Feelium is a decentralized blockchain platform that simplifies contractual interactions. The platform eliminates the need for trust between buyers and sellers of products and services across the globe. By implementing the use of smart contracts, as well as an optional escrow account, the Feelium platform allows for secure and fast transactions.
- The buyer uses the Feelium blockchain platform to create a contract and invites the seller to review the terms.
- When the seller finds the terms of the contract agreeable, the seller validates the contract through an email confirmation, an OTP sent from the Feelium platform to their phone, or through a thumb scan.
- Smart contracts are self-regulating contracts; the contract will ensure the execution of the validated terms & conditions, and also initiate payments.
Smart Contracts with Escrow
- The buyer purchases Feelium tokens for fiat currency, and deposits the tokens in an escrow account.
- After following the smart contract validating process, the seller uploads proof of delivery of the product or service to the Feelium platform.
- This action triggers the payment to the concerned parties.
- If the seller defaults on a service, the smart contract releases funds to the buyer after a stipulated time period that is pre-decided.
To know more about Feelium or to read the white paper, visit feelium.co