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If someone socially engineers a bank employee to transfer money in a bank's computer, the transaction can be reversed if the bank decides it was fraudulent. You
by wolf550e 10y ago
If someone socially engineers a bank employee to transfer money in a bank's computer, the transaction can be reversed if the bank decides it was fraudulent. You can't reverse blockchain transactions without one of: (1) the other party agrees to return the money or (2) a majority of the people controlling the blockchain agree to fork the blockchain.
- alexeldeib 10y agoWouldn't a bank be able to do a hard fork a la ethereum? Since it would be a completely private system, they would have total control and it seems this would fulfill (2) in your comment. Or am I confusing the purpose of the technology?
- wolf550e 10y agoI don't know how they plan to run this thing. If it's owned and operated by a single bank and just acts as an API to the bank, they can hard-fork it every day. But that doesn't seem useful. If they plan to create a system where they don't own a majority, they lose the ability to hard-fork.