System and method for transferring resources using a blockchain

A computer-implemented method comprising:

• randomizing a set of nodes to create a cyclically-ordered set of nodes participating in a blockchain network;
• selecting one of the nodes of the set of nodes to be an initiator node, U0, of the cyclically-ordered set of nodes;
• selecting one or more timeout values representing an amount of time required to complete actions relating to the method;
• determining and sending a public key associated with a particular node in the cyclically-ordered set of nodes participating in the blockchain network to the initiator node of the cyclically-ordered set;
• receiving, by the particular node from a node immediately previous to the particular node in the cyclically-ordered set, a first value based on public keys associated with each node in the cyclically-ordered set from the particular node through to the initiator node;
• determining, by the particular node, a locking value based on the first value and the public key associated with the particular node;
• determining that there is sufficient time left on the one or more timeout values;
• and
• establishing a payment channel between the particular node, Ui, and a node immediately succeeding the particular node, Ui+1, by:
• preparing, by the particular node, (i) a commitment transaction, Tc (ii) a refund transaction Tr, and (iii) a transaction, Tpay, using the locking value, arranged to transmit control of a resource from a source address associated with the particular node to a receiving address of the node immediately succeeding the particular node in the cyclically-ordered set, wherein the control of the resource is to be transmitted responsive to satisfaction of an execution condition including supply of an unlocking value corresponding to the locking value.