Cheat Proof Escrow System for Blockchain

Unlike the normal transactions in blockchain, transactions made for property exchange are different because buyer or seller do not want to reveal any information to anyone and also, they are not ready to transfer either the property or money before other person transfers. This results in a dilemma who should transfer first. In order to eliminate this dilemma, escrow systems were introduced. One of the major problems with the escrow system is that the mediator can act maliciously and transfer whole funds to his/her account. This paper focuses on introducing a cheat proof escrow system. An algorithm is proposed which provides security and privacy and also guarantees unbiased service to buyer as well as seller along with a cheat proof escrow.