Having experienced the DutchBlockchain Hackathon 2017 last weekend. I can safely say it has been an incredible experience. Over 400 participants brought together in the Big Building in Groningen around one topic: Blockchain.
Our team, Revention, has participated in the International Trade and Entrepreneurship track. We’ve been working on a solution that improves online trust between retailers and consumers, by providing a signed digital contract on the blockchain.
In our digital world, online trust is becoming increasingly difficult. We all recognize the doubtful feeling when you are about to buy something online from a lesser known / unknown online retailer.
The BluEyes escrow contract intends to counter this by offering easy to use digital contract for (online and offline) purchases. The contract is based on Chamber of Commerce (KvK) registrations and derived consumer ID’s from banks. Every signed, digital contract is a legally binding contract between the two parties. The contract includes everything from product details (spec’s, serial numbers, registration numbers etc.), warranties, payment terms (installments, reimbursements etc.) and delivery details.
By including this contract (as part of a easy to use plug-in) on the merchant website, consumers see all the contract details. (price, payment terms, warranties, reimbursements etc.)
Essentially the consumer knows in advance what they say yes to. Buying means authorizing a conditional payment that is only executed when they have the product in their hands. Not sooner. Simultaneously, the retailer has the confidence that payment will be done, when they deliver the product.
All in al it is a elegantly simple solution that can be used for all e-commerce sites and works for B2C, B2B and C2C.
We have worked energetically on delivering a Minimal Viable Product during the hackathon weekend. We got it done and now…
I’ll keep you posted.