Ubiq (fork from Ethererum) is a decentralized platform that allows the deployment and development of decentralized applications (Dapps) and smart contracts. The platform is based on the UBIQ blockchain, which is built on the improved Ethereum codebase and is a globally distributed ledger. The upgraded code base can allow developers to automate thousands of tasks that the third party intermediaries are currently carrying out.
How Ubiq works?
When using Ubiq (UBQ) For example, if a task involves apartment or house listed for sale or rent. In the traditional contract system, the buyer and the seller would require having a meeting where the made contract has to be signed, and the house’ keys will be handed over to the purchaser. As you can notice in the traditional system, the seller is trusting the buyer to follow and adhere to the payment plan that they have signed the
contract. If ever the payment plant listed is not followed, an entailed extortionate fee might be inflicted which is a waste of time for both parties.
Another thing that could happen in using the traditional system is that the contract might be lost and any of the seller or buyer party might take advantage of the situation and covertly modify the details written on the paper. This can incur expensive costs for paying an agent in exchange for their services.
Ubiq video explanation
On the other hand, UBQ smart contracts will allow the automation of the complicated process of the traditional settlement system. With the use of smart contract, the seller would simply just have to encode the agreements that appear on the physical paper contract onto the UBQ blockchain creating a digital smart contract.
The digital access key to the house or apartment will be deposited into the smart contract, and the key will only be released when the condition is met by the buyer. Since there are thousands of copy of the contract throughout the blockchain, there is no chance that the contract will be modified or lost.