Escrow Smart Contracts

In today's business environment, financial transactions must be secure and transparent.
Traditional payment methods can be uncertain and cause delays, affecting project timelines and trust.
This issue is significant, as a survey by the Independent Economy Council found that 74% of respondents experienced delayed payments, with 59% owed $50,000 or more for completed work.

Socious addresses these concerns head-on with escrow smart contracts, ensuring that financial engagements are clear-cut, secure, and executed on time.

Benefits for Engaging Organizations

Guaranteed Security

Funds are held in escrow, ensuring both parties are protected and terms are met before release.

Timely Payments

Automated contracts trigger payments upon job completion, ensuring prompt compensation for services rendered.

Streamlined Recruitment

Save on the administrative burden and costs typically associated with financial intermediaries.

Dispute Prevention

Clear contract terms and secure escrow reduce the potential for disputes and enhance project flow.

Effortless Process

Setting up an escrow smart contract is straightforward, minimizing setup time so you can focus on the work at hand

Benefits for Professionals

Payment Assurance

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.