Interaction with public authorities
Agrobon can easily interact with public authorities, for example, through the maintenance of a register of sellers and confirmation of transactions using traditional bank escrow accounts.
The escrow account holder and/or the owner of the regional register of sellers may be a public authority, such as a local social security administration.
The state tax administration may be integrated into the system as a “regional administrator”.
This allows monitoring and verifying information on emerging tax liabilities from agro-sellers (farmers and households) in real time 24/7, as they will all be automatically recorded in smart contracts of agro-sellers’ public offers. This allows Agrobon to operate as an integrated system of interaction between sellers, buyers, and public authorities that is essential in international trade, European integration, and simple transaction confirmation.
How does it work?
Registration of sellers: the state social protection authority being the owner of a register of sellers registers agro-sellers and verifies their credentials. That could help ensure that only qualified and trustworthy sellers trade on the platform.
Management of escrow accounts: being the holder of the escrow account this authority manages deferred payments making sure that funds are released only after the terms and conditions of the agreement are successfully met.
Integration with tax authorities: Agrobon can integrate with state tax authorities to facilitate the automatic transfer of income and tax data. That could simplify tax filing and make it more efficient for sellers as well as help ensure tax compliance.
Real time and 24/7 accessibility: since all these processes are based on smart contracts and automated, they could run around the clock ensuring smooth and efficient transactions.
Transparency and control: This system would also provide public authorities with greater transparency and control over transactions allowing them to better monitor compliance and stop any fraudulent activities.
Transparency and feedback: Our decentralized platform and One.space ecosystem (https://one.space) allow consumers to store and receive reliable information about the origin of products and the technology of their production. It cultivates the buyer's confidence in sustainable development and effective resource management with no harm to the environment.
Those could be the main mechanisms of interaction between Agrobon and public authorities in maintaining registers of sellers and escrow accounts.
Connection with legal innovations
The Verkhovna Rada of Ukraine has registered Draft Law of Ukraine “On Freedom of Entrepreneurial (Economic) Activities of Households” (reg. No. 8143) offering the possibility to conduct business without registration of entrepreneurial activity under certain conditions. In our opinion, the legal mechanism laid down in our Agrobon project could become a real basis for the implementation of new ways of economic activities in Ukraine.