LONDON, Aug. 22, 2019 /PRNewswire-PRWeb/
-- Blockchain startup Escaroo.com is 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 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.
To learn more about how Escaroo is helping bring cryptocurrency
into the real world, please visit https://escaroo.com or email
hello@escaroo.com.
SOURCE Escaroo