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Escrow

Escrowbchain is a mobile app that aims to digitalize the escrow payments between buyers and suppliers and it’s replacing the banks’ escrow and LC Services. After an agreement is reached between the buyer and the supplier, the buyer issues a Work Package on escrowBchain application reflecting the terms of the agreement, milestones and payments’ schedule. Once the supplier accepts these terms, this becomes a registered and protected smart contract. The next step is for the buyer to deposit the contract value into an escrow account and the Work Package is activated. Once the product or service is delivered, and the buyer accepts, money is automatically transferred to the supplier.

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