Patent ID: 11978043

Abstract:
The invention comprises a solution for securing an output (UTXO) in a single blockchain (e.g. Bitcoin) transaction (TX) so that it can only be unlocked by an authorised party at an allowed time, and in accordance with external data supplied to the transaction's locking script. The invention may comprise two steps which are implemented within a redeem script provided within the UTXO's locking script: 1) Calculation of a time-related value (which we will call Tsupplied) using the external data provided; and 2) use of the calculated Tsupplied value in a time lock technique to ensure that unlocking occurs at a time pre-determined time. The invention allows external data to be introduced into the time lock control of a transaction on the blockchain. It also includes a technique for combining absolute and relative time locks (e.g. CLTV and CSV as known in the Bitcoin protocol).