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How would a "centralized database" solve "a bank can give a loan to anyone claiming to have my name and SSN?"
by adolph 6y ago
How would a "centralized database" solve "a bank can give a loan to anyone claiming to have my name and SSN?"
- eloff 6y agoHow does a blockchain solve it in a way that a centralized db does not? The choice of db does nothing to address the underlying problems. Which was my point.
- idiotsecant 6y agoIn pretty much the same way that a decentralized database like a blockchain would. You interact with the centralized database to permit the transaction requested by the loan distributor, probably via 2FA. The only difference in the schemes is whether you need to trust the centralized database or not. Most people would much rather trust a large institution than have responsibility for managing their key.