Natmin Pure Escrow, is the disruptive tech startup behind proprietary technology of the same name, which is improving upon the way that contemporary Escrow services operate by leveraging the increased security, traceability and efficiency of blockchain.
While existing traditional Escrow providers have enjoyed an oligarchy over the secure payments industry for over a decade, the technological mechanisms they employ have remained essentially the same during that period. As has been seen in dozens of industries such as finance, remittances, supply chain logistics and luxury goods authentication, the unique characteristics and benefits of blockchain are now also being applied to Escrow solutions by Natmin in order to revolutionize the way in which users can organise and execute secure P2P payments.
Natmin Technologies
The Escrow startup have released a client test platform to demonstrate how users will be able to seamlessly transact via Natmin once their full platform is live. By logging in at https://www.natmin.io/login?type=demo, users are able to experience the step-by-step process of creating new transactions, funding them and receiving funds via the Rinkeby Ethereum Test Network. During mid 2019 the first live version of the web app and underlying smart contracts will be released as a closed alpha, with the beta release due shortly after in Q3.
Another key element in the robustness of the Natmin system and token economy is the creation of user-centric nodes to act as adjudicators within dispute resolution processes. By being part of a cluster of nodes that vote on the validity of a disputed transaction, any registered Natmin user is able to earn 14% of the designated transaction fee. Natmin succinctly encapsulates the resolution process by allowing 5 nodes to vote collectively, with a majority 3/5 votes being required for a validated transaction to occur.
The Future of Global Escrow Systems and Blockchain
Blockchain is a revolutionary technology which efficiently and immutably records ledger-based transactions within trustless, distributed environments. When looking at cryptocurrencies such as Bitcoin, people often make the mistake of stating that the value of each coin is disproportionate to it being an unbacked asset. However, the true value of cryptocurrency is the use of blockchain technology to facilitate financial transactions in situations that were not practically possible prior to its creation in 2009.
The ability to transfer value between two globally-dispersed parties, with no trust or knowledge of each other, and the only middleman being an unambiguous, mathematically-powered technology was not possible before blockchain. This ability transcends the functions of simple financial transactions, and allows for the incorporation of new paradigms within any existing system which can take advantage of improvements in traceability, efficiency and the use of micro-transactions.
Unlike many startups within the payments space, Natmin have moved away from older and less-optimal technologies to redefine the mechanisms that power the multi-billion-dollar Escrow sector. As has been seen in other areas of finance and global business, blockchain is now poised to also completely reshape the way in which future users will make secure P2P transactions and payments.
The Natmin Pure Escrow Token Generation Event is now live.
For more on the Natmin project check out their platform at Natmin.io and their social communities at Twitter and Telegram.