Escaroo submits patent, raising the security bar for cryptocurrency escrow transactions
Blockchain startup Escaroo are proud to announce that they have filed a patent application with the US & UK Patent Offices, covering the technology behind their revolutionary escrow service.
The move represents a huge step towards making cryptocurrency a commonplace means of exchange for all types of real-world transactions. Using the power of smart contracts, Escaroo delivers a measure of security and confidence that until now was the exclusive domain of fiat currencies.
Escaroo represents a complete rethinking of bitcoin escrow services. Escaroo transactions are governed by smart contracts, which release funds only when all parties are satisfied with the outcome. This allows Escaroo users to maintain funds securely within a unique individually created smart contract that is irrefutable once posted to the blockchain and accessible only by the parties involved. Each transaction is hosted on a public blockchain, meaning that no one, not even Escaroo, has the ability to access funds outside of the terms set by the parties involved, putting the control of funds back into the users hands.
The result is a swift, safe, and elegant solution to cryptocurrency escrow, and a stable way of adding a critical degree of trust to transactions in which cryptocurrency is used to pay for tangible goods and real-world services. The platform will allow users to purchase any item or service, from cameras to houses, yachts and planes.
Escaroo’s patent pending software will also allow businesses to facilitate international and local trade by using cryptocurrency backed Letters-of-Credit, opening up a whole new world of trade possibilities on a global scale.
Escaroo saw a need for safeguards tailored specifically to the needs of cryptocurrency based transactions. They have developed an approach to escrow that makes full use of blockchain technology. The Escaroo platform is a focused, robust, complete escrow solution; nothing like it exists for crypto or fiat currencies.
Traditionally, payment with cryptocurrency involves enormous risks. Sellers provide goods and services hoping to get paid, buyers remit payment hoping to get what they were promised, but sometimes this all goes wrong. Existing cryptocurrency escrow solutions attempt to remedy this with their service but all suffer from a critical flaw, they store clients’ funds within a common pool, making them a popular target for hackers. These services also require active fund management by human agents, with all the ambiguity that entails. In the end, even the best traditional cryptocurrency escrow solutions suffer from this flaw putting client funds at risk.
Escaroo.com is a new way to trade with crypto, a safer way, where buyers and sellers create and manage their own transactions in a way that works for them. Escaroo plans to launch their full service escrow platform in the 4th quarter of 2019.