Check Creation Process

Users create digital checks as NFTs, secured by smart contracts and blockchain.

Users who have completed the KYC verification process are authorized to create checks or promissory notes on the platform. This process is a digitized version of traditional methods, where checks and promissory notes are represented as NFTs (Non-Fungible Tokens) to ensure a secure, blockchain-based structure.

The check creation process begins when users input specific details into the system, including the check amount, expiration date, and the recipient's details (person or institution). These details form the basis for the validity and content of the check in the digital environment.

Once these steps are completed, the check's information is minted as an NFT. The NFT serves as the digital representation of the check and contains all related information. This includes the check amount, date, and recipient details. The NFT's immutable nature ensures that all check-related data is securely stored on the blockchain, making it traceable and reliable.

Simultaneously, users deposit an amount equivalent to the check's value into the platform's central pool. This pool securely holds the funds until the check reaches its expiration date. The NFT associated with the check represents these funds, and only the NFT’s owner can withdraw the check's value. By digitizing the check and representing it as an NFT, the system eliminates the risks of fraud typically associated with traditional checks, making transactions more secure and transparent.

This process offers significant convenience for both individual users and businesses. Checks are securely backed by blockchain technology in a decentralized environment, while smart contracts automatically manage the transaction processes. Users can create digital checks with confidence, knowing that the process is fully transparent and secure.