how blockchain multi-sig escrow works in grabjob
Post on 10-Jan-2017
73 Views
Preview:
TRANSCRIPT
How Blockchain Multi-signature Escrow Works in GrabJob
Client Freelancer
Each person has one key. Money will be sent to a freelancer when 2 of 3 keys are signed.
Let’s see how it works in the course of transaction.
Client Freelancer
Order
The client order a service of the freelancer.
Client Freelancer
BlockchainDeposit
Freelancer waits until the client send a deposit.
Client Freelancer
Blockchain
Service
Sign
Freelancer confirm the deposit, start working, deliver the service and then sign with his key.
Client Freelancer
Blockchain
Sign
The client check the quality of a service. If she is satisfied, she signs with her key.
Client Freelancer
Blockchain
Deposit sent to the freelancer as 2 of 3 keys are signed.
As you can see, GrabJob basically doesn’t have to get involved in the process of transaction. We come in only when there is a dispute.
Let’s take a look at that case.
Client Freelancer
Blockchain
Service
Sign
Freelancer confirm the deposit, start working, deliver the service and then sign with his key, but…
Client Freelancer
Blockchain
the client doesn’t respond to the delivery. She doesn’t answer the message. He believes his work was
good. There is no way he can handle this problem.
Client Freelancer
Blockchain
Sign
GrabJob comes in to help freelancer get paid for his work. GrabJob sign with their key.
Client Freelancer
Blockchain
Deposit sent to the freelancer as 2 of 3 keys are signed.
In essence, Blockchain Multi-sig Escrow is a flexible system that doesn’t require a third party unless there is a dispute.
top related