These micro-examples are a reminder that corruption is a part of every human system, no matter how perfect the design.
There will always be concertgoers cutting the unwatched fence to sneak in for free.
The only plausible solution is elective transparency. Either your company and financial metadata are available for independent third party review, and records retained as defined, or else you’re not a company.
I'm not cryptobro but I hate that people give out about it's use in crimes... it's a currency, it being used in crimes is only evidence of it being used as a currency. All my drugs are bought with euros.
That's because transactions can't be rolled back, opening accounts doesn't require identifying info, and there's no possibility of payments being intercepted by a third party.
Sure, fiat can be safer when your bank is being responsible. It can be much more dangerous when they aren't. Just ask a victim of Wells Fargo.
Okay. I’ll answer seriously to this. Blockchain can’t store an entire contract (not within reason). Likewise, contracts will never be made public. So at most you’ll get is a pointer to where the contract is held. The contents of the contract can be changed (though you could put a checksum in the chain too), but that still doesn’t address things. Also if you are concerned about “well no one else has a contract” then all that needs to happen is everyone gets a contract, then the chain is inundated with contracts and all you’d have is a pointer and a checksum and you have no idea what’s in the actual contract.
A contract is text only, that would be a few kb at most when compressed… blockchain can definitely hold that, it can hold images, and someone even put Doom on the blockchain.