An escrow is a contractual arrangement in which an intermediary receives and disburses funds or assets on behalf of the primary transacting parties in accordance with predetermined conditions agreed upon by the transacting parties. The intermediary has traditionally been a trusted third-party arbitrator, but with the advent of blockchain technology, this escrow service can now be automated using algorithmically enforced rules based on smart contracts. Escrow automation has enormous potential implications across a wide range of industries.