Use Blockchain for ClearCoin Escrow Transactions to Eliminate Middleman Necessity

The middleman or an intermediary plays a big part in an escrow transaction. He holds the money of the payer temporarily, before it is released for the receiver to get. However, you can now eliminate the need to have an intermediary with your ClearCoin escrow. Just use blockchain, and it will be more than enough for the whole process.

 

Why Should You Use Blockchain Instead of Having a Middleman in a ClearCoin Escrow Transaction?

 

Traditionally, the third party middleman or an intermediary facilitates escrow transactions by holding the released cash from the payer temporarily. This is to make sure that the cash is safe, whether it would need to forward to the recipient or back to the payer.

 

However, the intermediary could not be reliable enough at all times. He himself might take a part of the cash without your consent. That is why, using blockchain is a better choice, especially in ClearCoin processes.

 

The blockchain can hold all the data of your escrow transaction, and gives you a close monitoring for your transaction records. The data will be stored in blocks, which no one can easily modify or edit. This is because the changes in a blockchain will immediately reflect for all parties to see, thus you can easily notice any data corruption when it takes place.

Such features can help your cash safe from being vanish without your permission. Moreover, this can let both parties have a good hold on it, while the buyer decides if he would forward it to the seller or take it back.

 

Such features can eliminate the need for you to have a third party intermediary for the process. Your cash will be safe after all, and you can have a good control over it. As long as all parties will agree on using ClearCoin and blockchain for the escrow, you will surely have this convenience for you.

 

Posted by: hoals on Category: Internet and Businesses Online