download

Anyone who’s worked in the home repair industry knows what a hassle it is to have a customer who refuses to pay.

They place a call to have their sink fixed because it’s clogged. A small company sends out a plumber to complete the job and once it’s done, the plumber hands the homeowner an invoice for $150. To his chagrin, the customer refuses to pay, though he said he would on the phone.

Unfortunately, this happens all the time, and though there are ways to minimize the frequency of these events, they aren’t foolproof. Some people just don’t want to pay. Though these customers may feel good about themselves because they got “free” service--until that small claims lawsuit shows up in their mailbox--companies are scarred from these experiences. This leads to distrust, not only for specific customers, but for all customers in general.

The reverse happens to customers as well. They are asked by a business to pay for a product or service upfront, but then the business never keeps its end of the bargain. Hidden somewhere in the fine print is legal jargon that absolves the company of any wrongdoing--a perfect example of business fraud.

What if there was a way to guarantee safe and secure payment between businesses and their customers? What if there was a way to initiate transparent, upfront payment terms between buyer and seller? With Jincor’s new blockchain platform, there is.

Jincor is a new startup whose platform helps businesses complete transactions with customers--whether direct consumers or other businesses. Jincor’s model allows businesses and customers to trust one another because payments are safe, secure, and transparent. This is all based upon its decentralized blockchain platform and the use of cryptocurrencies instead of fiat currencies.

Jincor’s Platform will Help Integrate Businesses with the Rise of Cryptocurrencies

A recent Cambridge University study showed that somewhere between 2.9 million and 5.8 million people use crypto wallets across the globe. This number is presumed to continue growing over the next several years. Additionally, over 100,000 companies are accepting cryptocurrencies as a legitimate form of payment.

Coincidentally, businesses have been met with increasing amounts of customers who want to pay with cryptocurrencies. This has given rise for the need to integrate cryptocurrencies with everyday life.

Jincor is developing a platform that will connect business and consumers directly through a blockchain platform. This platform will use smart contracts--self-executing code on a blockchain which automatically applies the conditions of an agreement between parties--to guarantee the transactions.

The potential impact of this technology is incredible--a business can initiate a contract with a consumer whereby the second the product or service is delivered, the business is automatically paid. The business is protected because the consumer has no choice but to pay--the contract is self-executing. The consumer is protected because their payment will only send when the business completes their side of the deal.

Additionally, Jincor’s blockchain platform will help save businesses money. Because the platform allows direct interaction between businesses and customers, the middlemen--think banks--are cutout. This results in savings of around $3,000 per year, depending on the size of the business and the number of transactions it processes. Because rising costs are often passed down to consumers, customers will benefit financially from the blockchain platform as well.

In terms of processing speed, blockchain payments blow traditional bank transfers out of the water. A McKinsey report released earlier this year noted how blockchain payments could save businesses between $50 and $60 billion dollars in cross-border payments by 2021. By speeding up payment delivery, which can take anywhere from 3 days to 2 weeks globally, businesses can have real-time settlements which will dramatically increase their cash flow. The increased cash flow will help businesses invest at a much more rapid rate, thereby propelling growth and revenue.

Jincor’s ICO begins on November 15, 2017 and can be accessed via their website. The sale will end in December 2017, during which Jincor tokens (JCR) will be issued. The proceeds will be used to finance Jincor’s aggressive roadmap, which has the company launching mobile apps for iOS and Android in January 2018 and reaching the global markets in April 2018. By Q3 2018 Jincor is aiming to implement blockchain asset transactions and business to employee transactions. More complex business dealings like corporate management, stock issuance, and dividend distributions will be a part of the Q4 2018 package.

  If society has learned anything from blockchain technology, it’s that every industry has needs that blockchain platforms can meet. In this case, Jincor is well prepared to synthesize business to consumer and business to business transactions. Their revolutionary blockchain platform fosters security and transparency in business dealings, particularly assisting industries that are plagued by business and consumer fraud.