Decentralized Escrow System

The Decentralized Escrow System is a smart contract-based application that facilitates secure transactions between buyers, sellers, and arbitrators. It ensures trust and transparency by leveraging blockchain technology.

Sections

• Features
• Prerequisites
• Installation
• Usage
• Smart Contracts
• Functions
• Contributing
• License

Features

• Create transactions with seller, buyer, and arbitrator details.
• Add digital signatures to verify the authenticity of transaction participants.
• Lock transactions to initiate the dispute resolution process.
• Release locked transactions after dispute resolution or completion.
• Initiate disputes with relevant details for resolution.
• Get the status of a transaction.
• Resolve disputes as an arbitrator with true or false decision.

Prerequisites

To run the Decentralized Escrow System, make sure you have the following prerequisites installed on your machine:

• Node.js
• React.js
• Ethereum client or provider (e.g., Ganache, MetaMask)

Installation

1. Clone the repository:

git clone https://github.com/Aryamanraj/SmartContractEscrowSystem.git

2. Navigate to the project directory:

cd SmartContractEscrowSystem

3. Install the dependencies:

npm install

4. Start the development server:

npm start

5. Open your web browser and visit http://localhost:3000 to access the application.

Usage

• Buyer: Use the BuyerLogin component to create transactions, add signatures, lock transactions, release transactions, and initiate disputes.
• Seller: Use the SellerLogin component to add signatures and get the status of transactions.
• Arbitrator: Use the ArbitratorLogin component to add signatures, get the status of transactions, and resolve disputes.

Smart Contracts

The smart contracts used in this application are included in the contracts directory. They are written in Solidity and deployed on the Ethereum blockchain.

• EscrowContract.sol: Main contract that handles the escrow functionality, including creating transactions, adding signatures, locking transactions, releasing transactions, initiating disputes, and resolving disputes.

Functions

1. createTransaction

Creates a new transaction in the escrow system.

Inputs:

• transactionId (string): Unique identifier for the transaction.
• seller (address): Ethereum address of the seller.
• arbitrator (address): Ethereum address of the arbitrator.
• amount (uint256): Amount of funds to be held in escrow for the transaction.

Usage:

await createTransaction(transactionId, seller, arbitrator, amount);

User Role:

• Buyer

2. addSign

Allows the seller to add their signature to the transaction.

Inputs:

• transactionId (string): Unique identifier of the transaction.

Usage:

await addSign(transactionId);

User Role:

• Buyer
• Seller
• Arbitrator

3. getTransactionStatus

Retrieves the status of a transaction.

Inputs:

• transactionId (string): Unique identifier of the transaction.

Usage:

await getTransactionStatus(transactionId);

User Role:

• Buyer
• Seller
• Arbitrator

4. lockTnx

Locks the transaction for a specified duration.

Inputs:

• transactionId (string): Unique identifier of the transaction.
• duration (uint256): Duration in seconds for which the transaction should be locked.

Usage:

await lockTnx(transactionId, duration);

User Role:

• Buyer

5. releaseTnx

Releases the funds held in escrow for a transaction.

Inputs:

• transactionId (string): Unique identifier of the transaction.

Usage:

await releaseTnx(transactionId);

User Role:

• Buyer

6. initiateDispute

Initiates a dispute for a transaction.

Inputs:

• transactionId (string): Unique identifier of the transaction.
• disputeReason (string): Reason for initiating the dispute.

Usage:

await initiateDispute(transactionId, disputeReason);

User Role:

• Buyer

7. resolveDispute

Resolves a dispute for a transaction.

Inputs:

• transactionId (string): Unique identifier of the transaction.
• resolution (bool): Resolution of the dispute (true or false).

Usage:

await resolveDispute(transactionId, resolution);

User Role:

• Arbitrator

Contributing

Contributions are welcome! If you'd like to contribute to the Decentralized Escrow System, please follow these steps:

1. Fork the repository.
2. Create a new branch for your feature or bug fix.
3. Commit your changes and push the branch.
4. Submit a pull request explaining your changes.

License

The Decentralized Escrow System is open-source software licensed under the MIT license.