4 ms·

It provides distributed trust for the class of problems wherein you have multiple competitive parties trying to achieve consensus on a sequence of transactions

It provides distributed trust for the class of problems wherein you have multiple competitive parties trying to achieve consensus on a sequence of transactions (or contracts, if you will). I believe a massive number of social and societal problems are solved by distributed trust models in the same ways free market economies generally lead to more equality and democracy leads to more freedoms.

endlessvoid94 8y ago
Can you give me an example?
- mhluongo 8y ago
  Anything involving a clearing house.
  - madeofpalk 8y ago
    What about all the existing clearing houses we have today? How have they managed to survive without Blockchain? Again. What specific problem does Blockchain solve?
  - endlessvoid94 8y ago
    Such as?
    - vntok 8y ago
      I gave you a few specific examples earlier in the thread: - Art transactions: registry of origin and property transfers for any object (with authenticated certificate), currently done by lawyers & auction houses (costly, inefficient, painful, near-impossible in some cases involving war/expropriation because records were destroyed at some point) - International shipping: INCOTERMS, currently handled through various specialized intermediaries (costly, inefficient, painful) - Registry of operations over the life of a company (creation/address change/acquisitions/foreclosure), currently done by national commerce courts & accredited local newspapers (costly, inefficient, painful) - Wills: self-authentication of one's will preventing repudiation attempts by third parties, currently done by lawyers and witnesses (costly, inefficient, painful) - Escrow accounts for service providers (ex freelancers) through multisig wallets, currently done by intermediary platforms (costly, inefficient)
      - 0x006A 8y ago
        how would any of those problems be solved with a blockchain? you are taking about real world things and actors that need to be matched to something on a blockchain. don't see how you get around that part and that is the costly, inefficient and painful one. not the ledger.

endlessvoid94 8y ago

Can you give me an example?

mhluongo 8y ago
Anything involving a clearing house.
- madeofpalk 8y ago
  What about all the existing clearing houses we have today? How have they managed to survive without Blockchain? Again. What specific problem does Blockchain solve?
- endlessvoid94 8y ago
  Such as?
  - vntok 8y ago
    I gave you a few specific examples earlier in the thread: - Art transactions: registry of origin and property transfers for any object (with authenticated certificate), currently done by lawyers & auction houses (costly, inefficient, painful, near-impossible in some cases involving war/expropriation because records were destroyed at some point) - International shipping: INCOTERMS, currently handled through various specialized intermediaries (costly, inefficient, painful) - Registry of operations over the life of a company (creation/address change/acquisitions/foreclosure), currently done by national commerce courts & accredited local newspapers (costly, inefficient, painful) - Wills: self-authentication of one's will preventing repudiation attempts by third parties, currently done by lawyers and witnesses (costly, inefficient, painful) - Escrow accounts for service providers (ex freelancers) through multisig wallets, currently done by intermediary platforms (costly, inefficient)
    - 0x006A 8y ago
      how would any of those problems be solved with a blockchain? you are taking about real world things and actors that need to be matched to something on a blockchain. don't see how you get around that part and that is the costly, inefficient and painful one. not the ledger.