
<h2 class="wp-block-heading">The Bitcoin Masterclass (London) Day 1</h2>



<p>Dr Craig S. Wright, Chief Scientist at nChain, held another edition of his <a href="https://nchain.com/resources/events-and-webinars/the-bitcoin-masterclasses-registration/" target="_blank" rel="noopener">Bitcoin Masterclass</a> series at an exclusive venue in London in April. The Masterclass course forms part of a monthly series aimed at helping attendees understand the fundamentals of Bitcoin and the <a href="https://www.bsvblockchain.org/technology" target="_blank" rel="noopener">technology</a> behind it.</p>



<p>The Bitcoin Masterclass series will give you a comprehensive overview of Bitcoin&#8217;s history, theory and design. Wright discussed the future of Bitcoin and the unbounded scalability of <a href="http://nchain.com" target="_blank" rel="noopener">nChain’s blockchain solutions</a>, with potential use cases across several industries.</p>



<p>In the final session on day one, attendees were asked to split up and brainstorm how nLockTime transactions and Bitcoin contracts could be used in real-world use cases.</p>



<p>nLockTime is a feature in the Bitcoin protocol. A field can be included in a Bitcoin transaction to specify the earliest time (block height or timestamp) at which the transaction can be added to a block and confirmed by miners.</p>



<p>When creating a Bitcoin transaction, the sender can set the nLockTime field to a specific block height or a Unix timestamp. If the <a href="https://wiki.bitcoinsv.io/index.php/UTXO" target="_blank" rel="noopener">nLockTime</a> value is set to a future block height or timestamp, the transaction will only be considered valid once that time is reached. This feature allows for the creation of time-locked transactions.</p>



<h2 class="wp-block-heading" id="h-time-locked-contracts">Time-locked contracts</h2>



<p>One of the obvious ways that nLockTime transactions can be used in businesses is by creating time-locked contracts. In certain contractual agreements, funds could be locked until specific conditions or periods are met, and nLockTime transactions might be employed to facilitate these arrangements.</p>



<p>Similarly, nLockTime transactions can be used for pre-scheduled payments. Specifically, businesses could use nLockTime transactions for subscription-based services to pre-schedule recurring payments, ensuring timely payments from customers.</p>



<p>The most obvious use case is for escrow services where funds are held in a multi-signature address, and the release of funds is time-dependent.</p>



<p>In this workshop, the attendees also discussed how nLockTime transactions can be used in specific business segments, including:</p>



<ul>
<li>Estate management;</li>



<li>Building construction;</li>



<li>Interest payments;</li>



<li>Fractional ownership;</li>



<li>Cargo shipping</li>



<li>Commercial property management;</li>



<li>Insurance.</li>
</ul>


<p><iframe loading="lazy" style="border: 1px solid #CCC; border-width: 1px; margin-bottom: 5px; max-width: 100%;" src="https://www.slideshare.net/slideshow/embed_code/key/q0g0noTt0ZA5Z" width="800" height="439" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" allowfullscreen="allowfullscreen"> </iframe></p>

Workshop on nLocktime transactions and Bitcoin

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