It appears that Switzerland is gradually becoming one of the most progressive and open-minded countries in terms of blockchain adoption. Although it seems only natural since the Swiss Confederation lies at the heart of international banking and entrepreneurship, the very areas where blockchain is most applicable. The local government and financial authorities took a pragmatic approach towards blockchain and cryptocurrencies which translated into a more favorable regulatory and business environment.
In the last several months alone, we have seen blockchain startups, which offer various blockchain-based solutions from data management to asset security, mushrooming in Switzerland.
A few days ago, the Swiss fintech company PrepayWay AG, which is based in Zurich, announced that they will be organizing a sale of their native utility tokens called InBit.
Unlike many other blockchain projects which are focused primarily on a particular issue that can be resolved with the aid of blockchain, PrepayWay develops an ecosystem that encompasses all areas of international business relations which are currently plagued by the excessive bureaucratism and the overall ineffectiveness. The ecosystem will substantially accelerate the flow of business, simplify all core operational processes, and lower the transaction costs. These goals will be achieved through the integration of the all-in-one blockchain solution that is based on self-executing smart contracts, an accessible gateway for international remittances in fiat and cryptocurrencies, protected storage of all financial records, and the dispute resolution mechanism. The resolution scheme was developed by the International Smart Mediation and Arbitration Institute (SmartArb), a company from Indianapolis that renders the Alternative Dispute Settlement (ADR) services using smart contracts.
Basically, PrepayWay assumes the functions of attorney, banking and arbitral establishment, and escrow agent to create a seamless way of doing international business across multiple industries.
The ecosystem developed by the Swiss project consists of four core elements, namely PrepayWay Global Estate, PrepayWay Global Trade, the mentioned SmartArb, and Elleeo. Each of these elements serves as an integral component of the overall token economy which, on its part, will be assimilated into the conventional business processes.
PrepayWay Real Estate stipulates for the use of smart contract templates to carry out the reservation of various items of real estate without trusted intermediaries. The smart contracts ensure the protectedness of the earnest money deposit, allow for customization of real estate agreements in different languages and in concordance with local legislation, and ensure the proper execution of the terms encoded in the contract.
PrepayWay Global Trade significantly reduces the cost of contract drafting by providing the competently made templates, accelerates the document flow by the virtue of the automated paper processing, and reduces the chances of errors and tampering through the use of self-executing smart contracts.
SmartArb offers a dispute resolution scheme that includes the smart system which automatically generates solutions at the initial stage of the dispute. Should the parties waive the proposed solution, the case is transferred to the specialists from SmartArb who provide the non-binding or binding arbitral award.
Elleeo is a crowdlending sub-platform where users can either lend or borrow money for their business needs with the help of a pre-established legal partner who participates in the conclusion of the Loan Servicing Agreement (LSA).
The token sale is set to begin on April 18. Only 1000 investors, which have been whitelisted prior to the start of the ICO, will be allowed to purchase the tokens at the 70% discount from the initial price of 1 EUR for 100 InBits. The scope of investment ranges from 10 to 300 EUR. Citizens of the United States, Switzerland, and several other countries will not be admitted to the token sale.
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