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Ex-bank CEO gets 24 years after falling for crypto scam, causing bank collapse (arstechnica.com)

submitted 3 months ago by Xatolos@reddthat.com to c/technology@lemmy.world

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[–] tal@lemmy.today 10 points 3 months ago (1 children)

The problem is that there are much-simpler ways to achieve that, if that's all you want. You just take a digital copy of the contract, timestamp it, and have each party cryptographically sign the contract. You don't need a distributed ledger for that.

[–] sazey@lemmy.world 2 points 3 months ago (2 children)

Distribution ensure integrity of data. Let's say we sign a contract, cryptographically sign it and all that good stuff but then oh no, where we stored your contract went up in fire and now I don't have to honour that contract. (contrived example I know)

[–] tal@lemmy.today 8 points 3 months ago* (last edited 3 months ago)

All parties who are involved in the contract can store a copy of a contract, even if it's not distributed to everyone else.

[–] asret@lemmy.zip 0 points 3 months ago

The signing ensures the integrity of the data, whether using a public block chain or not.

The signed document can be distributed as widely as you'd like - it doesn't need to be attached to a block chain to do this.