Client Guide: Using Blockchain Escrow with Roux Attorneys

Introduction

This guide explains how buyers and sellers can use blockchain-based escrow under the supervision of Roux Attorneys to securely transact in cross-border commodity deals with cryptocurrency payments.

1. Overview of Blockchain Escrow

Blockchain escrow is a smart contract-based escrow service that ensures secure payments in transactions. Funds are held in escrow until all conditions are met. If a dispute arises, a decentralized arbitration mechanism can resolve the issue.

Key Benefits:

• Trust escrow: Funds are locked in a smart contract until conditions are met.

• Attorney supervision: Roux Attorneys oversee the transaction and approve fund releases.

• Decentralized arbitration: If needed, disputes are settled through an impartial arbitration process.

  
  

2. Step-by-Step Process

Step 1: Initiating the Escrow Contract

 Roux Attorneys will set up an escrow agreement between Buyer and Seller. The agreement will specify:

• Buyer and Seller cryptocurrency wallet addresses

• Cryptocurrency to be used (ETH, USDT, DAI, etc.)

• Payment amount and transaction conditions

• Dispute resolution terms

The contract will be created using a secure blockchain escrow smart contract.

Step 2: Buyer Deposits Funds

Buyer deposits the agreed cryptocurrency into the escrow smart contract. Funds remain locked until the conditions in the agreement are met.

Important: The deposit is non-reversible once placed into escrow.

Step 3: Seller Delivers Goods/Services

 Seller ships the commodities or provides the service. Seller submits proof of delivery (e.g., bill of lading, tracking details, inspection report).

Step 4: Release of Funds

Roux Attorneys will verify proof of delivery and compliance with the agreement. If conditions are met:

• Escrow funds are released to the Seller.  If there is a dispute:

• Funds remain locked in escrow until the dispute is resolved.

3. Dispute Resolution Process

If Buyer or Seller disputes the transaction, the following process applies:

Step 1: Roux Attorneys attempts to mediate and resolve the issue.

Step 2: If no agreement is reached, the dispute can be escalated to a decentralized arbitration process.

Step 3: Arbitrators analyze evidence and vote on the outcome.  

Step 4: The smart contract automatically executes the final decision.

Note: Arbitrators are independent and use a decentralized arbitration model to ensure fairness.

4. Fees & Costs

Escrow Fee: A percentage-based fee (TBD) applies for escrow services. Blockchain Gas Fees: Users cover network gas fees. Arbitration Fee (if applicable): A dispute resolution fee applies if arbitration is involved.

Cost estimates will be provided before initiating any escrow transaction.

5. Contact & Support

For assistance with setting up blockchain escrow or resolving disputes, please contact Roux Attorneys:

 Email: johard@rouxattorneys.co.za

Website: www.rouxattorneys.co.za

Phone: +27(0)824489268

Conclusion

Using blockchain-based escrow under Roux Attorneys’ supervision provides a secure, transparent, and decentralized way to transact using cryptocurrency for cross-border commodity deals. By following this guide, you can ensure a smooth and dispute-free experience.

Get Started Today! Contact us to set up your escrow agreement.