this post was submitted on 09 Mar 2024
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A blockchain can provide an irrevocable record, and it can provide a mechanism for uncooperating parties to agree that the record should be created. This is usually used for financial transactions involving coins of dubious value, but it can also be used for recording transactions of real world assets as long as those transactions can be faithfully linked to the event on the blockchain. Therefore the blockchain doesn't really prove that a transaction is fraudulent or not, all it proves is that a sufficient number of parties believe it is not.
That kind of seems like the big glaring video game boss style weak point, to me. I feel like you'd still need some external third party to verify that everything is properly linked up to the blockchain, or like, someone could just impersonate someone else through whatever things are used to link something to the blockchain, and then it's just kinda back to square one, I would think. I dunno, I think also maybe I just don't really quite get it.
The oracle problem has had some attempts at being solved.
A the moment external data on a blockchain is more about transparency than trust.