that offer complementary services are invited to team up and take advantage of synergy. Together we can shape the future.

Smart Contract Lifecycle in PrepayWay Blockchain Ecosystem

Signaling our commitment to harnessing technology as a means of delivering efficient and innovative legal solutions, we have developed two main products, PrepayWay Real Estate and PrepayWay Global Trade, contracting and escrow tools for real estate and international commercial transactions. They are designed to improve the cost and time efficiency by streamlining contracting and payment processes. We have also established the International Smart Mediation and Arbitration Institute, an integral part of PrepayWay Blockchain Ecosystem that provides alternative dispute resolution services adapted for smart contracts.

This flow chart presents one example of practical application of smart contracts and PrepayWay Real Estate for real estate reservation. Our customizable reservation agreement templates combined with smart contract technology make property reservation easy, transparent, and secure.

  • Register and pass KYC verification or log in to PrepayWay.
  • Use our reservation agreement template and detailed instructions and recommendations to draw up your own agreement, then send it to counterparties for review and signature.
  • After the reservation agreement is signed by all the parties, a smart contract is created containing the terms and conditions of the agreement.
  • One of the parties pays the PrepayWay fee (smart contract activation fee). Both InBit tokens and traditional payment methods can be used to pay the PrepayWay fee: the PrepayWay system will automatically convert fiat money payment into InBit tokens for smart contract activation.
  • The client (buyer or tenant) transfers the earnest money deposit to an escrow partner/bank. Escrow partner/bank creates payment-order sets to reflect the different scenarios according to the reservation agreement. These orders are encrypted and recorded in the smart contract. If the deposit is paid in digital currency, then it is recorded directly in the smart contract.
  • The reservation agreement conditions are met: in case of purchase, the purchase contract is signed before a notary by the specified date; in case of rent, the tenant gets access to property by the specified date.
  • The deposit is transferred automatically to the beneficiary. If reservation agreement conditions are not met, the deposit is automatically returned to the buyer/tenant.
  • In case of dispute, independent mediator or arbitrator from the SmartArb Institute decides the case. As soon as the arbitrator makes the decision, the appropriate payment-order set is sent to the escrow partner/bank, and the deposit transfer is executed. If the deposit is paid in digital currency, the transfer is triggered by the arbitrator directly.

Legal Reservation Agreement Flow Chart

This flow chart presents one example of practical application of smart contracts and PrepayWay Real Estate for real estate reservation. Our valid country-specific agreement templates are developed by local lawyers in multiple languages and contain all the basic elements required by law. Detailed explanation of terms and conditions, unusual clauses alerts, and suggestions are also provided.
Create new reservation agreement
Enter property details
Enter reservation terms and conditions
Select special conditions from drop-down menu
All parties sign reservation agreement
Smart contract is created and recorded on the Blockchain
  • Choose from available templates (purchase or rent) to create a new reservation agreement in your language. Select the country and region where the property is located.
  • Select your role and enter property details as required by local law.
  • Enter payment terms and conditions and agency commission, if applicable.
  • Use drop-down menu options to add special conditions, if applicable.
  • Preview the agreement and send to counterparties for review and signature. The reservation agreement is signed by all the parties.
  • Smart contract is created containing the terms and conditions of the agreement. Both the reservation agreement text and the smart contract are recorded on the blockchain.

Smart Contract Flow Chart

This flow chart presents one example of practical application of smart contracts and PrepayWay Real Estate for real estate reservation. Legal provisions expressed as a code ensure that contractual conditions are self-executed and parties remain bound to their respective obligations.
  • After the reservation agreement is signed by all the parties, a smart contract is created containing the terms and conditions of the agreement.
  • The encrypted reservation agreement is stored in a distributed ledger. A link to the signed reservation agreement is recorded in the smart contract.
  • The PrepayWay system issues PrepayWay fee payment request. The smart contract is activated once the fee has been paid.
  • The PrepayWay system sends out a request for deposit transfer and notifies the escrow partner/bank.
  • As soon as the deposit is transferred, the escrow partner/bank creates payment-order sets to reflect the different scenarios according to the reservation agreement. These orders are encrypted and recorded in the smart contract through an API using private key. After that, the status of the smart contract changes to pending execution of one of the scenarios.
  • The success scenario means that the contract conditions have been performed to the satisfaction of all parties. The smart contract automatically sends the corresponding payment-order set to the escrow partner/bank.
  • The failure scenario means that a dispute occurs. The status of smart contract changes to frozen. An independent mediator or arbitrator from our SmartArb Institute decides the case. Based on this decision, the smart contract automatically sends the corresponding payment-order set to the escrow partner/bank.

Fiat Currency Flow via Smart Contract

This flow chart presents one example of practical application of smart contracts and PrepayWay Real Estate for real estate reservation. If digital currency is used, it is recorded directly in smart contract.
  • After the smart contract activation by payment of the PrepayWay fee, the PrepayWay system sends out a request for deposit transfer together with payment details. At the same time, it generates a request for creation of payment-order sets which is forwarded to the escrow partner/bank through an API.
  • The client receives the deposit transfer request and transfers the earnest money to the escrow partner/bank.
  • The escrow partner/bank creates and encrypts the payment-order sets and records them in the smart contract. Next, it confirms the receipt of the deposit and the status of the smart contract changes to pending execution of one of the scenarios.
  • Depending on which scenario triggers the smart contract, a corresponding payment-order set is automatically sent back to the escrow partner/bank for execution.
  • The partner/bank executes the payment-order set. The other payment-order sets become obsolete.The beneficiary receives the payment from the partner/bank.

Jurisdictional Means for Smart Contract Dispute Resolution

Valid agreement templates are developed by our legal partners for each region in accordance with local laws and regulations. The rights of parties are clearly defined and spelled out in each type of agreement. The risk of the breach of a legal agreement is low: smart contracts execute only if parameters are fulfilled. Thus, the frequency of disputes can be significantly reduced.

Anticipating situations when disputes do arise, PrepayWay offers an intelligent system for mediation cases submission. Our International Smart Mediation and Arbitration Institute – a network of independent experts in international mediation and arbitration – ensures fair and efficient dispute resolution. The following chart presents one of the several possible dispute resolution scenarios.

  • Our smart system queries the disputing parties and proposes preliminary solution with supporting arguments based on the responses received. If no agreement can be reached at this stage, the parties proceed to mediation.
  • The PrepayWay system forwards information to a mediator, a neutral party whose responsibility is to assist in arriving at mutually acceptable settlement. The mediator reviews the claims and proposes a solution within a month. If the solution is acceptable (also, if further escalation is not possible as some countries do not allow arbitration in real estate), the mediator triggers smart contract execution according to the solution accepted by all parties. If mediation fails and if the national legal system permits it, the parties have an option to escalate and refer the dispute to an independent arbitrator.
  • Anticipating situations when the parties escalate in countries where arbitration in real estate is enforceable and permitted by law, PrepayWay is enlisting neutrals from the Chartered Institute of Arbitrators. The New York Arbitration Convention guarantees recognition and enforcement of foreign arbitral awards in over 150 countries*. A final and binding arbitral award will be provided within three months of the initiation of dispute settlement procedure. An arbiter triggers smart contract execution according to the award.