Author Topic: What about a blockchain escrow system?  (Read 648 times)

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Offline merockstar

What about a blockchain escrow system?
« on: November 01, 2015, 01:09:27 am »
Has this been discussed yet?

The blockchain would hang onto the funds until both parties agree to their release to a predetermined destination.

If there is a problem, a worker gets called in to mediate publicly, either in a forum using signed keys, or in a built in communication program.

Perhaps disputes that get escalated through some process could even get voted on by the community after both sides present their arguments.

The blockchain takes the escrow fee as profit.

Yes? No? Maybe so?

Offline Akado

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Re: What about a blockchain escrow system?
« Reply #1 on: November 01, 2015, 01:22:50 am »
Has this been discussed yet?

The blockchain would hang onto the funds until both parties agree to their release to a predetermined destination.

If there is a problem, a worker gets called in to mediate publicly, either in a forum using signed keys, or in a built in communication program.

Perhaps disputes that get escalated through some process could even get voted on by the community after both sides present their arguments.

The blockchain takes the escrow fee as profit.

Yes? No? Maybe so?

1. The blockchain would hang onto the funds until both parties agree to their release to a predetermined destination.
isn't this just multisig?

2. If there is a problem, a worker gets called in to mediate publicly, either in a forum using signed keys, or in a built in communication program.
not scalable

Adding the human element to solve disputes restricts thing I think, the only option I see with that would be to create some kind of new position called Escrow or whatever, the same way we have Workers, Witnesses, etc, whose only job would be to solve disputes and they would earn their income through a % of whatever is being transacted. Malicious elements would only get a small fee per transaction so if people noticed, they would be voted out, making that few fees they got not worth the fact of loosing their position.

For profit, blockchain could either get a % too or make the transaction fees for escrow transactions higher, which seems basically the same. Would be another benefit for lifetime members and another awesome tool for marketing. Lifetime members would get free or virtually fee escrow for their transactions. All of their transactions which need escrow would be guaranteed and only a very small fee would be charger. Great advertising.
« Last Edit: November 01, 2015, 01:28:18 am by Akado »
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Offline merockstar

Re: What about a blockchain escrow system?
« Reply #2 on: November 01, 2015, 02:06:34 am »
Has this been discussed yet?

The blockchain would hang onto the funds until both parties agree to their release to a predetermined destination.

If there is a problem, a worker gets called in to mediate publicly, either in a forum using signed keys, or in a built in communication program.

Perhaps disputes that get escalated through some process could even get voted on by the community after both sides present their arguments.

The blockchain takes the escrow fee as profit.

Yes? No? Maybe so?

1. The blockchain would hang onto the funds until both parties agree to their release to a predetermined destination.
isn't this just multisig?

2. If there is a problem, a worker gets called in to mediate publicly, either in a forum using signed keys, or in a built in communication program.
not scalable

Adding the human element to solve disputes restricts thing I think, the only option I see with that would be to create some kind of new position called Escrow or whatever, the same way we have Workers, Witnesses, etc, whose only job would be to solve disputes and they would earn their income through a % of whatever is being transacted. Malicious elements would only get a small fee per transaction so if people noticed, they would be voted out, making that few fees they got not worth the fact of loosing their position.

For profit, blockchain could either get a % too or make the transaction fees for escrow transactions higher, which seems basically the same. Would be another benefit for lifetime members and another awesome tool for marketing. Lifetime members would get free or virtually fee escrow for their transactions. All of their transactions which need escrow would be guaranteed and only a very small fee would be charger. Great advertising.

I suppose that would be just multi-sig.

Yea, I figured the escrow position would work similarly to how workers work. Independent escrow agents could just do business through BTS I suppose.

The idea that a human can be employed by a blockchain has intrigued me since I discovered it in these forums. I think as we improve at the blockchain as employer tech it will open up a lot of possibilities.