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Confideal Brings Smart Contracts into the Mainstream Business World

Cynthia Turcotte | Oct 11, 2017 | 09:45

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Confideal brings smart contracts to the masses with its unique platform that makes creating, managing, and enforcing smart contracts as easy as filling out a simple form.

[Note: This is a sponsored article.]

It used to be that if you wanted to create a smart contract for a transaction that you would have to code it manually (or hire someone to code it for you) and the end result would look something like this:

An example smart contract on Ethereum. Source: https://www.ethereum.org/token.

Are your eyes crossing yet? The code sample above represents a very simple and basic example of a smart contract. The more complex the terms of the transaction, the longer and more complicated the smart contract code ends up being. While this isn’t a problem for blockchain developers, it poses a significant hurdle for mainstream adoption among non-developers.

Confideal is poised to change all that. Its unique platform makes it quick and easy for businesses and individuals to create, execute, manage, and enforce smart contracts without needing to write even a single line of code.

Real World Use Case Scenarios

No-coding-required smart contracts sound great but are there really enough real-world applications to make smart contract usage a part of everyday business?

Absolutely.

The Confideal team acknowledges that the first users of the Confideal platform will most likely be companies and individuals who are already involved in cryptocurrency-based businesses, such as:

• Mining companies and mining equipment manufacturers can create equipment supply contracts and cloud mining power rental agreements.
• Blockchain-based companies can create employment contracts and service provider contracts.

Smart contract usage isn’t only for cryptocurrency-based businesses, however. The applications of smart contract technology across all levels of the business world are virtually limitless. Consider the following additional real-world use case scenarios:

• Freelancers and service providers can use smart contracts to define the scope of services to be provided for a project and have full payment held in escrow. Those funds would then be paid out automatically as predetermined milestones are met.
• Real estate agents can use smart contracts as a cryptocurrency-based escrow service.
• Hotels, motels, hostels, and other property rentals can combine the use of IoT devices (smart locks) and smart contracts to automate the entire reservation and check-in/checkout processes. Confideal can be used to hold a deposit during a guest’s stay, which would then be returned to them once they check out and the owner verifies that the property was left in good condition.
• Businesses that rely on collateral-based transactions, like pawn shops, can use Confideal to hold cryptocurrency as collateral in escrow.
• Car rental agencies and rent-to-own businesses can use Confideal’s smart contracts platform to not only hold collateral in escrow but to also conduct the actual rental fee transactions as well.

About the Confideal ICO

The Confideal ICO will begin on November 2, 2017, and will continue through November 22 or until the maximum token supply of 100 million tokens has been sold. The details of the ICO are as follows:

• Token name: CONFIDEAL
• Token symbol: CDL
• Total token supply: 100 million
• Token type: ERC-20
• Exchange rate: 1000 CDL = 1 ETH
• Currencies accepted: ETH

Participants in the ICO can use any ERC-20 compatible wallet (e.g. Mist, Meta Mask, MyEtherWallet, etc…) and are instructed to set the gas limit to 150,000. Funds should be sent from wallets only. Do not send funds directly from exchanges (e.g. Coinbase, Poloniex, etc…). The ICO smart contract address will be published on November 2.

For more information about Confideal and the upcoming ICO please visit Confideal website.

Got questions about Confideal’s platform and ICO? Join their Telegram chat to get answers to all of your questions.

Will Confideal make smart contract creation and usage more accessible to mainstream businesses? Let us know what you think in the comments below.

Images courtesy of Confideal