Marketplaces

In online marketplaces and the gig economy, trust is a major challenge. Service providers may hesitate to deliver services without guaranteed payment, while customers might be apprehensive about paying upfront for services that may not be delivered.

The protocol’s escrow enables secure transactions between “buyers” and “sellers” of goods and services in these environments.

In this use case, the “customer” deposits funds into the escrow smart contract before the transaction is initiated. Funds are automatically released to the service provider upon successful service delivery, and in case of disagreements, the protocol’s built-in dispute resolution mechanism ensures fair outcomes.