safeguard you payments with digital escrow based on blockchain technology
TRANSCRIPT
Safeguard you payments with digital escrow based on Blockchain technology
Fundrs secure payment solutions © 2015
Fundrs solves the risk of non delivery for buyers and the risk for sellers of non payment.
1) Buyers places order online
2) Buyers payment via Fundrs secure payment
3) Supplier ships order
4) Buyer receive order and confirms receivement
5) Payment released to Seller
Fundrs secure payment solutions © 2015
The Blockchain registry can be compared to a global digital notary.Each transaction is controlled and confirmed by a network of millions of computers so there is always a consensus on the network over all the transactions, wich cannot be tampered with.
The blockchain multisignature transaction releases the payment to the
Seller as a digital notary which can not be tampered with after the
merchandise has been received and approved by the Buyer.
Fundrs never actually holds the paymentThis makes escrow affordable even for small transactions.
Fundrs secure payment solutions © 2015
1) Buyers places order online
2) Buyers payment via Fundrs secure payment
3) Supplier ships order
4) Buyer receive order and confirms receivement
5) Payment released to Seller
Safe payments: The payment is only released after you confirm order delivery
Fundrs secure payment solutions © 2015
Multisignature digital escrow works as follows:
1. When Alice wants to send $20 to Bob in exchange for a product, and sends the $20 to the multisignature digital wallet between Alice, Fundrs and Bob.
2. Bob sees that the payment was made, and confirms the order and ships the product.3. When Alice receives the product, Alice finalizes the transaction by confirming the transaction to Bob. 4. Bob then receives the payment
Alternatively, Bob might choose not to send the product, in which case he creates and signs a refund transaction sending $20 to Alice, and sends it to Alice so that Alice can sign and publish it.
Now, what happens if Bob claims to have sent the product and Alice refuses to release the funds? Then, either Alice or Bob contact Fundrs and the dispute will be solved by arbitrage.
Fundrs secure payment solutions © 2015
1. Agree with the merchant on a dispute mediator (Ask the merchant for a public key (K1). 2. Ask the mediator for a public key (K2). Create a new key for yourself (K3).3. Send the merchant K2. The merchant challenges the mediator with a random nonce. The mediator signs the nonce with the private form of K2, thus proving it really belongs to merchant.4. Create a transaction (Tx1) with an output script as follows and broadcast it:
2 <K1> <K2> <K3> 3 CHECKMULTISIGVERIFY
Now the payment is locked in such a way that it can only be spent by the following methods:
5. Client and the merchant agree (either a successful trade, or merchant agrees to reimburse client without mediation)
2. Client and the mediator agree (failed trade, mediator sides with client, like a charge-back)3. The mediator and the merchant agree (goods delivered, merchant gets client's payment despite the
dispute)
1) Buyers places order
online
2) Buyers payment via
Fundrs secure payment
3) Supplier ships order
4) Buyer receive order and confirms receivement
5) Payment released to
Seller
Multisignature Blockchain technology:
