FAQ 

How does blockchain help businesses?
Blockchain is a distributed ledger. Transactions are stored in a block and spread all over the network. Thus, making it transparent, meaning anyone on the blockchain-network can access it. Thus, preventing any fraudulent activity within the business.
Is a distributed ledger secure despite being openly placed in the network?

Yes, the transaction records are completely secure. The system converts data into an encrypted value before storing it on the network. The encryption algorithm is robust and requires keys to decipher it. Other than this, all the documents placed in the system must get approval before being stored. After the records get approved, they are linked to the previous transaction. Any changes made on one transaction record is replicated to the other blocks containing the same file. Thus, it is impossible to make unauthorized changes to the document, making the ledger secure.

Is digitization of contracts time-consuming?
No. The digitization process is easy, simple, and fast. Creating digitized contracts removes the additional time that is wasted on correcting mistakes on a physical document or on processing them. Thus, digitization is the best solution available for the contracts.
How are digital contracts created?

Ethereum, an exclusive platform, is used to write digital contracts. The parties involved need to agree on the conditions of the contract. Then, these conditions get converted into code. This computer-generated code runs only when all the requirements are satisfied, thus eliminating any chances of error.

What are the benefits of getting the digitized contract?
Digitized contracts are transparent – openly available to everyone, secure – since
they are encrypted, no one can hack them and efficient- computer-generated code so
no chance of error.

What kind of contracts can be digitized?
Digitization is available for all types of contracts, be it real- estate, insurance contracts, mortgage contracts, health-care sectors, and any business contracts; anything can be digitized.
How can I get my contracts digitized?

Ethereum is used to create digital contracts. There are other platforms; however, Ethereum was specially designed for building smart contracts. To create a smart contract, you need to buy the ETH(Ethereum money), which you can buy from Coinbase. There is a per-word cost, and you will be charged for your contract based on the word count. This process can appear intimidating for first-time users who haven’t understood the process well. At SAFEBOX, we bring everything in one place. You can buy the SAFEBOX subscription, and we will guide you throughout the entire process, and help create digital contracts.

Is ETH cost included in the subscription cost?
The subscription cost is the minimal cost that we use for helping you connect with the entire digital process. You will need to buy the ETH separately, depending on the length of your contract.
Are there any hidden charges?
No, there are no hidden charges. Everything is transparent, and you get all the services included in the subscription plan, without extra cost.
What is the difference between view, basic, and premium plans?
View plan – This is a free plan that any user can access. This plan allows the user to view documents stored in the blockchain system. This plan is the best for those who want to be a witness for any transaction that takes part in the blockchain system.

Basic plan – This plan allows the user to upload and view the record in the secure blockchain system. Users are provided with 50 transactions per month under this plan. This plan is best suited for: supply chain, storing wills, and record keeping.

Premium plan – If you are a professional who makes lots of operations in the blockchain, then this plan is for you. Under this plan, users are allowed to make up to 100 transactions per month to the secure blockchain system. This plan is best suited for: notaries public, medical professionals, attorneys, and real estate.

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