Global trade is saddled with unreliable and largely manual paper-based processes characterized by a lack of transparency and a lack of secure, reliable information. As a result, suppliers, buyers and carriers involved in international transactions suffer from cash flow delays, payment disputes and problems maintaining liquidity. However, the advent of blockchain technology can eliminate these difficulties by ensuring the validity and security of transactions associated with the global movement of goods and services. Moreover, by automating payment methods such as letters of credit, inefficiencies can be eliminated, business processes can be simplified, operational complexity can be reduced, and transaction costs can be reduced.

PrepayWay’s mission is to remove the above-mentioned burden by integrating decentralized blockchain and self-executing smart contracts with business processes to introduce a new paradigm in international trade. In particular, PrepayWay offers the following:

• legally binding contract templates developed by lawyers in accordance with national laws and regulations and translated into multiple languages;
• self-executing smart contracts containing encoded contract terms;
• an integrated gateway for digital and fiat currency transactions through licensed escrow partners;
• solution for cross-border decentralized finance;
• secure storage of records of smart contracts and transactions on the blockchain;
• effective and enforceable dispute resolution with SmartArb, the International Institute for Smart Mediation and Arbitration.

No single company can unlock the potential of blockchain alone. PrepayWay Blockchain Ecosystem integrates blockchain with existing business functions, using it to create value and accelerate growth. The resulting synergy will create opportunities for strategic partnerships and access to innovative technologies.