Project highlights
SecureGuard Escrow is a cutting-edge blockchain-based escrow platform designed to secure transactions between parties in the digital age. By leveraging the power of the Internet Computer Protocol (ICP), it ensures that high-value exchanges of goods and services, from luxury items to software development projects, are conducted smoothly, securely, and with immutable trust. Key features include user-friendly wallet integration, smart contract-enabled transactions, and an automated dispute resolution system, all designed to minimize fraud and enhance transactional integrity.
Web3 advantages
Our platform embodies the core principles of Web3, offering decentralized control, enhanced security, and user sovereignty. Unlike traditional escrow services, SecureGuard Escrow eliminates intermediaries, reducing costs and potential points of failure. Our use of blockchain technology ensures that all transactions are transparent, immutable, and verifiable by all parties involved, fostering a new level of trust in online transactions.
How is it built
SecureGuard Escrow is developed on the Internet Computer, utilizing Motoko, a language optimized for the ICP ecosystem. Our platform makes extensive use of smart contracts to automate the escrow process, from locking in funds to releasing payments upon fulfillment. This technical foundation allows for unparalleled security, scalability, and efficiency in managing digital transactions.
Internet Computer superpowers
The Internet Computer offers unique advantages that are fully leveraged in SecureGuard Escrow. Its ability to run at web speed, with unlimited scalability, and lower costs than traditional blockchains, makes it an ideal foundation for our escrow service. One of the crucial features from ICP to enable our project is the ability to do direct outcall to any RESTful endpoints. Furthermore, the ICP’s chain key technology enables seamless integration with Internet Identities, providing users with a secure and convenient way to manage their digital identities and transactions.
Go-To-Market strategy
Our go to market strategy would be a mixture of B2B and B2C strategy, as well as to both web2 and web3 audience.
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We have existing connections to brands and e-commerce stores in Malaysia. This would be our first B2B strategy where we would approach them, and onboard them to use our platform when launch. This platform will be able to improve their customers trust on them, especially when buying high value items.
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Our other B2B strategy would be to approach interior designer firms to use our platform. One of our company products is a SaaS for interior designer firms, which is used by over 140 firms in Malaysia and Singapore. Hence we would like to cross-promote this platform to them through the SaaS. And we expect the take-up rate to be quite high, as they had reflected to us before that the pain point faced by the industry is low confidence of customers to engage interior designer firm, as some of the bad player are not able to delivers the services as promised after receive payment.
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Our B2C approach would be on creating contents and educating customers on the importance of escrow services. We would focus on organic traffic first through popular social media platforms. Once we nailed down on content, will then expand to paid advertising.
Monetization
We haven’t finalized yet. But the initial plan is to go monetize by charging a percentage of the tokens transacted on the platform, when the payments are released to the seller.
Status of the project
We had completed the project and already started beta testing.
Future Plans
We have a few features that we are planning to develop and launch on our phase 2. Notably around the automation of confirmation of a success deal completion. For example,
- Logistic and parcel tracking
- Domain name purchase
etc