Escrow dApp

Escrows on dApp Builder are executed using an open source Ethereum smart contract, typically an Escrow dApp creation process goes like this:

  1. A Buyer and a Seller confirm and agree on the terms of a sale of a Seller's product. The Buyer places Ethereum currency into the smart contract - this provides buyer's proof-offunds to the seller.
  2. The Seller see that the buyer has enough funds and ships the product to the Buyer producing an evidence of shipment to an independent third party called Escrow Agent.
  3. Escrow Agent sees the evidence of shipment and initiates the transfer of the funds stored in the escrow to the Seller. The transaction is now complete.
  4. In case if the seller does not produce an evidence of shipment to the Escrow Agent then Escrow Agent returns the funds from escrow to the Buyer. Buyer receives his/her money back.
  5. Escrow Agent can get a small fee of the transaction amount for his/her impartial arbitration.