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How Natmin Welds Smart Contract into Escrow to Save Time and Cost

How Natmin Welds Smart Contract into Escrow to Save Time and Cost

October 15
22:50 2018

Natmin is seeking to revolutionize the fintech space by bringing escrow services together with blockchain technology, and especially smart contracts technology, to cut costs and margin of error while keeping speed and efficiency high. To understand how it is doing so, it is necessary to answer a few questions.

How do escrow services work and what problems do they traditionally have?

Escrow services serve as a third party that holds funds on behalf of parties to a transaction and releases them only once both parties have fulfilled their contractually stipulated obligations and confirmed the receipt of promised deliverables. Naturally, traditional escrow services, while being extremely useful, remain fraught with immense security risks.

What are Smart Contracts?

Smart contracts are basically computerized protocols meant for carrying out transactions based on pre-set contract terms. Since a smart contract based in blockchain can easily be accessed and viewed, but not tampered with by all parties of the blockchain network, this technology accords a significant degree of security and convenience to any transaction.

Finally, what does Natmin do?

Natmin combines the best of both these worlds by introducing pure Escrow Services over blockchain using smart contracts. Since the use of the protocol means no human interaction or validation is required, the process becomes several times cheaper as well as cost-effective. Thus, smart contracts take care of the details concerning the deal, like what deliverables are to be received by the buyer and how much funds are to be released to the seller. As a result, no corrupt officials or inefficient employees can tamper with the system. Everything is pre-set according to the terms of the contract and can be automatically executed when conditions are met. In this way, Natmin cuts down on the need to spend valuable resources in hiring human intermediaries who serve little purpose in this secure, protocol-based system. As a result, users have to pay only a token fee, usually 1% of the transaction amount (buyer and seller each pay 0.5%) in order to avail themselves of the escrow services. With this ease, Natmin is well on its way to becoming a leading escrow service provider in the modern times of online transactions.

The modern world sees an extremely large volume of online transactions every single day, and it is only natural that the parties to these transactions often require a third party to hold their funds as they sort out the deliverables between themselves. Natmin takes the stagnant nature out of this very important service-the escrow service-and turns it into a bright, fast and cost-effective alternative to traditional escrow services by using the blockchain technology to power it. With the use of automation and the accountability and transparency that lies inherent in the nature of the blockchain technology, Natmin is well on its way to revolutionize this very essential service. With this new offering, it seems prepared to take the fintech industry by storm.

To aid it in its revolution, the platform plans to use the NAT tokens, which are universally accepted and adoptable because they are built according to ERC223/ERC20 standards. Offering a wide variety of functionalities, these tokens will be available directly to all users of the Natmin platform and to others via a token sale after the Token Generation Event. Natmin also plans to partner with other relevant parties in the field to make it easier to achieve listing on the various crypto exchanges.

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Media Contact
Company Name: Natmin
Contact Person: Rebecca Swanepoel
Email: Send Email
Phone: +61 477 936 255
Country: Australia

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