blockchain escrow – Bitcoints

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Published on July 21st, 2015 | by bitcoin

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blockchain escrow

Information about blockchain escrow

Block chain (database)

A block chain is a distributed data store that maintains a continuously growing list of data records that are hardened against tampering and revision, even by operators of the data store’s nodes. The most widely known application of a block chain is the public ledger of transactions for cryptocurrencies, such as bitcoin. This record is enforced cryptographically and hosted on machines running the software.
The technology forms the basis of all cryptocurrencies.

Escrow

An escrow is:
a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or
an account established by a broker for holding funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction; or,
a trust account held in the borrower’s name to pay obligations such as property taxes and insurance premiums.
The word derives from the Old French word escroue, meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed.

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