Using A Bitcoin Smart Contract To Transfer Domain Ownership

Smart contracts are the new hype right now. Although a lot of people would automatically look towards Ethereum for making this technology possible in the real world, it is certainly possible to use the Bitcoin blockchain for this purpose as well. Transferring ownership of a domain name, for example, is just one of the many examples of how this technology can change the way we do things on a daily basis.

Also read: Finding A Bank Partner As a Bitcoin Startup

Bitcoin Smart Contracts Are Quite Powerful

TheMerkle_Transfer Domain Ownershop Bitcoin Smart Contract

When dealing with the concept of transferring a domain name between parties, there are a few things that could possibly go wrong. For example, the seller paying for the domain name can charge back the funds – depending on the payment method used – or pay with someone else’s account. It is impossible to verify the authenticity of such a payment by any means.

The same can be said for the person holding the domain information, as they might never send the information after the money has been received. Solving this problem with an escrow service is possible, but

Read more ... source: TheBitcoinNews