Re:Wall Street rethinks blockchain projects as euphoria meet...
by koonsolo on Friday March 30, 2018 @12:08PM
(#16717295)
Atomic transactions of money on one hand, and ownership on the other.
For big amounts, transfers of money are either slow (big wire transfers between banks) or unsecure (cash, how do you know if those bills are real?). Therefore either the money or ownership stays insecurely in limbo on one side.
Therefore escrow services currently provide a solution for this, or notaries. But in the end they are still not atomic, and not free either.
If both money and proof of ownership are both on blockchain, you can do a REAL atomic transaction. This could work for selling cars, houses, etc, on an international level without much fuzz.
For big amounts, transfers of money are either slow (big wire transfers between banks) or unsecure (cash, how do you know if those bills are real?). Therefore either the money or ownership stays insecurely in limbo on one side.
Therefore escrow services currently provide a solution for this, or notaries. But in the end they are still not atomic, and not free either.
If both money and proof of ownership are both on blockchain, you can do a REAL atomic transaction. This could work for selling cars, houses, etc, on an international level without much fuzz.