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PAID Network vs Traditional Centralized Legal System

The internet is constantly changing like any other innovation. Currently, there is game-changing evolution within the internet’s development.

Internet of Value (IoV) and Internet of Information

The Internet of Information; which was developed in 1971; is evolving into the IoV. This is the platform that seeks to reshape businesses and disrupt the current (obsolete) order of human interactions for the better. The IoV is a vision in which the value (at least in terms of currency) travels across the world at the same speed as information.

Internet of Information vs Internet of Value

The IoV creates a marketplace for exchanging value in every way, shape, and form. We are moving from the internet world which serves only as an information highway, to an internet, capable of facilitating the transfer of tangible digital assets, without any mediators.

Traditional Centralised System

Individuals worldwide enter into bilateral agreements to scale their services whether from simple online marketplaces to complex international IT projects. Most value transfers and contracts are formalized through mediators, due to the centralized nature of existing business contract solutions and market platforms.

Participants are forced to pay high fees and compromise on due diligence. They also can’t designate a preferred fee structure. In the event a counterparty fails to uphold a contract, dispute resolution becomes nearly impossible in the immediate and short term even.

The PAID Network

The PAID network is a blockchain-powered mega system. With the IoV, PAID brings revolutionary, fundamental changes in contract fulfillment and lawsuit to the world of international business. PAID brings the solution, by providing the easiest-to-use, reasonable, and most automated DApp ever created, enabling everyone to conduct cross-border business.

This new internet deployed on blockchain technology promises to transform financial services, redefine the role of governance, reshape corporate structures, and introduce a fresh approach to democracy. PAID is offering a set of decentralized solutions to resolve all aspects of the fragmented international business transaction dilemma.

PAID vs Traditional System

We can make quantitative comparisons, highlighting the critical differences between PAID network and the traditional centralized legal system:

Traditional legal service providers do not offer borrowing and lending capabilities. ‘Smart Agreements’ is a product designed and offered solely by the PAID Network. It forms the backbone of the smart contract-powered protocol. This enables the transparent understanding and execution of contracts in a decentralized way.

PAID Network will interrupt the traditional B2B insurance industry by delivering automated, low-cost, and interoperable solutions for contract insurance.

Verdict

Innovative business models based on the concept of the Internet of Value will disrupt every industry in the coming decade. In a survey by Deloitte, 85% of C-Suite executives said, ‘We will lose our competitive advantage if we don’t adopt blockchain and crypto-asset technology.’ The same survey showed that 88% of executives feel that blockchain technology is broadly scalable and will be adopted by the mainstream in due course.

In the contemporary world, modern solutions are needed to navigate the progressively complex landscape of international business. PAID’s combination of features allows its users to conduct the whole business process in one ecosystem. From insurance to lending, from drafting contracts to resolving disputes, the comprehensive suite of services offered by PAID permits users to meet nearly all of their financial needs on one easy-to-use platform.

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