Cryptocurrency is still one of the best ways to pay for goods and services online at a low cost, and it is becoming more popular. Out of that has come need to ensure secure and safe transactions because most of these transactions happen online without the parties involved having prior knowledge of each other.
Escrow services are not at all a new phenomenon. Even though cryptocurrency payments can already be done on a peer to peer basis between parties that are trading, trust is still an issue and scamming is still commonplace. That's the selling point for most of the fiat platforms and systems.
In an escrow service, funds are held by a third party until all of the parties involved in a transaction can complete the transaction and signal that they are satisfied with the transaction. Escrow is usually done because of trust issues where the seller may want to be sure that the money will be sent by the buyer after the buyer has received the goods and services. Escrow ensures that the buyer will receive the item they purchased in the order, time and conditions specified.
In an escrow, the third party agency entrusted with the funds and which is facilitating the transaction will release the money after receiving word that the two parties have completed said transaction and are satisfied. Escrow services are suitable both for person-to-person and business-to-person or even business-to-business. A simple example of where an escrow service is applicable is a company selling goods online directly to another company,and both of them want to ensure that it will be paid when goods arrive their destinations while the buyer, on the other hand on his part, wants to ensure that the goods will arrive in good condition before he can pay for them or have the seller paid for the goods. In such a case, the buyer can place the funds in an escrow with an agent and provide the instructions to have agent pay the seller once goods are received in specified conditions. Both the seller and the buyer may be safely assured that the transaction will not fail to be completed under its specified conditions.
Online is still a good place to transact cryptocurrency, etc, but increased scamming has led to such services as escrow.
Escrow services are important especially for online transactions where parties need to remain anonymous to each other; parties may not be in geographical contact and there may be reasonable factors preventing transactions from being completed. Parties may come to disagreements during or after the delivery of services; there may be situations where transacting is itself not governed by law due to location-related issues or issues related to legal jurisdictions and other similar problems.
However, centralized escrow services have their short comings. For instance, funds are stored in a central pool, which can be dangerous in the case of hacks or fires or any other catastrophe that could occur. Secondly, especially in product buying and selling at online trading sites, some scammers positing as sellers convince buyers into sending money to their own unpopular escrow websites and they then steal from unsuspecting parties. Furthermore, centralization may pose more risks for transactions that cannot be accessible to anyone else save the owner of the escrow or the seller who created the escrow. Thus, it may become untraceable if the buyer is unable to access data about it when they want. Other possible shortcomings of centralized escrows include human errors such as collusion between third party and seller or with buyer, mistakes or negligence on the part of two or any of the two parties. Escrow services help to automate the process and make it lesser prone to these errors and risks.
According to Cybersecurity Ventures, Cybercrime is set to cost the world $6 trillion annually by 2021, which is up from $600 billion it costed the world in 2018, according to McAfee Cybercrime report. The internet space is going to be so attractive to cybercriminals even as it expands, in the near future.
Smart contracts and Escrows
Decentralized escrow services, which are based on smart contracts, are one ways of addressing some of the problems associated with traditional centralized escrow services. Decentralized escrow services are based on smart contracts and have many applications: they are now being applied to allow farmers to sell futures on crops (buyers can purchase at a discount and sellers have a better cash flow); they are also being employed in ICOs where token buyers send money into a smart contract-based escrow service and those selling can then set the smart contract to refund money immediately to buyers after closer of fund raising period if the targeted amount is not raised. The same contract can be automated to distribute ICO tokens once the time for distributing has reached.
Transactions and trading is still social but in cases where trust is not built, a decentralized service removes the need for those trading to trust a third party to physically hold up their end of the deal and without needing to trust an online third party company that can be unknown, where it can take a lot of time to complete transactions, and since there may be misappropriation, cybercrime, consumer fraud and business misconduct etc.
Currently, legacy and centralized escrow services serve customers quite well because they are simple and easy to use and the customer does not even have to think about what happened behind the scenes.
LocalEthereum, LocalBitcoins, LocalMonero
Whether you are talking of local decentralized and smart-contract-based peer-to-peer cryptocurrency marketplaces such as LocalBitcoins.com or other escrow-oriented services involving payment of goods and services, decentralized escrow platforms are very considerate.
Escaroo is a keyless and blockchain-based escrow payment system that offers a decentralized peer--to--peer payment service and, with it, users can buy or sell anything, from cameras to houses, yachts and planes, knowing that the funds are safe. With the patent-pending software, customers will be able to trade locally and internationally using cryptocurrency backed letters-of-credit.
Like traditional escrow services, the cryptocurrency to be used for payment on this platform is withheld by a third party as the two parties transact and until the transaction is complete, when the funds are then released to the party who is selling. The money is disbursed as per the agreed terms. The buyer deposits the money after the contractual agreement is reached and drafted, and funds are released to the seller when those terms are met. The seller can get some notification when the buyer has deposited to smart contract and a clickable link for the transaction is also available along the smart contract details.
The difference between this escrow platform with others is that each transaction will produce a unique smart contract that will hold the designated crypto funds and these funds are never pooled in a single server storage, which guarantees a truly peer-to-peer experience. Even if someone would attempt to hack it, they would still need to target different escrow accounts that are not pooled.
The platform allows its users to start new transactions within minutes, and parties in a transaction can chat with each other throughout the process of transacting. For instance, they can discuss with each other about the details of the transaction, product transit and progress.
Escarow will launch on October 1st, beginning with support for three cryptocurrencies, which are: BTC, ETH and TrustToken. Meaning sellers and buyers can create and deposit escrows in these cryptos. From the get-go, it will offer escrow services for the three with the potential of TUSD escrow services as well. With these particular stablecoins, customers can be assured of transacting with peers without major fluctuations in prices and asset values.
Descrow is dedicated to ICOs and their customers such that it is possible for ICO investors to invest into projects without having to trust project managers or starters. It secures investors and their funds from scam teams, unprofessional behavior and hacking.
With it, individuals can also sell and buy an ICO project's tokens before they are released on any exchanges. The blockchain also has its own native cryptocurrency called DES, which may be spent on platform services and in investments.
For purposes of facilitating better investments into startups, the listed ICO-Startups all have their roadmaps, KPI parameters, schedules to be achieved, historical payments, and holdings integrated with the Descrow platform. These have timings embedded and the plan of work also features deadlines the team needs to meet to assure funding for current operations and future operations. Through a coded escrow, investors only pay to the startups when startups are able to meet expected and promised achievements. Any project that's interested in participating in such services by Descrow will submit reports on what they've accomplished before they can be funded. For each of ICO and development stages, the startups will specify the money needed for that stage. If the development expectations are met for a given stage, then the amount of tokens for that stage are unlocked and distributed to investors as the equivalent amount of money for that particular stage.
Furthermore, investors vote through the Proof-of-Vote system to determine if payment should be made after or for a given development stage to the startup project -- the investment payments are done step-wise as the project continues to achieve the timed milestones and accomplishments; and investors can also claim their funds back if the results are lacking.
It is based on smart contracts, allowing individuals to not only store but also control their personal escrow accounts and data.
Other services they offer include the arbitrage of disputes between investors and startups, advice to investors, acceleration of projects. They also have an insurance foundation fund and lottery for investors.
The service started in 2016 and quickly added lesser known tokens. Now, it offers escrow accounts for a total of around 26 cryptocurrencies, among them the dollar-pegged Tether (USDT) stablecoin. Like with other crypto decentralized escrow platforms, customers of Setescrow are protected against situations such as phishing, getting products home in other conditions than as described, dealing with compromised sellers, getting into high risk deals, and getting into situations where they have paid the money but the seller fails to deliver.
Not only do users get to create escrows in minutes with the platform, they can also improve their trust levels based on completed projects. The users can see the trust levels of each other and if the other party is new to platform or a seasoned user, and they are able to trade with anyone they want via escrow, based on that information and reviews.
Sellers create contracts and invite buyers to participate in them, and then the buyer sends money to escrow while the seller can monitor the status of the escrow via a link. The seller will then ship the product or provide the required service while the buyer is able to inspect them after receiving or once they are provided and can raise a dispute if there is need or just pass the process as completed for release of funds to the seller.
Currently, the platform supports escrow for fiat (USD, CAD, EUR, KYD, AED, ARS, AUD, AZN, BGN, ) as well as different cryptocurrencies.
Lockscrow offers a total of 13 tokens and has been around now for a total of seven years hence is one of the oldest cryptocurrency escrow startups. According to their website, they have seen over 2000 escrows transactions completed successfully and over 240 clients using the service successfully.
With the service, a user can trade cryptocurrencies (buy and sell), in addition to using the platform for capital raising for their projects and for handling assets held as collateral by a party in a transaction. The platform can also be used for storing or holding cryptocurrency funds held pending regulatory approval or decisions, and also can be used to hold payouts to injured parties for instance in an insurance case. It offers settling of disputes if any arises in relation to the transaction touching assets held in collateral.
Based on their website, they are able to encrypt escrow data, making it harder to be accessed by illegal third parties, and once an escrow case is completed, users are able to build their trust score and can also see rating for other parties whether they are new or seasoned in it.
Like any other escrow service, this one can be used on a variety of scenarios: corporate transactions including mergers, acquisitions and sales; charity and fundraising events; corporate financing and the raising of capital; holding of settlement funds following disputes, holding of loans where release of money that's tied to them is conditional on a future event, and for cryptocurrency OTC trading, as well as custody services and escrow services.
To create an escrow transaction, the buyer or seller will click the Create Escrow Transaction button in the menu and enter transaction information and options. Those who have registered can reduce fees by 0.15% on escrow fees and can then build their trust score to inspire confidence in future transactions. Once the transaction is created, the buyer will receive email getting invited to the escrow and once they review it and agree to terms, can send the coins to the escrow. The seller will also receive an email with link to monitor the status of the escrow.
The seller will then do what they have promised and then the buyer can inspect product or service to ensure it was as promised before passing it as satisfying to warrant release of funds to the seller.
Lockscrow became known to special OTC experts, asset managers, for its decentralized system. It also started providing escrow services to multinational businesses, private companies and individuals in the Cryptocurrency industry. It became widely known for decentralized autonomous operation worldwide (DAO).
Titandx addresses itself to current buyer seller transactional model in cryptocurrency trading and markets to solve problems such as the non-standardized vetting of POC and POF where buyers and sellers are matched usually by intermediary parties, each with varying levels of understanding and expertise, or lack thereof, in cryptocurrency transactions with no institutional engagements. To solve this problem, a non-standardized process is used for vetting either buying and selling parties or proliferation of existing POF ('Proof of Funds') or POC ('Proof of Cryptocurrency).
Besides, the existing escrow companies and services are mainly not decentralized and that means they have no ability to secure cryptocurrency but only ability to secure fiat. The company also hopes to fill the current growing demand for escrow services. For instance, influx of institutional investors in the cryptocurrency space would mean higher demand for escrow services for purposes of ensuring simple, trustworthy, validation and escrow processes in reputable platforms.
Provident Trust Group, an Ascensus company, and which is one of the largest independent retirement and college savings services provider with a combined USD $180 billion in assets, will set up an institutional standard and eliminate any confusion in the escrow process. It will work by the seller and buyer establishing a sales and buying agreement with escrow services in-house and then afterwards, the buyer initiates a wire transfer to an escrow account at a bank supports digital assets. When the escrow is funded, Provident Trust Group will notify Titan DX and the seller with POF. The seller and buyer will then create a multisig wallet relating to the transaction and thus each of the parties will preserve their own private keys for the wallet and transaction.
With the wallets, sellers are able to specify details such as when the transaction must be done by. After this specified period is gone, sellers are able to withdraw their BTC from the wallet without need for second party approval or in the form of a signature.
With this functionality, sellers do not have to send Bitcoins to every buyer.
Payfair is a decentralized escrow service and also a peer-to-peer cryptocurrency exchange like localbitcoins.com on which people can buy and sell cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash. As an escrow service facilitating crypto trading, it allows users to trade cryptocurrency without need for worrying about middlemen.
If you have used these person-to-person exchanges including localbitcoins.com or LocalEthereum or LocalMonero or LocalBitcoinCash before, then this is not going to be complicated to understand and use: PayFair works exactly the same way, with their escrow being decentralized. It is not held in a pool and every transaction will create an escrow making it more difficult to hack. Like these other local cryptocurrency markets, one is able to buy cryptocurrency with different fiat currencies and through different payment methods such as PayPal and the like, including locally available options. And although LocalBitcoins.com and other local crypto trading platforms also do have their escrow, PayFair's works very differently.
With PayFair online market, one is able to select the cryptocurrency they wish to trade and then filter the trade with other options such as country they wish to buy from, currency they wish to pay in and payment method they wish to be with. In terms of payment methods, they currently support Advcash, Alipay, Amazon Gift Cards, bank transfers, cash, cash by mail, credit cards, gaming gold, GiroPay, gift cards, iDeal, Masterpass, IMPS, bank transfer, mobile pay, PayDirekt, Paym, PayPal, mobilePay, Neteller, Perfect Money, PayTM, Skrill, Qiwi, SEPA, Revolut, Sofort, Swish, Stripe, Venmo, WeChat, WebMoney, and Vipps.
First of all unlike LocalBitcoins.com or localEthereum and equal sites with decentralized escrows and which supports only a single cryptocurrency, it supports a host of cryptocurrencies and continues to, meaning you can trade these with local fiat with locally available methods. The seller transfers the crypto to escrow and then once the buyer is notified of this, sends fiat to seller and then seller confirms to have cryptocurrency released.
With it, customers can transact through the escrow knowing that the transactions obligations will be met by party as agreed. For instance, they do not have to worry that their money will be stolen by scammers. PayFair also has PayFair platform tokens that can be spent on the platform.
Most importantly, it has a platform token PayFair token. The network comprises of Trust nodes and escrow nodes, with trust nodes ensuring transactions on the network are issued in the tokens at stake. Trustnode owners, who have to stake PFR tokens, earn a profit by holding these tokens.
Currently, it supports: ETH, BTC, BCH, LTC, PFR, 0XBTC, AURA, Basic Attention Token, BBN, Binance Coin, DENT, FUN, GET, HOT, HYDRO, ICX, LINK, MAN, OMG, PRL, REN, TFD, TUSD, VEN, WTC, ZCO, and ZIL. It also has plans to add or already added: POWR, KEY, DTH, IPSX, MKR, NPXS, SALT, KICK, REM, PRG, SNTR, and HGT.
If there is a dispute between seller and buyer related to transactions, it is settled with assistance by escrow nodes on the platform who reads evidence from the seller and buyer to decide. A row of nodes have to agree on a decision by coming to same decision before it can be applied.
Natmin Pure Escrow offers what they call pure escrow services with a decentralized application built on blockchain. It uses smart contracts to provide escrow services between the buyer and the seller and in order to self-regulate and regulate transactions hence removing the need for a middleman and effectively also reducing transaction costs.
Natmin also has a platform token called Natmin Token (NAT) which is based on the widely popular ERC20/ERC223 standard and built on the Ethereum blockchain.
BitHallo, which is a smart contract platform, allows two or more parties to engage contracts in their transactions and asset-exchanging, directly, with decentralized escrow, and with possibility of the parties defining the duration of the contract.
It can be applied in varied potential applications including joint banking accounts, sales escrow, employee contracting and payroll and for carrying out anonymous transactions.
With BitHallo and BlackHallo, parties in a transaction are able to create secure multisig wallets that then form the basis for the platform’s extensive smart contract applications.
Parties can also open signature files from other parties, sign and review the payment details and finally, send the transaction to the party if everything looks good.
From the dashboard, users can be able to create smart contracts by specifying the address of the person they want to send to, the amount, and fees they want to pay. They can also open their first private key file and send the signature created by that key to the other party in a transaction.
BitHalo is also a perfect for peer-to-peer and marketplace-style e-commerce where buyers and sellers need to exchange goods and services in a secure manner. Most of online-based peer-to-peer marketplaces involve parties who do not know and thus do not trust each other, which is the reason most cryptocurrency exchanges emphasize on verifications. However, in situations where there are no verifications, BitHalo decentralized escrow service allows parties to exchange value without any risk of loss and scams.
With BitHallo, both of the parties will require depositing some proportional escrow as a form of personal insurance.
By depositing an equal amount of money in an escrow, both parties are now accountable for success of the transaction.
The NightTrader decentralized exchange and trading platform, which is currently in beta, makes it possible for parties to conduct contracts and doing business with new and existing parties as well. Parties so transacting can also securely communicate about matters they care about, using NightTrader.
NightTrader will develop to act as a type of internal search engine that allows parties to lookup other parties for potential contracting. When integrated in BitHalo, the latter will support in-house communication for those users looking to hire individuals, barter goods or lend money.
The platform will allow users to search for transaction peers depending on what service they need: buying and selling of coins, hiring and finding a job, buying and selling any commodities, barter trading or other customized forms of contracts.
The platform also features automatic backup of contracts.
EscrowCoin fulfills the need for escrow-based cryptocurrency transaction and uses staking to resolve the problem of transaction fees. It will support Escrow services for multiple cryptocurrencies aiming to create a service that is simple and easy for users.
It uses masternodes and these play a central role in resolving any conflict arising in the system in a decentralized and anonymous manner. Masternodes are rewarded 50% of the block rewards.
The blockchain also supports Instant and PrivateSend which provides additional privacy to users while ensuring lightning fast transactions. It is now implemented in Escodex Exchange.
It features a Windows wallet, Linux wallet and Android wallet (upcoming) the platform is now implemented in Escodex Exchange.
The buyer and seller work together to agree on terms and even set up terms of agreement for the escrow. The buyer then deposits money as payment, paid in escrow. The seller will then provide goods and services needed after which the escrow is released once the buyer has reviewed the goods and ensured they are in the right condition.
Escrow My Bits
Escrow My Bits allows users to hold buyer’s funds in an escrow until the pre-established terms of trade by the two parties are met. The parties in a transaction can also elect a judge or allow Escrow my Bits to act as one. In case of a dispute, the elected judge can rule in favor of either the buyer or seller or for a 50/50 split or for a custom split. It also provides an option where people can deposit crypto in an escrow and peg that crypto to fiat.
It can be applied in four different types of escrow transactions namely, regular escrow where funds are help securely by Escrow my Bits; regular escrow with a pegged exchange rate where funds are sent in a Coinpult multi-sig wallet controlled by Escrow my Bits although the parties can choose any currency supported by Coinpult; multisignature escrow where funds are held in a 2 of 3 multi-sig address where each party controls one key (buyer, seller and the other private key help by Escrow my Bits); multi-signature pegged escrow where funds are held in a 2-of-3 signature address controlled by the three parties and funds are pegged to fiat using Nubits.
Feelium is a tokenized platform that allows parties to perform contractual transactions in a secure and simpler manner. Using smart contracts, an optional escrow service account, and utilizing platform Feelium token, parties can benefit from private key retrieval and e-contracts as well as perform B2B and P2P transactions.
All the transactions are done using the platform token.
The centralized blockchain platform features a centralized database housed on cloud servers and was created by a U.K. bank. The system features a digital currency having features of blockchain but does not require multiple nodes to validate transactions hence achieves very high operational speeds given that it eliminates the need for mining.
The Feelium Tokens are issued centrally but a user requires completing KYC/AML. Its application could include regulated security markets for instance. It also allows for easier regulation of ICO markets.
The escrow feature allows two parties to set transaction objectives and conditions and the buyer can deposit crypto into the escrow smart contract, which is then released when the trading is done or products and services are provided.
Kleros is a decentralized escrow platform that utilizes crowd-sourced jurors to adjudicate transaction-related disputes. Parties are able to transact services, products and assets on the blockchain with trust created via escrow and in case there is a dispute related to these escrows, it is adjudicated by crowd-sourced jurors who are selected and adjudicated by the Kleros protocol.
The escrow is used for transfer of any kind of goods or assets for person-to-person, business-to-person, business-to-business nature. For instance, marketers can provide services to an individual or company via the smart contract where the customer deposits funds to smart contract until the marketer can provide the desired services to quality. The money is released once the services and products have been delivered/provided and confirmed to be of agreed value and/or as promised.
The client sets the terms of agreement and then deposits the payment to the escrow smart contract, and the contract will be sent to the service provider, who then delivers the agreed service and products as agreed with client, and once the client signals that they have reviewed the products and services promptly are satisfied, the contract releases the payment.
From their dashboards, a user can create contracts, send invitations and open newly received contracts, review those that are open or in progress or those that are in dispute or closed. Contract Description presents the user with a contract template that they can use to tailor the contract to their escrow needs. This is done by selecting the type of escrow, title of escrow and by typing in the ETH address of the receiver or the party to whom the contract will be made. The user will also get to select the dates when the contract will expire. The transaction then completes or processes if there are no despite that have been recorded before the escrow deadline.
The provider and client can all chat with each other about matters in question or to alert each about the trade other via platform. Once the products have been delivered, the customer can open a despite or seller can open despite on any ground and have it resolved. The Jurors will get to see the evidence and decide on the issue before making a decision on the dispute. Users can also track the current status of transactions from their dashboards.
If a dispute is recorded, parties can decide to resolve it without the Kleros jurors getting involved, which can also be in form of making a part payment settled out of court just the way you can do an out of court settlement in the world sense of court cases. Otherwise, anyone party in the transaction can take up the matter with the Kleros Court and both will be required to pay an arbitration fee in order for the case to go to court. If one fails to pay the fees, the other party automatically wins the case while the case is decided based on conditions prevalent if the two parties pay the dispute fee.
If the matter goes to jurors, then it is decided based on evidence and vote by the jurors. Jurors can vote to decide to pay the receiver or to refund the sender/buyer.
In this way, the platform acts as a escrow service backed by dispute resolution.
Slumberswap is a decentralized escrow service designed to transfer ownership of Slumber score (DDSS) between two parties. It works as a platform to facilitate buying and selling of DDSS and DRGN token.
It features lists of DDSS through which users are able to scroll through, search and find listed DDSS+DRGN and then they can select one they want to buy. Dragon Days of Slumber Score (DDSS) is a score measured by a holder's total dragon balance of DRGN multiplied by the number of days each of the Dragon has been held. The DRGN token can be bought from exchange by any user/customer in order to boost their DDSS score even from scratch.
To buy, they will need to send payment to escrow. Payment can be done with Ethereum, TUSD or Gemini Dollar depending on what the lister accepts as payment. The person intending to buy any listed can also compare between or among the offers using the DDSS/DRGN metric which represents the average days held.
On the other hand, those needing to sell can list their DDSS+DRGN by selecting the accepted payment types, their market premiums and finalizing the listing. They can select the premium by using the platform's dynamic scale. Users can also cancel listings at any time and without any effects to their DDSS score. Also, user's DDSS will stay private and linked to the user's private wallet. The list also stays until a buyer is able to submit a listing.
Otherwise, there is no limit to the number of listing one is able to purchase from. The system, given escrow, ensures that there are checks to ensure that the purchaser receives their DDSS before funds can be transferred to the seller of the DDSS. The buyer gets refunded in case these checks fail while the seller's DDSS are also not lost in the process. Nevertheless, a user should never cancel the buy once funds have been sent to the escrow contract. Purchase fees are 1.75% to buy DDSS on the platform.
For more details regarding how it functions, SlumberSwap is an application built on DragonChain.
Themis is a P2P digital currency, and the platform that facilitates OTC trading of crypto. The system sees the user sending payment for goods and services in escrow until both sides are able to confirm that the transaction is completed as per pre-specified terms. When this happens, the money is released from escrow to the seller.
In case of disputes, then TTPs can always step in to assist with resolution.
It also utilizes verifiable shuffles and linkable ring signatures to calculate reputation anonymously, meaning it conceals identities and votes. The platform uses non-interactive zero knowledge proof to solve privacy problems. First, it works in such a way that the secret shares offered to mediators by both transaction parties are true. Secondly, verifiers can use zero knowledge proofs to check if the shuffle servers executed random activities correctly. The client can then generate zero knowledge proof of its reputation budget through the system.
For real-world applied decentralized p2p escrow payment services, Themis provides the service to online markets such as OpenBazaar so they can make it possible to exchange value between buyers and sellers. In addition to p2p escrow payment services, Themis supports over the counter (OTC) transactions of digital currencies and secure escrow services for Bitcoin, Ethereum and other cryptocurrencies.
It can also be used in multi-agent transactions or a strong-dependency transaction where it can escrow all the funds including deposits, initial payments, service charges, and final payments, in the multi-agent transaction on the original chain in the form of digital currency. This is done by way of smart contracts. Security Escrow for supervised accounts is another application for Themis and it uses a set of highly-scalable smart contracts to provide an API of distributed ledgers and decentralized escrow services for supervised accounts.
The team is led by a senior expert at the UCL Center for Blockchain Technologies (CBT), who was also one of the first developers to write smart tokens in Solidity compliant with the ERC223 protocol. He is called Danish Alvi. Jennifer Chung, the CMO at Agility Sciences Limited and Co-Founder of the China-UK Blockchain Association.