Yes there is a sense in which, theoretically, a false transaction could be recorded as reversed on the blockchain in the same way that general ledger accounting works now. The problem with blockchain systems is that no one has the authority to do so.
Consider current payment systems. If I mistakenly make a credit card transaction to the wrong recipient or if someone scams me into making such a payment or if someone steals my credit card number and makes such a transaction for me, everything is still going to be okay because the law requires that these transactions be easily reversible. (In effect, this just adds more lines to the ledger, just like you described above in reference to blockchain.)
On the blockchain, if I make a mistaken payment (etc) I have no recourse because no one has the authority to reverse the transaction except the recipient, who won't generally want to do so.
That's what I meant by the law having protections that the blockchain does not.
Maybe DLT conflicts with your views on how the world should be in general. That's fine and nobody should be forced to actually taking part in any web3. Some people like anarchy, others like authority and some like the middle ground. Depending on what you fancy blockchains do or don't fit.
Building protective smart contracts that even exceed what the law could grant and enforce for a citizen is doable though.
Literally no computing system can be better than its own data inputs, though, which is my whole point. Like, that's not a subjective value or a preference. That's just provable.
For example, smart contracts can assure me that if I pay money into a system, I will get the NFT that I intend to buy (assuming I am the one who initiated the transaction and not someone who has stolen my key and assuming I didn't fatfinger the transaction) but they can't prove that the actual originator of the artwork is the originator of the NFT, which is why there are so many fake NFTs.
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Yes there is a sense in which, theoretically, a false transaction could be recorded as reversed on the blockchain in the same way that general ledger accounting works now. The problem with blockchain systems is that no one has the authority to do so.
Consider current payment systems. If I mistakenly make a credit card transaction to the wrong recipient or if someone scams me into making such a payment or if someone steals my credit card number and makes such a transaction for me, everything is still going to be okay because the law requires that these transactions be easily reversible. (In effect, this just adds more lines to the ledger, just like you described above in reference to blockchain.)
On the blockchain, if I make a mistaken payment (etc) I have no recourse because no one has the authority to reverse the transaction except the recipient, who won't generally want to do so.
That's what I meant by the law having protections that the blockchain does not.
Maybe DLT conflicts with your views on how the world should be in general. That's fine and nobody should be forced to actually taking part in any web3. Some people like anarchy, others like authority and some like the middle ground. Depending on what you fancy blockchains do or don't fit.
Building protective smart contracts that even exceed what the law could grant and enforce for a citizen is doable though.
Literally no computing system can be better than its own data inputs, though, which is my whole point. Like, that's not a subjective value or a preference. That's just provable.
For example, smart contracts can assure me that if I pay money into a system, I will get the NFT that I intend to buy (assuming I am the one who initiated the transaction and not someone who has stolen my key and assuming I didn't fatfinger the transaction) but they can't prove that the actual originator of the artwork is the originator of the NFT, which is why there are so many fake NFTs.