Payment/Dispute
Hello, this is Masterkey team.
Last time, we talked about the different aspects of Masterkey’s Sharing economy service with the blockchain technology compared to the others. Today, we will be looking into our payment and dispute settlement system via the smart contract by the Masterkey Protocol.
Masterkey offers a network where users can do their business more conveniently and freely in order to provide a Sharing economy service. To achieve that, let us tell you how we can handle to settle some potential payment or transaction related disputes.
Payment/Dispute Settlement System within the Masterkey protocol
Payments
The basic payment method is MKY in the Masterkey Platform. But only for the user’s sake, BTC, ETH, Tether and other legal currencies will be added for transaction.
In case a guest and host utilizes a service on the Masterkey platform using a payment method other than the basic one, both the guest and host will be transferring the deposit to the smart contract upon the host’s confirmation of a reservation. This deposit will be used as a penalty in case of a unilateral cancellation. For instance, the deposit will be forwarded to the host if a guest cancels a reservation past the cancellation period, or does not show up on the expected date, or any damages occurred during the service. Conversely, the deposit will be sent to the guest if the host cancels a reservation without any consent from the guest.
In addition, the deposit can also be used in providing a solution to any unexpected disputes arising from a transaction process between the service provider and user in which a third party shall interfere and act as an arbitrator.
Dispute
Unexpected issues may occur out of a service offered by/between the parties ending up necessitating a third party to resolve the problem. Therefore, arbitrators in the Masterkey platform get to have rights to vote for these kinds of issues, and will be rewarded with the reasonable incentives depending on the final outcome.
Arbitration Process?
The voting method is simple. The arbitrator divides into five criteria from 0~100% to indicate a fault status of a host or guest for the voting to proceed. It is programmed to have the voters who vote the closest to the final result rewarded the highest. In this case, the arbitrator shall be granted with the authority to vote only when presented with the explicit grounds to his or her decision.
How to select arbitrators?
A total of five arbitrators will be selected. Their arbitration deposit and past experiences in arbitration would be the main selection criteria. The selected arbitrator will be transferring *the deposit to participate in arbitration to its arbitration reward pool, or smart contract, and will be rewarded depending on the arbitration result later on.
The deposit in MKY token sent by the arbitrator will be forwarded back to him or herself once the arbitration process is complete; however, it will be sent to the reward pool of the other arbitrators if the decision is not reached within the timeline set by the arbitrator him or herself.
*What is the deposit to participate in arbitration?
The arbitrator is required to pay a deposit as a gesture to promise for a transparent and prompt decision making. The more the deposit, the higher the chance to be selected as an arbitrator.
We have briefed on the payment and dispute settlement system via our smart contract by the sharing economy platform, Masterkey Protocol.
We will be back soon with more fruitful contents.
Thank you.
