Re:You Do Not Need Blockchain: Popular Use Cases and Why The...
by matchagaucho on Saturday February 23, 2019 @01:57PM
(#19234886)
Depends on the definition of "honor". In a financial transaction, escrow holds the funds and releases to counter-party upon contractual delivery.
Both parties just need to agree on the "Swiss Bank" 3rd party to escrow the funds (and of course, the contract terms).
Blockchain and smart contracts seemed well suited to this task, initially. But I'd agree with the OP that low value assets (LVA) with sensors are easily spoofed and the cost of electricity isn't worth the time to miners.
High value assets (HVA) are just better served with human escrow brokers.
Both parties just need to agree on the "Swiss Bank" 3rd party to escrow the funds (and of course, the contract terms).
Blockchain and smart contracts seemed well suited to this task, initially. But I'd agree with the OP that low value assets (LVA) with sensors are easily spoofed and the cost of electricity isn't worth the time to miners.
High value assets (HVA) are just better served with human escrow brokers.