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.
Will ModulTrade do security checks to the traders for its legitimacy to do its business? And also to the end users part.
I looked for some answers on the website of Modultrade, if you look at the following simple explanation of smart contract trading, you would think the trade cant go wrong.
STAGE I
Buyer and Seller set a Smart-contract
Buyer deposits funds with the Smart-contract
STAGE II
Seller ships goods once sees the funds locked by the smart-contract
Smart-contract is tracking goods delivery
STAGE III
Upon the goods are delivered Smart-contract releases funds to the Buyer
But yeah, what if during transport the product is damaged, then there must be some kind of insurance involved
I'm sure that as normal trading, insurance will be used for delivery. But who will pay for Insurance fee? Can enterprise use Modul tokens to pay for insurance?
The seller usually handles the transportation insurance. not sure if MT needs to get involved there.
I think with default shipping via the regular channels, the package is insured by default.
But it's true that it's always the seller who needs to take this into his account.
True. In general trade's best practices, the seller includes insurance on the goods (through the logistics) in his price. However, ... Modultrade is an open Platform. Remember?
in the Meet, Commit and Execute chain, all ecosystem is involved. Including our insurance, and logistics partners who will propose their services on the Platform, making it a One Stop Shop for SMEs, who can take advantage of the network effect to benefit from optimized prices. and of the reputational network mechanisms to have a good service from a good Partner. a Win/Win situation for all.