First of all, being public does nothing to change that scenario. Second of all, abusing chargebacks when a vendor upheld their side of an agreement is a crime,

First of all, being public does nothing to change that scenario. Second of all, abusing chargebacks when a vendor upheld their side of an agreement is a crime, and if you can prove that you delivered the goods as the consumer requested, the chargeback can be reversed. This is not a problem with the system. The way that blockchain "solves" this non-problem is by making the transaction record immutable, so that no transaction can ever be undone, no longer how fraudulent or illegal. That's why the main users of blockchain technology these days, aside from speculators, is scammers and theives, because once you have somebody's crypto money, it is technologically impossible to ever return it to its rightful owner, even with a court order. Theft on the blockchain has already surpassed all other financial theft in the world pre-2016. Getting access to people's keys, or tricking them into authorizing a transaction, or writing malware into smart contracts has enabled a golden age of theft that cannot be undone. Immutability does not imply correctness. > Unless a ledger is public and independently verifiable You say this as if those things are connected. They are not. Your credit card transaction ledger is already independently verifiable, with the magical future technologies known as "receipts" and "bank statements".