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A trade or bargain warrant payment app.

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Idea threads

_Aryan_

New Contributor
Jan 12, 2022
13
4
I don't know if anyone is doing this or not but I've seen people facing this issue where for example-

A guy is selling his software to another guy for 1000 dollars, and whole transaction takes place online, and the software seller has planned a way to scam the customer by not giving him the software after payment. The customer payed him 1000 dollars and the software guy refused to sell him the software and in conclusion scammed the customer.

How bout a payment app where the app takes your money and the digital commodity and doesn't initialise the trade until both the commodity and payment is on the app, and if the any one tries to scam and denies payment or service the app returns the commodity or service back to the person after an expiry period. Idk if anyone is doing this already.
 
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Last edited:

Ayobami

New Contributor
Jan 11, 2022
5
1
following
I don't if anyone is doing this or not but I've seen people facing this issue where for example-

A guy is selling his software to another guy for 1000 dollars, and whole transaction takes place online, and the software seller has planned a way to scam the customer by not giving him the software after payment. The customer payed him 1000 dollars and the software guy refused to sell him the software and in conclusion scammed the customer.

How bout a payment app where the app takes your money and the digital commodity and doesn't initialise the trade until both the commodity and payment is on the app, and if the any one tries to scam and denies payment or service the app returns the commodity or service back to the person after an expiry period. Idk if anyone is doing this already.
 

Johnny boy

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
May 9, 2017
1,554
7,301
25
Washington State
Digital escrow



 

ateares

New Contributor
Nov 10, 2016
13
16
I don't know if anyone is doing this or not but I've seen people facing this issue where for example-

A guy is selling his software to another guy for 1000 dollars, and whole transaction takes place online, and the software seller has planned a way to scam the customer by not giving him the software after payment. The customer payed him 1000 dollars and the software guy refused to sell him the software and in conclusion scammed the customer.

How bout a payment app where the app takes your money and the digital commodity and doesn't initialise the trade until both the commodity and payment is on the app, and if the any one tries to scam and denies payment or service the app returns the commodity or service back to the person after an expiry period. Idk if anyone is doing this already.
Definitely Digital Escrow like what Johnny Boy said

But this is also exactly what a smart contract enables. Assets can be held in escrow by the contract until some event is triggered which releases or reverses the transfer of funds.

Lots of use cases for this in the dApp and web3 world.

The other route is more old school, but using banks (or lawyer) as counterparties (or trustee) for transactions like this and holding funds in escrow until assets are transferred.
 
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