| >Blockchain is a brilliant solution to an extremely rare problem. Trust and fraud is extremely rare problem?! Read the Bitcoin's whitepaper again and you will be in the better understanding of Bitcoin's and Blockchain's purpose. "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." "Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments." Decentralizing trust means not depending on one entity or group of entities to handle financial transactions or transactions of any type. "Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments
over a communications channel without a trusted party." [0] Establishing trust means eradicating fraud in a sense that blockchain is transparent and open database based on decentralized cryptographic proof which enables trust. [0] https://bitcoin.org/bitcoin.pdf |