diff --git a/include/fc/thread/parallel.hpp b/include/fc/thread/parallel.hpp
index c56047b..3118703 100644
--- a/include/fc/thread/parallel.hpp
+++ b/include/fc/thread/parallel.hpp
@@ -45,6 +45,46 @@ namespace fc {
       worker_pool& get_worker_pool();
    }
 
+   class serial_valve {
+   private:
+      class ticket_guard {
+      public:
+         ticket_guard( boost::atomic<future<void>*>& latch );
+         ~ticket_guard();
+         void wait_for_my_turn();
+      private:
+         promise<void>* my_promise;
+         future<void>*  ticket;
+      };
+
+      friend class ticket_guard;
+      boost::atomic<future<void>*> latch;
+
+   public:
+      serial_valve();
+      ~serial_valve();
+
+      /** Executes f1() then f2().
+       *  For any two calls do_serial(f1,f2) and do_serial(f1',f2') where
+       *  do_serial(f1,f2) is invoked before do_serial(f1',f2'), it is
+       *  guaranteed that f2' will be executed after f2 has completed. Failure
+       *  of either function counts as completion of both.
+       *  If f1 throws then f2 will not be invoked.
+       *
+       * @param f1 a functor to invoke
+       * @param f2 a functor to invoke
+       * @return the return value of f2()
+       */
+      template<typename Functor1,typename Functor2>
+      auto do_serial( const Functor1& f1, const Functor2& f2 ) -> decltype(f2())
+      {
+         ticket_guard guard( latch );
+         f1();
+         guard.wait_for_my_turn();
+         return f2();
+      }
+   };
+
    /**
     *  Calls function <code>f</code> in a separate thread and returns a future
     *  that can be used to wait on the result.
diff --git a/src/thread/parallel.cpp b/src/thread/parallel.cpp
index 046b283..5e16961 100644
--- a/src/thread/parallel.cpp
+++ b/src/thread/parallel.cpp
@@ -151,4 +151,48 @@ namespace fc {
          return the_pool;
       }
    }
-}
+
+   serial_valve::ticket_guard::ticket_guard( boost::atomic<future<void>*>& latch )
+   {
+      my_promise = new promise<void>();
+      future<void>* my_future = new future<void>( promise<void>::ptr( my_promise, true ) );
+      try
+      {
+          do
+          {
+             ticket = latch.load();
+             FC_ASSERT( ticket, "Valve is shutting down!" );
+          }
+          while( !latch.compare_exchange_weak( ticket, my_future ) );
+      }
+      catch (...)
+      {
+         delete my_future; // this takes care of my_promise as well
+         throw;
+      }
+   }
+
+   serial_valve::ticket_guard::~ticket_guard()
+   {
+      my_promise->set_value();
+      ticket->wait();
+      delete ticket;
+   }
+
+   void serial_valve::ticket_guard::wait_for_my_turn()
+   {
+       ticket->wait();
+   }
+
+   serial_valve::serial_valve()
+   {
+      latch.store( new future<void>( promise<void>::ptr( new promise<void>( true ), true ) ) );
+   }
+
+   serial_valve::~serial_valve()
+   {
+      fc::future<void>* last = latch.exchange( 0 );
+      last->wait();
+      delete last;
+   }
+} // namespace fc
diff --git a/tests/thread/parallel_tests.cpp b/tests/thread/parallel_tests.cpp
index e1ad2b7..144175b 100644
--- a/tests/thread/parallel_tests.cpp
+++ b/tests/thread/parallel_tests.cpp
@@ -177,4 +177,149 @@ BOOST_AUTO_TEST_CASE( sign_verify_parallel )
    }
 }
 
+BOOST_AUTO_TEST_CASE( serial_valve )
+{
+   boost::atomic<uint32_t> counter(0);
+   fc::serial_valve valve;
+
+   { // Simple test, f2 finishes before f1
+      fc::promise<void>* syncer = new fc::promise<void>();
+      fc::promise<void>* waiter = new fc::promise<void>();
+      auto p1 = fc::async([&counter,&valve,syncer,waiter] () {
+         valve.do_serial( [syncer,waiter](){ syncer->set_value();
+                                             fc::future<void>( fc::shared_ptr<fc::promise<void>>( waiter, true ) ).wait(); },
+                          [&counter](){ BOOST_CHECK_EQUAL( 0, counter.load() );
+                                        counter.fetch_add(1); } );
+      });
+      fc::future<void>( fc::shared_ptr<fc::promise<void>>( syncer, true ) ).wait();
+
+      // at this point, p1.f1 has started executing and is waiting on waiter
+
+      syncer = new fc::promise<void>();
+      auto p2 = fc::async([&counter,&valve,syncer] () {
+         valve.do_serial( [syncer](){ syncer->set_value(); },
+                          [&counter](){ BOOST_CHECK_EQUAL( 1, counter.load() );
+                                        counter.fetch_add(1); } );
+      });
+      fc::future<void>( fc::shared_ptr<fc::promise<void>>( syncer, true ) ).wait();
+
+      fc::usleep( fc::milliseconds(10) );
+
+      // at this point, p2.f1 has started executing and p2.f2 is waiting for its turn
+
+      BOOST_CHECK( !p1.ready() );
+      BOOST_CHECK( !p2.ready() );
+
+      waiter->set_value(); // signal p1.f1 to continue
+
+      p2.wait(); // and wait for p2.f2 to complete
+
+      BOOST_CHECK( p1.ready() );
+      BOOST_CHECK( p2.ready() );
+      BOOST_CHECK_EQUAL( 2, counter.load() );
+   }
+
+   { // Triple test, f3 finishes first, then f1, finally f2
+      fc::promise<void>* syncer = new fc::promise<void>();
+      fc::promise<void>* waiter = new fc::promise<void>();
+      counter.store(0);
+      auto p1 = fc::async([&counter,&valve,syncer,waiter] () {
+         valve.do_serial( [&syncer,waiter](){ syncer->set_value();
+                                              fc::future<void>( fc::shared_ptr<fc::promise<void>>( waiter, true ) ).wait(); },
+                          [&counter](){ BOOST_CHECK_EQUAL( 0, counter.load() );
+                                        counter.fetch_add(1); } );
+      });
+      fc::future<void>( fc::shared_ptr<fc::promise<void>>( syncer, true ) ).wait();
+
+      // at this point, p1.f1 has started executing and is waiting on waiter
+
+      syncer = new fc::promise<void>();
+      auto p2 = fc::async([&counter,&valve,syncer] () {
+         valve.do_serial( [&syncer](){ syncer->set_value();
+                                       fc::usleep( fc::milliseconds(100) ); },
+                          [&counter](){ BOOST_CHECK_EQUAL( 1, counter.load() );
+                                        counter.fetch_add(1); } );
+      });
+      fc::future<void>( fc::shared_ptr<fc::promise<void>>( syncer, true ) ).wait();
+
+      // at this point, p2.f1 has started executing and is sleeping
+
+      syncer = new fc::promise<void>();
+      auto p3 = fc::async([&counter,&valve,syncer] () {
+         valve.do_serial( [syncer](){ syncer->set_value(); },
+                          [&counter](){ BOOST_CHECK_EQUAL( 2, counter.load() );
+                                        counter.fetch_add(1); } );
+      });
+      fc::future<void>( fc::shared_ptr<fc::promise<void>>( syncer, true ) ).wait();
+
+      fc::usleep( fc::milliseconds(10) );
+
+      // at this point, p3.f1 has started executing and p3.f2 is waiting for its turn
+
+      BOOST_CHECK( !p1.ready() );
+      BOOST_CHECK( !p2.ready() );
+      BOOST_CHECK( !p3.ready() );
+
+      waiter->set_value(); // signal p1.f1 to continue
+
+      p3.wait(); // and wait for p3.f2 to complete
+
+      BOOST_CHECK( p1.ready() );
+      BOOST_CHECK( p2.ready() );
+      BOOST_CHECK( p3.ready() );
+      BOOST_CHECK_EQUAL( 3, counter.load() );
+   }
+
+   { // Triple test again but with invocations from different threads
+      fc::promise<void>* syncer = new fc::promise<void>();
+      fc::promise<void>* waiter = new fc::promise<void>();
+      counter.store(0);
+      auto p1 = fc::do_parallel([&counter,&valve,syncer,waiter] () {
+         valve.do_serial( [&syncer,waiter](){ syncer->set_value();
+                                              fc::future<void>( fc::shared_ptr<fc::promise<void>>( waiter, true ) ).wait(); },
+                          [&counter](){ BOOST_CHECK_EQUAL( 0, counter.load() );
+                                        counter.fetch_add(1); } );
+      });
+      fc::future<void>( fc::shared_ptr<fc::promise<void>>( syncer, true ) ).wait();
+
+      // at this point, p1.f1 has started executing and is waiting on waiter
+
+      syncer = new fc::promise<void>();
+      auto p2 = fc::do_parallel([&counter,&valve,syncer] () {
+         valve.do_serial( [&syncer](){ syncer->set_value();
+                                       fc::usleep( fc::milliseconds(100) ); },
+                          [&counter](){ BOOST_CHECK_EQUAL( 1, counter.load() );
+                                        counter.fetch_add(1); } );
+      });
+      fc::future<void>( fc::shared_ptr<fc::promise<void>>( syncer, true ) ).wait();
+
+      // at this point, p2.f1 has started executing and is sleeping
+
+      syncer = new fc::promise<void>();
+      auto p3 = fc::do_parallel([&counter,&valve,syncer] () {
+         valve.do_serial( [syncer](){ syncer->set_value(); },
+                          [&counter](){ BOOST_CHECK_EQUAL( 2, counter.load() );
+                                        counter.fetch_add(1); } );
+      });
+      fc::future<void>( fc::shared_ptr<fc::promise<void>>( syncer, true ) ).wait();
+
+      fc::usleep( fc::milliseconds(10) );
+
+      // at this point, p3.f1 has started executing and p3.f2 is waiting for its turn
+
+      BOOST_CHECK( !p1.ready() );
+      BOOST_CHECK( !p2.ready() );
+      BOOST_CHECK( !p3.ready() );
+
+      waiter->set_value(); // signal p1.f1 to continue
+
+      p3.wait(); // and wait for p3.f2 to complete
+
+      BOOST_CHECK( p1.ready() );
+      BOOST_CHECK( p2.ready() );
+      BOOST_CHECK( p3.ready() );
+      BOOST_CHECK_EQUAL( 3, counter.load() );
+   }
+}
+
 BOOST_AUTO_TEST_SUITE_END()