Re:Binance's books are a black box, filings show, as it trie...
by fineIllregister on Monday December 19, 2022 @10:31PM
(#34061202)
> Let me just operate a database for everyone I interact with.
If I'm a company, I already have a database of transactions, even if it is a spreadsheet or physical file folders.
> It seems like you accidentally just realized the issue with your own argument by trying to find an issue with his.
Where is the issue? The two companies can sign and keep separate copies of the contract/transaction. That's literally what they do now. Just digitize it, no blockchain necessary.
Companies could sign a text file of a contract with PGP keys. We could standardize a transaction format and both companies could sign each exchange. Company A would keep the contract and Company B's signature, and vice versa. Trusted third parties (our attornies, banks) could sign as witnesses for bigger transactions.
What do cryptocurrency and blockchain achieve over that, especially given the high costs of transactions?
If I'm a company, I already have a database of transactions, even if it is a spreadsheet or physical file folders.
> It seems like you accidentally just realized the issue with your own argument by trying to find an issue with his.
Where is the issue? The two companies can sign and keep separate copies of the contract/transaction. That's literally what they do now. Just digitize it, no blockchain necessary.
Companies could sign a text file of a contract with PGP keys. We could standardize a transaction format and both companies could sign each exchange. Company A would keep the contract and Company B's signature, and vice versa. Trusted third parties (our attornies, banks) could sign as witnesses for bigger transactions.
What do cryptocurrency and blockchain achieve over that, especially given the high costs of transactions?