Will there be insurance to the trade? What if something goes wrong to the trade? Non deliveries, etc.
Will ModulTrade do security checks to the traders for its legitimacy to do its business? And also to the end users part.
Hello, T-Gee05.
Irrespective of payment terms, naturally, the risks of loss, damage and theft may occur and covered by adequate insurance which is usually arranged by the seller.
Hence any trade proposes insurance where goods delivery is involved. MT will connect 3rd party service providers such as logistics, insurance, inspection etc. to enhance customer experience and insure the value proposition.
The cases of wrongdoing or non-delivery will trigger a smart-contract and the payment as well. No goods - no money!
No doubt, MTP will conduct verification of trading parties in order to ensure the greatest customer experience and minimise counterparty risk.
As far as the buying party is concerned, the smart-contract allows to trigger the payment and release without the seller's authorisation once it's signed.
Hope that clarifies.
Stay tuned!