Blockchain: Difference between revisions
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*Transactions are permanent and irrevocable | *Transactions are permanent and irrevocable | ||
*There’s no mechanism to correct errors | *There’s no mechanism to correct errors | ||
* | *There’s no — ahem — ''trusted intermediary'' who can dab the breaks, nudge the steering wheel, pursue fraudsters or help enforce contracts (purist blockchain ideology assumes contracts can be and users will want them to be enforced “[[code is law|by code]]”). The bank of Canada put it succinctly: at “its heart, there exists a fundamental inconsistency or tension between a centralised wholesale interbank payment system, as we have now, and the decentralisation inherent in the DLT” | ||
*There’s no value that a trusted intermediary can add to the system: it’s [[caveat emptor]], [[user pays]], entirely at owner’s risk. A uber-libertarian's wet dream, in other words. Great if you're holed up in a cabin in the woods with ammo and canned spam, but a fairly Spartan outlook for those of us who are prepared to live with a bit of benign intrusion so our GPS works okay. In other words, ''pure'' [[blockchain]] demands a trade-off most pragmatic people aren’t prepared to make. | *There’s no value that a trusted intermediary can add to the system: it’s [[caveat emptor]], [[user pays]], entirely at owner’s risk. A uber-libertarian's wet dream, in other words. Great if you're holed up in a cabin in the woods with ammo and canned spam, but a fairly Spartan outlook for those of us who are prepared to live with a bit of benign intrusion so our GPS works okay. In other words, ''pure'' [[blockchain]] demands a trade-off most pragmatic people aren’t prepared to make. | ||