Blockchain based system and method

Computer equipment comprising memory and processing apparatus, the memory comprising one or more memory units and the processing apparatus comprising one or more processing units, wherein the memory stores code arranged to run on the processing apparatus, the code being configured so as when run on the processing apparatus, the processing apparatus performs a method comprising:

• a first party passing a verification conducted by a token issuer;
• the token issuer issuing a token evidencing that the first party passed the verification by the token issuer;
• one of the first party, token issuer or an intermediate party sending to be recorded on a blockchain a first blockchain transaction comprising an output that comprises a) funds of the first party for a commercial transaction to be conducted with a second party and b) a locking script defining at least a first condition for unlocking the funds, wherein the locking script further comprises a data payload comprising the token;
• the first party sending an indication of the first blockchain transaction to the second party;
• in response to receiving said indication, the second party verifying that the first blockchain transaction has been validated for recordal on the blockchain and that said output remains unspent, and thus in doing so verifying both that the first party has the funds for the commercial transaction and is evidenced to have passed the verification by the token issuer;
• in response to the verifying of the first blockchain transaction by the second party, the second party conducting the commercial transaction with the second party, the commercial transaction including one of the first party, second party or an intermediate party sending a second blockchain transaction to be recorded on the blockchain, wherein the second blockchain transaction comprises an input pointing to said output and comprising an unlocking script meeting said first condition in order to transfer the funds to the second party.