Escrow Protocols for Cryptocurrencies: How to Buy Physical Goods Using Bitcoin

@inproceedings{Goldfeder2017EscrowPF,
  title={Escrow Protocols for Cryptocurrencies: How to Buy Physical Goods Using Bitcoin},
  author={Steven Goldfeder and Joseph Bonneau and Rosario Gennaro and Arvind Narayanan},
  booktitle={Financial Cryptography},
  year={2017}
}
We consider the problem of buying physical goods with cryptocurrencies. There is an inherent circular dependency: should be the buyer trust the seller and pay before receiving the goods or should the seller trust the buyer and ship the goods before receiving payment? This dilemma is addressed in practice using a third party escrow service. However, we show that naive escrow protocols introduce both privacy and security issues. We formalize the escrow problem and present a suite of schemes with… CONTINUE READING

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