Early Temple is a business-to-business platform for building smart contracts against the Bitcoin blockchain. Smart contracts are contracts written in software, that automatically execute their own terms. In addition to its other benefits, the Bitcoin blockchain features a method of placing value into a special escrow state, called a multi-signature address, which require permission from multiple entities to approve any transfer. By including a neutral third party into the permission list, parties lacking mutual trust can safely conduct operations, confident that disputes can be resolved by the third party. If the conditions are clear and objective, disputes of interpretation are eliminated, and business can run with the speed and certainty of software.
Early Temple provides a simple API for creating and controlling smart contracts against the simplest and most flexible of all conditions: the appearance of a given phrase at a given URL. Once the funds are delivered into the escrow state, Early Temple starts checking for the condition. Once the condition is found to be fulfilled, the funds are transferred to the recipient. If this doesn’t occur before the contract expires, then the funds are returned to the sender.