Ethereum Virtual Machine(EVM) compatible blockchain
- Solidity
Contract to provide escrow services for transactions where transacting parties may not know/trust each other.
- The buyer sends Ether to this escrow contract
- The seller releases the agreed product/service upon getting notified by this cotract that the buyer has released the purchase price.
- The buyer confirms reciept of the product/service and releases funds held in this contract.
- The seller recieves the released funds
- Incase of a dispute arises (Should be before the buyer releases funds in 4) the buyer and seller identify an arbiter(escrow) to help in resolving a conflict incase the conflict is to be escaleted to another party.
- The arbiter deternines who is in the wrong and either refunds the buyer or releases the funds to the seller.
- The transaction is considered closed.