A novel, decentralized escrow service built on blockchain technology, enabling trustless transactions between parties. BlockEscrow offers a secure and transparent solution for various applications, including e-commerce, real estate, and peer-to-peer trading.
BlockEscrow also introduces a private chat option between wallets, enhancing communication and facilitating smoother transactions. This private chat functionality aims to improve user experience and provide a secure means of communication within the platform. Here are the key aspects of this feature:
Here is the Process through which a Escrow transaction takes place in BlockEscrow :
Before initiating a transaction on BlockEscrow, the parties involved can engage in private chat communication through the platform. This step allows the parties to discuss the transaction details, negotiate terms, and clarify any uncertainties. The private chat feature provides a secure and convenient means of communication within the BlockEscrow platform, ensuring the confidentiality of the conversations.
Once the parties have communicated and agreed upon the terms and conditions of the transaction, they proceed to create an escrow contract on BlockEscrow. The escrow contract specifies the agreed-upon terms, such as the transaction amount, payment method, and release conditions. It serves as a legally binding agreement between the parties.
After the escrow contract is created, both parties verify the transaction by providing their digital signatures. This step ensures that both parties have agreed to the terms of the contract and are committed to the transaction. The digital signatures provide cryptographic proof of the parties’ consent and prevent tampering or unauthorized modifications to the contract.
Once the conditions specified in the escrow contract are met, the smart contract automatically releases the funds to the appropriate party. These conditions can include confirmation of delivery, verification of service completion, or any other predetermined requirements. The release of funds is executed automatically by the blockchain, eliminating the need for a central authority or intermediary.
In the event of a dispute between the parties, the escrow agent assigned to the transaction will review the case and make a decision based on the evidence provided by both parties. The private chat records within BlockEscrow can serve as valuable evidence in resolving disputes. The escrow agent’s decision is binding and aims to provide a fair resolution to the dispute, ensuring the integrity of the escrow process.
The following use cases makes BlockEscrow more beneficial for the society to use.
The BlockEscrow Token (BET) is the native utility token of the BlockEscrow platform. It serves several purposes within the ecosystem, providing various benefits to token holders.