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In some ways escrow is safer because blockchain transactions aren't reversible, no? Yeah, the transaction is there for everyone to verify, so everyone can tell
by PakG1 8y ago
In some ways escrow is safer because blockchain transactions aren't reversible, no? Yeah, the transaction is there for everyone to verify, so everyone can tell the guy cheated someone, but without law enforcement (not necessarily easy across borders), how do you get the guy to honor the contract when he has no honest intent?
- matchagaucho 8y agoDepends on the definition of "honor". In a financial transaction, escrow holds the funds and releases to counter-party upon contractual delivery. Both parties just need to agree on the "Swiss Bank" 3rd party to escrow the funds (and of course, the contract terms). Blockchain and smart contracts seemed well suited to this task, initially. But I'd agree with the OP that low value assets (LVA) with sensors are easily spoofed and the cost of electricity isn't worth the time to miners. High value assets (HVA) are just better served with human escrow brokers.