Multisig transactions 1 have been a great use case of Bitcoin for the past few years, they require unsigned or partially signed transactions to be passed between multiple parties to “co-sign” them. However, there is currently no unified format for how multiple parties may share these transactions between multiple signers, it depends on the particular implementation for each wallet making it hard to do among parties using different Bitcoin wallets.
A draft BIP (174), which was proposed last year by Andrew Chow, was recently a subject of interest among Bitcoin developers. It aims to create a standard extensible format that different clients can implement making Partially Signed Bitcoin Transactions (PSBT) easier to pass around users to sign and combine their signatures.