STANDAGE Co., Ltd. launched the official version of its trade escrow platform, "Shake Hands Contract" (hereinafter referred to as SHC), on December 13, 2019.

SHC is an escrow platform for business-to-business trade based on blockchain technology.
By utilizing blockchain technology and cryptocurrencies, we can enable credit and trade settlements without the need for banks or cash.
This will bring new trade opportunities to emerging countries and small and medium-sized enterprises that have previously had difficulty doing business with banks.

This time, we've updated the beta version, which was completed in April, based on the results of our field testing, and are releasing it as the official version.

SHC Escrow Process [Illustrative Diagram]

▼Features of SHC

With blockchain and multi-signature technology,It can handle unforeseen circumstances that arise in actual transactions, such as refunds after agreement has been reached, installment payments, and changes to payment dates.is.
In escrow, once data is recorded, it can be accessed retrospectively.Blockchain technology, which makes tampering impossible, guarantees transparency and security in transactions.We are doing it.
Even STANDAGE, the service administrator, cannot commit fraud.
Also,Not only remittance information but also logistics information is all centrally managed on the blockchain.Therefore, tracking down the cause of problems is easier compared to existing trade flows managed in a siloed manner.

▼Challenges that SHC solves

1. Enabling fast and transparent international money transfers.
   With bank-based payments, it usually takes several days to several weeks from the time of transfer to the time the funds are received. However, by using cryptocurrency, the transaction is completed solely between the buyer and seller, and the transfer can be completed in about 5 minutes.
2. Low transfer fees
   The more emerging a country is, the more banks are involved in remittances, resulting in higher fees. Even for small transactions, the fees can be so high that they outweigh the transaction value, making trade difficult. SHC eliminates the need to go through multiple banks, and its remittance fees are less than half of what banks charge, thus contributing to increased trade opportunities in emerging countries and for small transactions.
3. Simplification of complex trade procedures
   International settlements and existing trade systems are complex and pose significant barriers for small and medium-sized enterprises (SMEs). SHC enables a reduction of approximately two weeks of work in the contract, remittance, and receipt process.
4. Reducing the risk of uncollected accounts receivable
   Large companies with high social credibility can obtain Letters of Credit (L/Cs) from banks, but it is difficult for small and medium-sized enterprises (SMEs) and venture companies to obtain L/Cs, leaving them with no choice but to take on the risks themselves. SHC addresses unforeseen circumstances that arise in actual transactions, such as refunds after agreement is reached, installment payments, and changes in payment dates.

If you're interested, please feel free to contact us.

"SHC" service website
https://shakehandscontract.com/

[Contact Information]
Shiba NA Building 4F, 3-6-10 Shiba, Minato-ku, Tokyo 105-0014
STANDAGE Co., Ltd.
President and CEO: Akinori Adachi
Executive Vice President/COO: Kenta Omori
Press Contact Email: info@standage.org