Booth Id:
SOFT005
Category:
Systems Software
Year:
2019
Finalist Names:
Bayramov, Ruslan (School: Lyceum Named after Academician Zarifa Aliyeva)
Abstract:
For hundreds of years, the general trade was going by scheme manufacturer ⇒ mediator ⇒ buyer. Buyers in this scheme are the owners of any businesses. Mediator in this relationship solved all problems and did the logistics. But can we connect the buyer and manufacturer? Stock Up project allows manufacturers to sell their goods to buyers using blockchain technology. Using smart contracts, both parties perform the process with the maximum benefit and get rid of many procedures, because, in the regular deal, both sides need a lawyer and notarial declaration, if something went wrong. But in smart contracts, all conditions are pre-wrote, and contract executes itself. Regular transactions take lots of time to perform and require huge commissions. But using Ethereum Public Network, parties will get rid of another mediator - the bank, and it solves this problem. Buyers will easily search for goods and sort them by price and location. And the process of the deal will be much easier and faster. The implications of this are global: both parties will be able to earn much more money and scale effectively. Because of this, we'll get economic growth, new workspaces, and lower prices in the stores for ordinary people.