SignEscrow - A Blockchain-Based Escrow Contract for Secure Transactions
The SignEscrow contract acts as a trusted intermediary between the customer and the shipper, managing funds in a secure and transparent manner. By utilizing Sign Protocol, the contract automates the escrow process with verifiable attestations that confirm each step of the transaction.
Key Features
• Secure Fund Management: The contract holds the customer’s payment in escrow until the shipment and receipt of goods are confirmed by both parties, ensuring the shipper is paid only when conditions are met.
• Blockchain Attestations: Using the EthSign Protocol, the contract creates on-chain attestations to verify that both the shipment and receipt have been confirmed, adding an extra layer of trust and transparency.
• Decentralized and Trustless: No intermediaries or third parties are required; the contract executes transactions based on coded rules, minimizing the risk of fraud.
• Flexible Cancellation: The owner of the contract can cancel the escrow and refund the customer if shipment and receipt are not confirmed, allowing for resolution in case of disputes.
Hook smart contract on Sepolia:
0xA680FcE1691ECCB12432cd24e938A3fd852e873e
Sign Protocol schema: https://testnet-scan.sign.global/schema/onchain_evm_11155111_0xa5
1. Initialization: The customer initializes the escrow by sending funds to the contract and specifying the shipper’s address.
2. Shipment Confirmation: The shipper confirms that the shipment has been made by submitting relevant data, which is then verified and attested on-chain.
3. Receipt Confirmation: The customer confirms receipt of the goods by submitting their own attestation, which is also verified and recorded.
4. Funds Release: Once both confirmations are complete, the contract automatically releases the escrowed funds to the shipper, completing the transaction.
5. Cancellation: If the shipment is not confirmed, the contract owner can cancel the escrow and refund the customer.