Benefits for Engaging Organizations
Funds are held in escrow, ensuring both parties are protected and terms are met before release.
Automated contracts trigger payments upon job completion, ensuring prompt compensation for services rendered.
Save on the administrative burden and costs typically associated with financial intermediaries.
Clear contract terms and secure escrow reduce the potential for disputes and enhance project flow.
Setting up an escrow smart contract is straightforward, minimizing setup time so you can focus on the work at hand
Benefits for Professionals
Have peace of mind knowing that payment for your work is pre-secured and will be released automatically upon completion.
Focus on Impact
With financials handled, you can concentrate on delivering quality work that contributes to your impact goals.
Transparency in Transactions
Full visibility of contract terms and payment processes eliminates uncertainty.
No Costly Delays
Avoid the financial strain of delayed payments thanks to the prompt execution of smart contracts.
How it works
Step 1: Contract Creation and Funding
Once a project is agreed upon, the engaging organization sets up an escrow smart contract on Socious and funds it accordingly.
Step 2: Project Execution
Professionals can work with confidence, knowing that payment is secure. The escrow holds the funds until all contract conditions are met.
Step 3: Completion and Payment
Upon job completion and mutual agreement, the escrow releases the funds to the professional. This process is automated, secure, and recorded on the blockchain for full transparency.