ePromissory Note

BlockPeer simplifies the process of creating and managing Electronic Promissory Notes (ePromissory Note). By leveraging the TradeTrust framework, BlockPeer ensures that these documents are verifiable, transferable, and can be securely used for financing.

Why Use ePromissory Notes?

• Streamlined Process: The traditional process of issuing a Promissory Note is digitized, saving time and reducing paperwork.

• Verifiable and Transferable: The ePromissory Notes created are verifiable on the blockchain and can be transferred or endorsed to financiers.

• Quick Financing: The ePromissory Notes can be easily transferred to financiers, allowing for fast access to financing in BlockPeer's Trade Finance Marketplace (BlockPeer Cliq).

Steps to Create an ePromissory Note

1. Navigate to the ePromissory Note Creation Page

• Go to eTrade -> Transferrable Docs -> ePromissory Note.

2. Prerequisites:

• Ensure your MPC wallet is connected to the BlockPeer platform.

• Verify that the MPC wallet has sufficient native tokens available to cover gas fees for writing the ePromissory Note hash to the blockchain. Please refer to the MPC Wallet Deposit.

• Ensure the DNS mapping for transferrable documents is completed (refer to the DNS Mapping for Transferrable Documents guide).

3. Create an ePromissory Note

1. Navigate to eTrade -> Transferrable Docs -> ePromissory Note.

2. Click on the + Add New icon in the top right corner to start a new ePromissory Note.

Fill in the required details:

• Drawer (Borrower): This is the entity or individual who is borrowing funds today and committing to repay the financier at a future date. Enter the borrower's details, including their name, contact information, and any relevant identification.

• Drawee (Financier): This is the entity or individual providing the funds to the borrower today. The financier will receive repayment from the borrower after the agreed-upon due date. Enter the financier's details, including their name, contact, and payment instructions.

• Payment Details: Specify the total amount being borrowed, the repayment due date, the currency of repayment, and any additional terms (such as interest).

• Signatory Details: Add the required signatory information for both the borrower and financier to authorize the agreement.

• Once all the information is filled in, click on Create ePromissory Note.

4. Download ePromissory Note Files

• After the ePromissory Note is created, the file can be downloaded in TT File Format:

  • TT File: A TradeTrust file containing the verifiable hash of the ePromissory Note for blockchain-based verification.

5. Verifying the ePromissory Note

• To verify the authenticity of the ePromissory Note, download the TT file and:

  • Use the BlockPeer Verifier at https://verifier.blockpeer.finance/.
  • Alternatively, use the TradeTrust verifier at https://ref.tradetrust.io/.

By uploading the TT file to one of these platforms, you can confirm the document’s authenticity and ensure that it hasn’t been tampered with.

6. Transferring or Endorsing the ePromissory Note

• The ePromissory Note can be transferred or endorsed to a financier or other parties for financing purposes or further trade transactions at the above verifier URLs.

  • This can be accomplished quickly and securely within the BlockPeer platform.

  • Financiers can verify the ePromissory Note using the TT file and accept it for financing.

  

Benefits of Using ePromissory Notes

• Blockchain-Based Verification: Ensures the ePromissory Note’s authenticity and protects it from tampering.

• Fast and Secure Financing: Transfer the ePromissory Note to financiers through BlockPeer Cliq, reducing the time to secure trade financing.

• Global Standardization: As a TradeTrust partner, BlockPeer ensures your ePromissory Notes are verifiable and accepted globally.

• Elimination of Paperwork: Save time by creating and managing digital Promissory Notes with all the necessary legal verifications.