Escrow is the third party which holds the asset(asset can be money, bond, stocks) on the presence of two parties. Escrow will release the fund when certain conditions are met.
For Example, “A” is a seller and wants to sell his car, “B” is a buyer who wants to buy “A”‘s car so they will contact Escrow “C”(an arbiter) which hold the asset until “B” receives the car. When this condition will be met, Escrow will release the fund to “A”. This solves the issue of trust and prevents any discrepancy.
Lets the write a smart contract for the Escrow using solidity language.
Here Smart contract will hold the asset, which will be released on when conditions are fulfilled.
- Steps to Execute Solidity Smart Contract using Remix IDE
- Creating a Smart Contract that Returns Address and Balance of Owner using Solidity
- What is Smart Contract in Solidity?
- Solidity - Abstract Contract
- Blockchain | Smart Contracts
- Application Binary Interface(ABI) in Ethereum Virtual Machine
- Solidity - Special Variables
- What is Mulisignature Wallets?
- Random Number Generator in Solidity using keccak256
- Solidity - Fall Back Function
- Mathematical Operations in Solidity
- Why Blockchain is Impenetrable?
- What is Hashing in Solidity?
- How to Become a Blockchain Developer?
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