You need the following documents for Indian companies.

• Your PAN and Aadhaar
• Your company’s PAN and GSTIN
• Your company’s bank account to receive the funds

You need the following for US/UK/EU companies.

• Your individual identification, e.g., Driver’s License
• Your company’s business license no.
• Your company’s bank account to receive the funds

Before entering into a MinQro Smart Contract, the following aspects would have been validated.

• Your individual identity.
• Validity of your company’s license / existence.

In simple terms, a blockchain is a digital ledger (based on distributed ledger technology) to provide permanence to the stored data, i.e., once recorded no one can delete or alter the records. Data of Minqro smart contracts are stored on a blockchain. This gives sanctity to contract as well as to the data itself.

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code rather than just being on paper or digitally stored on a computer. Minqro deploys a smart contract for each transaction, which then controls the execution, and the transactions are trackable and irreversible.

Every user on the Minqro platform gets a virtual account for accounting and holding purposes.

For smart contract purposes this virtual account is converted into a wallet. The money that is deposited in a bank to attach to a smart contract is first converted into digital assets and then attached to the smart contract.

When the money is released from the smart contract, the digital assets representing that money are first transferred to the receiving party’s wallet. The receiving party then redeems the digital assets and then INR/USD/EUR etc are transferred to the bank account of the receiving party.

All this happens in the background at the bank and code level. From your perspective, money is deposited in the bank, it is attached to the smart contract, the terms of the agreement are fulfilled, the money is then sent to the seller automatically. It is as simple as that.

• Your money is absolutely safe.
• It is kept in an escrow account with ICICI Bank / DBS Bank / JPMorgan Chase / ING Bank, as case may be.
• The escrow account is overseen by a licensed trustee.
• Mezzpro has also tied up with an independent third party, Ncome Technologies, to digitally manage the escrow.

You can enter into any number of smart contracts at any given time, and each of these can be denominated in whatever currency you and counter party agree with.

You will continue to receive payments as before, i.e., forex will be transferred from the country/region of import, on behalf of the buyer, into your bank account in India.

Minqro has tied up with MaxMax Chambers of Conciliation, Mediation and Arbitration. Your Minqro smart contract contains a term that in case of a dispute, the dispute will be referred to MaxMax Chambers for the most optimal resolution. The fees for MaxMax Chambers are included in the fee for Minqro Smart Contract. That is one of the benefits of conducting trade via the Minqro Smart Contract.