You're precisely right Michael. People who say blockchain doesn't solve any real world problems, haven't tried solving the problems Block chain so handily tackles using some other method. Trust is a huge vulnerability, as we have seen over and over in the crypto biz. In aviation, for example, we use blockchain now to authenticate parts used in maintenance, repair, and overhaul (MRO). Because trust (in the supply chain) failed us, and unsafe counterfeit parts have flooded the market, making this a life or death problem.
-mel beckman On Jan 23, 2018, at 8:12 AM, Michael O Holstein <michael.holst...@csuohio.edu> wrote: >> Blockchain's objective was to make transactions non-repudiable and > they >> succeeded. However, that interacts with its decentralized > >> nature to make those transactions irreversible as well. > > To re-use your example, banks don't "delete" the record of the bad check, > they just create an offsetting journal entry, as both records are important > to preserve. > > A transaction ledger is supposed to authenticate *every* transaction, and if > you need to create an offsetting transaction, you do so in the same manner, > and process the result in your code .. but the "bad" transaction DID happen > as did your "deletion" of it, and as such, both actions are recorded. > > To apply to a real-world example .. Betty votes for X, but it's later > determined that Betty was ineligible because (whatever). Betty's vote is > recorded, as is the administrative cancellation thereof. It's critical that > both transactions be recorded, attributed, non-reputeable. > > The system isn't designed to prevent fraud *itself*, it's designed to prevent > alteration of the ledger. > > Regards, > > Michael Holstein CISSP > Mgr. Network & Data Security > Cleveland State University
