Process for managing escrow payments between multiple parties

Abstract

A distributed project management system especially suited for construction projects and administered by third party Application Service provider (ASP) in communication with a plurality of remote client computers and providing a dashboard to each party including a general contractor dashboard that facilitates development of a smart contract based on a project template. Each party's dashboard is configured to review, negotiate and accept the project template, whereupon the ASP compiles it into a distributed private blockchain transaction ledger that is updated based on communications from the various dashboards. The ASP determines whether transactions meet a condition of the smart contract, and updates and validates the distributed transaction record ledger. All notices, reports, disbursements, and fund transfers necessary to pay all of the subcontractors and contractor are completed electronically. The process is condensed from months into mere days, it eliminates unreliable verbal notifications, and is impervious to fraud and/or mistake.