Escaroo Submits Patent, Raising the Security Bar for Blockchain Based Escrow Transactions
Summary
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. 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. 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. In the end, even the best traditional cryptocurrency escrow solutions suffer from this flaw putting client funds at risk.