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How to delay transactions with Time Lock - Solidity TutorialA timelock contract is a smart contract embedded in a blockchain that executes a transaction at a specific time. They are used in hashed. A time-locked transaction is a type of Bitcoin transaction that includes a parameter specifying a time before which the transaction cannot be. Locktime sets the earliest time a transaction can be mined in to a block. It's the last field in a piece of transaction data. Usage.