Re:Web3 is not going to change the world
by gitfan86 on Thursday February 03, 2022 @09:45AM
(#30193053)
If you have your keys then yes, you can sign a new transaction.
But what happens if you lost your keys and no central authority has the ability to change your address?
Re:Web3 is not going to change the world
by notreallyserio on Thursday February 03, 2022 @10:09AM
(#30193363)
And perhaps worse, what happens if someone steals/copies your private key (say your paper backup) and signs a change of address in your name? Can you convince authorities that you didn't actually make the change?
Maybe if it is a physical address. After all, you presumably live there. But what if it's just some payment contract? As far as they care you yourself signed it, and they have the proof. If you can get them to cancel the contract, what was the point of using blockchain anyway?
Immutability means you can’t change history not that you can’t update state. If my utility company needs my new home address and they use a blockchain for some reason (maybe part of a near-realtime electricity payment system), I can always sign a transaction to associate my blockchain address with my new home address. Perhaps the electricity equipment itself can sign my signature to ensure that I am physically located with it and have authority to change who it’s representing.