Blockchain technology has its tremendous advantages, such as decentralization and high level of transparency, but there is a huge problem: it is very difficult to evaluate the quality of the provided services. Offline arbitration cannot resolve the disputes over crypto transactions. To tackle this conundrum, BANKEX team developed BANKEX Claim Solution Board — a service that helps to settle disagreements in the crypto world.

The Problem In the Implementation of Smart Contract

One of the main reasons why people are afraid to carry out transactions on the blockchain is that they have concerns over the human factors in the process. Even though blockchain itself is decentralized and secured, who can guarantee that the smart contracts will be executed properly by both sides of the deal? Can a smart contract guarantee the quality of the service or product? The smart contracts are executed under the automatic regime. And they meet user need by recording the terms and conditions that cannot be altered or deleted. Still, we can’t escape from the human factor. Or can we?

Let’s take a look at an example: Alice, a client, and Bob, a freelancer.

Alice orders a service from Bob and the two decide to sign a contract on BANKEX’s Trust Service so it can be recorded on the blockchain. For some reason, Alice is not satisfied with the quality of Bob’s service. In frustration, she chooses to file a dispute. Bob then receives a notification about that. But Bob, on the other hand, believes that he did a good job and Alice’s claims are unreasonable. How to settle this disagreement?

BANKEX Claim Solution Board

BANKEX has developed a solution: the Claim Solution Board. The essence of the Board is simple: it is a voting system that settles various disputes over the transactions in the blockchain community.

BANKEX Claim Solution Board provides designated arbitrators, who have full access to details included in a smart contract. The two parties, such as Alice and Bob in the said example can make accusations and defend themselves by providing supporting evidences

The proceeding begins,the adjudicators will examine the evidences and make the decision by voting. If the arbitrators reach an agreement that Bob’s service does not live up to the standard required by the contract, Alice wins and she will get a refund. If Bob wins, he gets to keep his reputation as well as his financial reward for the work he did. The whole process is very simple.

The settled cases are given full public access and everyone can find them in the system by searching the wallet address. All the information is recorded on the blockchain and it can not be changed or erased. The results of adjudictions will affect a provider’s rating, which is crucial to to one’s business. This way, providers in the system are forced to deliver what they promise in the contract.

Who are the arbitrators of BANKEX Claim Solution Board?

In the initial stage of BANKEX Claim Solution Board, the opinion leaders will serve as arbitrators. BANKEX team will prevent them from corruption. Those who would like to become a “arbitrator” will have to purchase voting tickets first. If corruption is found, they will not receive their rewards, leading to financial loss. The number of arbitrators will be more than 50. Arbitrators are free to share their verdicts on social media to prove their competence to people in the community.

BANKEX product mining

The principle of BANKEX Claim Solution Board is the same as BANKEX product mining system, which generates product tokens supervised by a group of product miners who play the role of universal arbitration for all types of disputes on the blockchain.

Product miners do two things. First, they audit different asset classes, settle disputes and control the transfer of asset to the buyer. In addition, product miners can resolve the complex situations that are not included in a smart contract. Product miners stay as BANKEX token holders who profit from the deals involving real assets.

The development stages of BANKEX Claim Solution Board

In this March, BANKEX team are working on some mathematical issues, designing the workflow of the voting process and developing code for it. All the work is expected to be finished in April, and an alpha-version of BANKEX Claim Solution Board will be ready for testing.

The product-owner of the BANKEX Claim Solution Board — Dmitry Vladimirov went live on our Facebook page:

If you have any questions about BANKEX Claim Solution Board, please feel free to contact us and we will be glad to answer them and assist you in anyway we can.