How CMB Smart Contracts Work
Step 1 - Form an Agreement
Two parties come together to form an agreement (called a smart contract) for the exchange of goods or services. This agreement should be well-thought-out as it will become the basis for a smart contract.
Step 2 - Create a Smart Contract
The business owner, (party providing the product(s)/service(s)) uses CMB’s service to create a Smart Contract that references the agreement using our proprietary blockchain techology.
Step 3 - Fund the Crypto My Biz Smart Contract
The Client, (party that receives the product(s)/service(s)), reviews the contract and escrows money the CMB Smart Contract to pay using the blockchain for the product(s)/service(s) once delivered.
Step 4 - The Ethereum Blockchain Securely Holds the Money in Escrow
The CMB Smart Contract keeps the escrow money locked on the Ethereum blockchain awaiting confirmation on the successful delivery of product(s)/service(s).
Step 5 - Delivery of Product(s)/Service(s)
The business owner provides the product(s)/service(s) as outlined in the Smart Contract and requests payment for product(s)/service(s) delivered.