Escrow Protected Marketplace Within Smart Contracts

Openmarket aims at creating a safe and secure peer-to-peer business environment — for consumers and vendors alike — to result in a positive trade experience for all parties involved.
To ensure trustworthy transactions between consumers and vendors on Openmarket marketplace platform, escrow protection has been embedded into smart contracts. Escrow protection on the marketplace ensures that both buyers and sellers are protected from any scams or fraudulent actions. By ensuring secure transactions between buyers and sellers, we create a fearless and trustworthy business environment which is essential for our overall goal to envision a borderless business ecosystem in its true sense.


On Openmarket decentralized marketplace, embedded escrow protection in smart contracts means that the entire transaction process — payment from consumer to escrow and fund release from escrow to vendor — becomes seamless and smooth for everyone. 


A standard business transaction on Openmarket marketplace follows this pattern: 


1.) Buyer places an order and makes the payment
2.) Payment from the buyer is automatically deposited into an escrow account instead of direct transfer to the seller
3.) Escrow verifies the payment from the buyer and confirms it to the seller
4.) Seller then ships the order and buyer approves it upon successful delivery
5.) Funds from escrow are then automatically released to the seller.


This process ensures that both buyer and seller are protected from any possible fraudulent activity or scam.