Digital Escrow: Industry Challenges, Opportunities And The Path Forward [Forbes]
International Business Machines Corporation (IBM)
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Source: Forbes
Trust has always been essential to commerce. Silk Road traders, for example, needed intermediaries to guarantee that merchandise went one way and payments went another. As the world grows and develops and technology advances at a rapid rate, trust remains the catalyst for a functioning global society. Where a payment process would once take weeks to finalize and delicately navigate, payments can now be made with a literal click of a button. Parties never even have to encounter one another. But in this arrangement, how does one ensure trust? Digital escrow is one tool that aims to help answer this question. This is the process by which an unbiased third-party agent holds cash or a title and only releases the payment or item due when a contract has been thoroughly fulfilled. As the cofounder of a digital escrow platform, I believe that as this market evolves, it needs to address complications while developing a tactical plan for maximum expansion. The Mechanics Of Digital Escrow
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