This past weekend I participated in the Salesforce $1 Million Hackathon. I arrived at the Metreon on Friday around 4:30, found team members and in 48 hours we built a working mobile app on the Salesforce1 platform. This application was called Cointract.
Cointract allows Salesforce users to trade assets through b2b and p2p contracts with no middleman and no counterparty risk.
Post, Buy & Track Contracts, Anywhere, Anytime, Any Device.
Here is the summary from our Challengepost submission:
5 billion people and 50 billion things will be connected to the internet in 2020. The introduction of a digital transfer value systems that goes beyond currency transactions will disrupt many verticals in international markets. Blockchain technology acts as a verifiable public leger that is sustained on the internet by a network of distributed nodes around the world, and its next wave of applications is difficult to conceptualize.
At Cointract, we forge trust, increase resources, and boost better business practices by creating contracts, contract tracking, and a trust rating system to benefit Salesforce users who use emerging and existing virtual currencies. Our clients are Saleforce users in the B2B and P2P space. Salesforce is the perfect platform for Cointract because it has the capability to implement native business applications, can be applied quickly, and functions globally.
Based on abstractions of non-currency transactions made possible using timestamps and public ledgers for ownership transfers, our products save money by:
- removing third parties currently charging for their services,
- creating value by giving the user the ability to turn their assets into self sustaining economic units
- expediting transaction times from days/weeks to minutes, streamlining business supply side logistics
Our favorite features are the rate of currency verification, the SMS and email notifications associated with contracts, and the User rating system. Cointract pulls data from the Bitcoin block chain, confirms the state of ownership in real-time, and then verifies whether a contract should be executed or not. Apex applied in Salesforce notifies users with SMS and/or email to let them know where they are in the contract process, benefiting both parties. Contract rating promotes customer retention and future contracts with straight or modified rebuys.
Currently most businesses and individuals are unaware of the non-currency transactions that are possible using block-chain technology. Cointract builds these streamlined processes which saves users time and money in a evolving global economy.