Dr. Craig Wright talks about improving business processes with nLocktime on the BSV blockchain
In each series of The Bitcoin Masterclasses, Dr. Craig Wright delves into specific aspects of Bitcoin that have been misinterpreted by many and sets the record straight. In London, he talked about nLocktime, and in an interview with CoinGeek, he broke down how delayed transactions could transform air travel.
“We’re creating a scenario where we can have update and ordered transactions that will complete at some point,” Dr. Wright told CoinGeek Backstage reporter Becky Liggero.
While nLocktime was part of Satoshi Nakamoto’s original Bitcoin protocol, BTC supporters sidelined it and turned to CheckLockTimeVerify (CLTV) as their [inferior] replacement. CLTV was based on the cypherpunk idea of not trusting anyone, but according to Satoshi, the real world cannot function without some form of trust.
CLTV also locks up funds, “and the world can’t function if we have to wait every time payments go through,” Dr Wright added.
Unlike the permanent CLTV, nLocktime allows users to make changes and changes on the fly. If you create a transaction in the chain with nLocktime, it will not be accepted by the nodes until the predetermined time. This gives you time to accommodate changes that affect the expected result.
“What we need to do is improve business processes incrementally,” Dr Wright said.
He believes that with nLocktime, businesses can gradually increase efficiency. For most businesses, a drastic change is not possible. But addressing specific challenges, such as garbage-in, garbage-out (which on average loses $12.9 million from American firms annually), is achievable and welcome.
One industry that nLocktime and delayed transactions could affect is air travel. Airlines can sell conditional tickets, use automated AML and flight information, eliminate errors and “make boarding much faster.”
This is already practiced in a rudimentary implementation in private charters where everything is pre-checked and travelers just walk in. This can also extend to cooperation between airlines, where travel documentation and information can be tokenized and easily shared across databases. Empty seats at the last minute can easily be tokenized and exchanged, he added.
See: The very beginning of Bitcoin
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