You can never have too much security when it comes to transferring high value assets in exchange for payment. That’s why blockchain technology is the ideal candidate to act as the middleman at the core of an escrow service. Natmin Pure Escrow is a new blockchain startup that is being developed to do just this, with a superior solution to the traditionally employed escrow mechanisms.
With a conventional escrow service a company relies on its employed staff to ensure that both parties are compliant and meet the set conditions of an agreement in order to execute a transaction successfully. There are a number of problems that arise from this dated approach however, such as the risk of fraud, inefficiencies due to business hours and inadequate security in the transfer of assets. Additionally, the company’s overhead costs in paying the staff who must oversee transactions is reflected in the hefty service fees.
Natmin Pure Escrow is harnessing the power of Blockchain technology to solve these problems. First and most importantly, the security of a transaction made via a blockchain smart contract is unparalleled as it cannot be manipulated, corrupted or muted. Second, blockchain doesn’t require a paycheck, so the fees are drastically reduced immediately. Lastly, an agreement made via the Natmin platform is not limited by business hours and staff on duty as it is self-regulated.
With Natmin Pure Escrow, the predetermined conditions of a transaction are set into a smart contract and agreed on by both the buyer and seller, who must comply with KYC, AML and CTF policies - thus eliminating the risk of fraud. The smart contract only releases payment once the assets have been received and all conditions have been met. Natmin is further strengthened by user-centric nodes that vote on the validity of disputed transactions and are rewarded for voting correctly. A majority of 3/5 votes are required to resolve a dispute, providing an additional layer of assurance and security.
The platform and payments are facilitated by the NAT Token, and will be equipped with convenient fiat currency conversion functionality built in, so there’s no need to use external intermediaries to purchase or sell NAT and lose money to their additional fees.
Natmin is intentionally focused on the single core concept of providing an escrow service powered by blockchain technology, and doing that single task exceptionally well - hence the name Natmin Pure Escrow. There are few applications of this innovative technology that are better suited than that of a robust payment system, with the irrevocable and incorruptible nature of blockchain.
Natmin is now running an ICO due to close 31st December 2018, and are currently offering a 10% bonus until the 30th November.
To find out more or purchase tokens head to Natmin.io.
