Back in early April, we announced a new partnership with Pico Ventures. Now, we are excited to say that we made our first revenues! Wohoo!
In case you forgot, Smarter Contract partnered with Pico Ventures in order to assist it with Rent It Forward, which is Pico Ventures’ furniture financing business. Rent It Forward is able to offer low prices for its furniture as long as customers comply with a specific set of rules. When customers do not comply, Rent It Forward needs a low-cost mechanism for resolving any dispute with its customers. This is where Smarter Contract comes in.
Even though Rent It Forward uses traditional contracts, rather than smart contracts, Smarter Contract is able to resolve traditional contract disputes in a similar way to how it would resolve a smart contract dispute.
For example, Rent It Forward allows its customers the option to pay off their furniture financing loans by selling their furniture to Rent It Forward at any time, provided they comply with a few requirements. If they fail to comply with the requirements, they must continue to pay monthly loan payments.
Smarter Contract is able to determine, at a cost of just a few dollars, whether a customer complied with that requirement. The cost of hiring an arbitrator to enter a judgment into court on the basis of that determination is low because all the facts are determined, because that determination is binding, and because the contract’s logic is clear.
Smarter Contract converts Rent It Forward’s dispute resolution process from one that can take multiple trips to court and many hours of expensive attorneys’ fees to one that can be completed entirely online and at a small fraction of the cost.
By reducing Rent It Forward’s operating risks and overheads, Smarter Contract will allow the business to scale more rapidly.
Stay tuned for stories about Smarter Contract implementing its service for other partners and clients.
About Pico Ventures
Pico Ventures Inc is a fundless private equity sponsor whose purpose is to complete seed investment transactions with a focus on ventures that have a mission to benefit people in need. It has three investments and twelve investors. Ashish Bhatt has an ownership interest in Pico Ventures. Learn more at www.picoventures.co.