BARTER

To begin, we indicate the shortcomings of existing over-the-counter platforms.

Traditional OTC-desks operate in analog mode or via connection to centralized exchanges to have access to high liquidity. With this method of trading, the personal data of participants become public to a wide range of people, which is already unsafe. Although companies in accordance with the privacy policy collect such data, there are cases of employees using such data for personal gain. These factors undermine trust and reduce the demand for over-the-counter trading by those who wish to remain confidential.

Another important drawback of the existing OTC trading procedure is that centralized exchanges offer to first Fund their company's account in order to be able to buy the requested asset. Many buyers are afraid to do this, as there are high risks of blocking the transaction by the Bank, as well as a small degree of confidence in the exchange itself. It turns out that today there are no ways to protect the confidential data of participants in the largest transactions, and even more over-the-counter platform on the blockchain. Blockchains are known to be transparent, thereby increasing the confidence, but when we are talking about major transactions – the data require a high degree of confidentiality.

Barter: smartplace offers cryptographically encrypt sensitive data of the participants of the transaction to provide them with maximum protection, using the privacy protocols of the blockchain. This data will be encrypted and therefore cannot be accessed by others. A record in the blockchain confirms the authenticity of personal data.

To trade using smartplace, you do not need to replenish a separate account of the company, it is enough to have funds on your personal Bank account, if we talk about a transaction using Fiat funds. Via integration with banking institutions on the API, with the agreement of the buyer, the balance of the client at smartplace will be displayed in accordance with the balance in the Bank account, which is a proof of the existence of the object for the transaction. With this approach, the client will always be confident in the safety of their savings and he does not need to trust the company to replenish the account of the intermediary, and there is no time threshold in a few days for the transfer of funds and Bank transfer fee. To enter into barter transactions, you only need to have funds in your Bank account and agree to connect it to your smartplace account for subsequent transactions. When a transaction is completed the funds do not participate in the transactions, the smart contract replaces the data of one party to the personal data of another party based on signed agreements by both parties to the transaction.

For example, the parties entered into a barter agreement on the sale of real estate for Fiat money. With integration with the banking API and the register of real estate owners, it is possible to enter into barter transactions without participation in transactions, thus freeing the financial system from unnecessary transactions. When signing a barter agreement between the parties to the transaction, their personal data are swapped, that is, the Bank account now belongs to the seller of real estate, and the property – to the buyer. All this is performed on a smart contract system with the replacement of data on the owners of assets in the relevant registers based on the concluded legal contract.

This is just one of many examples of barter trades. Barter: smartplace is capable of becoming a leading platform for barter agreements, and potentially seeks to help banks remove transaction loads, which will also be beneficial to the entire global financial system.