What is escrow?

The literal translation of the term escrow, is security deposit. It is an agreement between several parties under which a real or virtual asset, object of a contract, is deposited with an independent third party (Depositary or Escrow Agent) as a guarantee. Subsequently it is released upon the occurrence of certain conditions expressed and contractually established by the parties themselves.

There are two main features of the escrow contract:

  • grant guarantee and security
  • ancillary nature functions deriving from the guarantee itself.

In short, the escrow contract ensures that an asset is guarded by an independent third party who oversees the conditions of the contract. Eventually, upon fulfilment of one or more conditions in the contract, it is transferred by the third party, to whom it is entitled.

In an eWitness escrow contract following parties are participants:

  • the Depositor, the person who deposits the asset subject to the escrow
  • the Beneficiary, the person who benefits and requires guarantee for the asset deposited
  • the Depositary or Escrow Agent, an independent third party, who safeguards the asset subject in the escrow contract through the eWitness technology infrastructure so that it can eventually be transferred to the person entitled upon fulfilment of specific conditions
  • eWitness Italia, the provider of the technological infrastructure which facilitates and perfects the deposit

The eWitness solution for escrow service

Establishing a relationship of trust with customers is the primary goal of eWitness. To achieve this, it is important to be able to provide for valid solutions that are both reliable and confidential.

In the specific case of escrow, eWitness can provide the technological support necessary to achieve:

  • source code escrow: that is to say, trust deposit and the consequent preservation of the source code transmitted by a Depositor in a digital “safe” in favour of one or more Beneficiaries
  • escrow keys for graphometric signature: the generation of pairs of cryptographic keys (public and private) for encryption and decryption of biometric data that can be used for graphometric signatures and consequent trust deposits and storage in secure and inaccessible means

Choose the option that best suits your needs and we will make your business secure through the most advanced technologies.