ChainIT uses smart contracts to automate payments and transactions. Smart contracts are unique in that they execute automatically when predetermined requirements are met. ChainIT records these transactions in the Validated Data Token record on the permanent digital ledger. When a token is traded or sold on the platform, a smart contract is executed and payment is issued automatically.
Because they automatically execute, smart contracts offer users previously unseen efficiency during transactions.
Smart contracts save users valuable time. No more waiting on payments to be sent- payments are distributed directly to participants when the requirements are met.
The ChainIT platform links object, service, and event VDTs, VDT-IDs for participants, and protocols so the smart contract can be seamlessly executed.
Individual Digital Identities "IVDT-ID"
IVDT-IDs can be used globally to prove identity, giving users the power to provide only the information they wish to share.
A business owner creates an IVDT-ID on the ChainIT platform, registering their location, timestamp of the event, biometrics, and government-issued ID.
Organization Digital Identities
OVDT-IDs confirm an organization’s legitimacy. Members and officials associated with or employed by the organization are validated and the organization is referenced in any professional activity they conduct on the ChainIT platform.
The business owner then creates an OVDT-ID for their company on the ChainIT platform. This Organization VDT-ID contains data regarding the official business location, the timestamp of the creation event, the owner’s ChainIT IVDT-ID reference, and additional organization details.