#10 Solidity Escrow
Escrow Smart Contract:
Welcome to this brand new course about blockchain. In this course, and in the upcoming ones, we will make you familiar with everything you need to know about blockchain. We will also teach you some of the latest blockchain coding skills so that you can enter the fascinating world of decentralized applications.
In this video, we will learn about escrow smart contract. The Escrow smart contract represents a basic escrow arrangement between a buyer, seller, and arbiter. Upon deployment of the contract, the buyer’s address is set as the contract deployer, and the addresses of the seller and arbiter are provided as constructor arguments. The contract includes a boolean variable called releaseFunds, which indicates whether the funds should be released to the seller or refunded to the buyer. The contract provides two functions: releaseAmount() and refundAmount(). The releaseAmount() function can be called by the buyer or arbiter to authorize the release of funds. On the other hand, the refundAmount() function can be called by the seller or arbiter to indicate that the funds should be refunded to the buyer. The functions include a modifier to check if the caller is authorized to execute the action. If the caller is not the buyer, seller, or arbiter, the modifier throws an exception and the action is not executed. The Escrow contract can be utilized to facilitate secure transactions where the funds are held in escrow until certain conditions are met, providing an additional layer of trust and security for all parties involved.