Biometric Smart Contract
Biometric Smart Contract (Bio Smart)
Biometric Smart Contract (Bio Smart)
The Bio Smart acts as an escrow service for the commercial contracts between two Kadesh system users who have completed fingerprint scanning and Face ID verification, and it also seeks to make the contracts legally binding by signing smart contracts with biometric data.
The escrow feature ensures that the payment is completed if both parties mutually confirm that the terms of the commercial agreement are met. The system operates as follows: Contracting parties exchange their Kadesh IDs. When one user submits a commercial contract request to the Kadesh system, the system sends the relevant user a form in which the contract terms will be entered. The user completes the form, approves it with fingerprint scanning, and submits it to the system. Then, the form that has been approved by one party is sent to the other party. The user approves the form through fingerprint scanning after adding their terms. Both users receive the final version of the form. To finally confirm the form (contract), both users are prompted to perform a Face ID scan. Thus, the system assumes the contract has been digitally signed by both parties and writes it to the closed-loop blockchain.
The parties to the contract can access the contract through their Kadesh Wallets and print it as a pdf if they wish. The contract in the system cannot be accessed by anyone other than the parties to the contract. When the contract deadline comes, the Kadesh system requests confirmation from the contracting parties that the conditions have been met. After both parties confirm, the system releases the payment that was withheld at the time the contract was digitally signed to the relevant recipient party. The system deducts 5% of the payment as a commission in this transaction. All payments and contracts will be made through the Kadesh and Kadesh Wallet in this system, and payments will be made in crypto assets.
Kadesh allows users to create various types of contracts. Among these, there are contracts that impose liability for various work, processes, management, etc. (shipment, promissorynote, consumer contracts, delegation and presentation of authority, dealership, leasing, work, and guarantee contracts, etc.) and also limited liability or definite subcontractoremployment and service contracts (graphic design, web page creation, programming, translation, advertisement, and promotion, etc.) with limited liability or framework that can besigned by the sellers listed on Kadesh or real or legal persons providing services in exchange for certain commissions or fees.
Users who want to be listed as a service provider must sign a mutual agreement with Kadesh using Kadesh Wallet, verify their user credentials, and upload their verified productportfolio to the system. The Kadesh business development unit then verifies that the user portfolio and services adhere to the Kadesh rules (services and products will not causecopyright issues in any jurisdiction, services and products do not violate general legal rules, etc.) and are of the minimum quality determined. The user who wants to use the listingservice must stake the amount of KDS tokens specified in the contract as collateral until the service contract is mutually terminated on Kadesh Wallet. (The amount of KDS tokens tobe staked varies by service, and the amount of KDS tokens to be deposited as collateral and the collateral period vary depending on the average business volume and membership period.)
There is no income or interest accrual commitment made in relation to the KDS token deposited as collateral.
The services provided by the user who staked the required amount as collateral are displayed to users via the Kadesh Wallet listing.
Users of the Kadesh who want to use the relevant service, purchase it with a mutual agreement notice and transfer the specified payment amount, and type to the secure payment pool via Kadesh Wallet. After receiving approval from the users, Kadesh Wallet transfers the relevant amount to the service provider’s Kadesh Wallet account when the contractual obligation is met.
Before transferring funds, Kadesh deducts a commission of 5% for payments made with KDS, 10% for payments made with another crypto asset, and 15% for payments made in FIAT. Commissions are deducted from the total amount and payment ratio of the sides determined by the users at the time of contract signing. For instance, for the payments in KDS, only the buyer pays 5%, only the seller pays 5%, or both the buyer and the seller pay 2.5% each.
Kadesh commits to making every effort to ensure that the service listing processes are carried out as professionally as possible, with only qualified service providers listed. Users do not pay a fee for listing their services; the amount deposited as collateral is refunded to users who wish to leave the membership at the end of the contract. If the user unilaterally terminates the contract before the contract expiry date, 2.5% is deducted for each month remaining until the contract expiration date, and 5% is deducted for each month in which the service is used.
