Beyond Satoshi’s Vision: The Unexplored Possibilities of the Blockchain (Part 3)

Read the first part of this article here:https://medium.com/@edee.ecosystem/beyond-satoshis-vision-the-unexplored-possibilities-of-the-blockchain-part-1-7cd62b49d9e5

and also Read the second part of this article here:https://medium.com/@edee.ecosystem/beyond-satoshis-vision-the-unexplored-possibilities-of-the-blockchain-part-2-583ffa859ac5

The Hidden Risk of Blockchain Payments: Protecting Buyers in the Age of Cryptocurrency

Shifting gears, Satoshi Nakamoto’s concept brought a secure transaction system for payments, but it only works for one-way transactions, where one party intends to send value to another. In the real world, transactions are often reciprocal, and one party pays with the expectation of receiving something of equal worth. Currently, there is no blockchain-based mechanism to guarantee that the buyer will receive purchased goods or services as agreed. To fully utilize blockchain and cryptocurrency as a secure payment system, it’s crucial to implement escrow mechanisms that protect both buyers and sellers from fraud. While some may argue that it is not blockchain’s responsibility to protect buyers, there is potential for innovative solutions that can ensure trust and security for all parties involved in every day transaction.

The next part of this article will be published on 5/1/2023.