FairTrade is a platform for fair and safe trading of goods and services.
It works as an escrow platform but the big difference is that there is a dispute mechanism.
Works as follows:
The buyer and seller agree on a deal. The buyer transfers the money to the platform. Once the buyer has received the goods or services, he gives permission to transfer money to the seller. So far, there is no difference with existing escrow platforms.
Settlement of disputes.
If the seller or buyer is not in agreement with finishing the deal. For example, the buyer says he has not received the goods while the seller says he has sent it. Then the buyer OR seller marked this deal as a dispute.
The two parties will be given another opportunity to reach an agreement in order to avoid a dispute mark.
If the buyer and seller together come up with a solution, this deal will not be marked as a dispute. and the money is paid according to the agreed distribution key.
If they do not agree, the deal will be marked as a dispute and this will cost a percentage of the deposited money. Then the dispute mechanism is started.
If you register for the platform, you can indicate that you want to be a jury member. A jury member will receive a percentage of the deposited money when judging a dispute.
Now 5 jury members are appointed. (randomly from all jury members) During the judgement-period the jury has the opportunity to communicate (chat) and share documents/photos with the buyer and seller to get a good picture of the dispute.
The outcome of the jury judgment is a distribution key of the money. and a small explanation of the judgement.
The jury's judgement will take place within 2 weeks.
Now the buyer and seller have 3 choices:
1) They can both accept the jury's judgment.
1a) If they both accept the judgment and both do not want a dispute mark, then they can accept both without dispute marking.
1b) They can both accept the judgment with dispute marking.
2) If they not both accept the jury judgment, they can still together determine a distribution key and accept it with or without dispute mark.
3) If they do not both agree, the money will not be paid and will remain in custody. The opportunity to agree together is always open!, after which the money is paid out with the agreed percentage key, with or without agreed dispute marking.
The advantage of the dispute handling is that nobody wants a dispute mark on his bill because it makes it difficult to make a deal again. So it is important for both parties to settle a dispute.
Dispute marks can not be removed, unless both of the dispute members agree on it.
The platform offers the following:
Upload photos / documents /media/ to offer your goods or services.
After a deal has been accepted, documents, photos, etc. can be shared within the private deal area.
Rating the buyer/seller happens after the final closing of the deal. The buyer and seller can write a review with a rating, which will be made public after one week.
On the platform there are TOP sellers and TOP buyers who do not have a dispute mark on their bill. And have a high rating. TOP members are trusted traders on the platform.
A member can decide which information he wants to make public of the deals he has completed. (amount of money of the deals etc)
Risks and challenges
The success of this project depends on the trust people have in the platform. Therefore it must be robust and clear, easy access.
We can start small and then build from there a huge worldwide platform.
- (60 days)