In a previous video Michael Goldstein explained how the Bitcoin network can be used for more functions on top of the currency transfers. This functionality is called smart contracts and it consists of adding to each Bitcoin transaction some code script to “condition” transfers to external events happening as a requisite to the transfer.
For example “time locking” can be used to determine a future moment in time to execute the transfer, 3 signatures can be established to have third parties verify transactions, or assurance contracts can be determined to enable funding for special projects.
In this interview Michael explains another functionality that can be integrated to Bitcoin transactions: Smart Property.
He talked about:
– How the block chain, ledger, mining, proof-of-work, and network consensus work.
– What is smart property.
– Real life examples.
– Public and private key management.
– How property can be registered, transferred, and used on the block chain.
Please watch the video below: