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A comment on Bitcoin Is for Drugs. Parent comment

Re:Bitcoin Is for Drugs by tedsanders on Friday June 16, 2017 @04:50PM (#14572541)
Blockchain does not reduce the need for trust, in my opinion. If I order pizza from you and pay with Bitcoin, I still have to trust that you'll deliver the pizza. There is no way around the need for trust (though of course there are mechanisms such as laws, police, and judges that help reinforce trust in our society).

The only trust that blockchain provides is trust that a counterparty won't go back and change the ledger showing that a pizza was ordered. This solves the double spending problem, but it doesn't solve all the other kinds of fraud.

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Re:Bitcoin Is for Drugs by throwaway2016a on Friday June 16, 2017 @04:54PM (#14572563)
Agreed. I should have been more specific. It reduces the need to trust the person initiating the transaction. That person still needs to trust the entity that is supposed to provide value in exchange for that transaction.

Unless the blockchain supports contracts and you have a well coded contract.

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