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Like the question states, is it currently possible in the Bitcoin blockchain to send coins to an address, but have the transaction written into a block or validated only after two parties sign messages into the blockchain that the funds should be released?

If it does exist, how does this technically work?

A comment describing or linking to something similar to this or on the off-chain level would be appreciated too.

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It's a built-in blockchain feature called a multisig transaction.

https://en.bitcoin.it/wiki/BIP_0010

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