A new scheme of Quantum Key Distribution is proposed using three entangled particles in a GHZ state. Alice holds a 3-particle source and sends two particles to Bob, keeping one with herself. Bob uses one particle to generate a secure key, and the other to generate a master-key. This scheme should prove to be harder to break in non-ideal situations as compared to the standard protocols BB84 and Eckert. The scheme uses the concept of Quantum Disentanglement Eraser. Extension to multi-partite scheme has also been investigated.