On Tue, Jan 23, 2018 at 8:17 AM, Jimmy Hess <mysi...@gmail.com> wrote:
> On Tue, Jan 9, 2018 at 10:22 AM, William Herrin <b...@herrin.us> wrote: > >> On Tue, Jan 9, 2018 at 1:07 AM, John R. Levine <jo...@iecc.com> wrote: >> >> > The promise of blockchain is fraud-resistant recordkeeping, database > management, > Hi Jimmy, That is -so- not the case. The single most important concept in fraud resistance is reversibility. Once a transaction is determined to be fraudulent, the authority making the determination must be able to reverse the transaction. Banks bouncing a check. The tax records office restoring ownership of a house upon order by the court. Blockchain's objective was to make transactions non-repudiable and they succeeded. However, that interacts with its decentralized nature to make those transactions irreversible as well. Bitcoins have been stolen from exchanges. The fraud can't be reversed. Blockchain is not resistant to fraud. Regards, Bill Herrin -- William Herrin ................ her...@dirtside.com b...@herrin.us Dirtside Systems ......... Web: <http://www.dirtside.com/>
