A Decentralised Escrow Protocol for Enabling Secure Transactions between Trustless Parties

11 pages•Published: August 6, 2024

Deepak Reddy Sandadi, Sathvik Kukkala and Vignesh R

Abstract

This study has proposed a new transaction method for people, who don't trust one another to send
secure money by using a decentralized escrow technology. The proposed protocol takes an escrow,
a third-party smart contract to receive tokens before a transaction get completed. The tokens will
be released by the escrow upon fulfillment of the payment requirements. Delivering the agreedupon commodity or service and paying the associated payment are the obligations of each party to
perform a transaction. It should not be possible for one side to pull out a bargain at the cost of the
other. The Escrow may be provided with the necessary information by using the oracle pattern if
the conditions of payment are contingent on external data, such as the time of product shipment.
Once a smart contract's code is recorded on the blockchain, it cannot be changed. This guarantees
the safety of the escrow feature.

Keyphrases: accountable, blockchain, decentralized, escrow, smart contracts, transparent

In: Rajakumar G (editor). Proceedings of 6th International Conference on Smart Systems and Inventive Technology, vol 19, pages 365-375.

Links:	https://easychair.org/publications/paper/lMgW
	https://doi.org/10.29007/1wtx

BibTeX entry

@inproceedings{ICSSIT2024:Decentralised_Escrow_Protocol_Enabling,
  author    = {Deepak Reddy Sandadi and Sathvik Kukkala and Vignesh R},
  title     = {A Decentralised Escrow Protocol for Enabling Secure Transactions between Trustless Parties},
  booktitle = {Proceedings of 6th International Conference on Smart Systems and Inventive Technology},
  editor    = {Rajakumar G},
  series    = {Kalpa Publications in Computing},
  volume    = {19},
  publisher = {EasyChair},
  bibsource = {EasyChair, https://easychair.org},
  issn      = {2515-1762},
  url       = {/publications/paper/lMgW},
  doi       = {10.29007/1wtx},
  pages     = {365-375},
  year      = {2024}}

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