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https://steemit.com/bitcoin/@ericongpc/what-s-an-escrow
What is an escrow?
An escrow is a way to control and protect financial assets.
An escrow is a legal concept where a financial instrument is held by a third party on behalf of the Buyer and Seller pending completion of a transaction. In other words, escrow is a third party acts as a guarantor. The funds/assets are held by an escrow and controls the whole process to ensure the commitments are being fulfilled by both buyer and seller. Therefore, no one could exploit the funds/assets without the agreement from parties.
Is it secure?
Mathematics and cryptography proved escrow to be fully reliable.
Lots of mathematicians and cryptologists has managed to develop algorithms for safe escrow. Researchers has proved it's security too. In order to avoid conspiracy of some parties, a scheme can be developed to enable the escrow to be cancel. If any party tries to swindle, there is a way to destroy the contract.
How is escrow applied in the Blockchain world?
Escrow is gaining more and more popularity in Blockchain.
In order to prevent scams to investors, companies understand the needs to initiate an escrow service. Escrow might not be famous to general public, but the Blockchain authorities' reputation is indisputable. Some companies has served as a third party for agreements. Some startups already launch their ICOs using escrow, which is the prefered practice for investors. The largest Blockchain platform, Ethereum, already has an escrow smart contract for dispense. Escrow has become one of the powerful instruments to show the seriousness of a project.