Technology

Blockchain’s Future Lies in Reversible Transactions

Blockchain technology is terrific. We all know it well, especially those who have delved deeper into it. Transactions on the blockchain are incredibly secure, almost unbreakable, which we can not claim about traditional payment methods. But it’s not without its problems that need to be solved. One of the biggest issues is the irreversibility of transactions. If you’ve ever made a crypto transaction, you know how crucial it is to enter the correct info. If you don’t, the funds could go elsewhere and likely be lost forever. As this could be problematic for larger transactions, we wanted to cover why that’s the case in this article. More importantly, we’ll delve deeper into why transactions on the blockchain should become reversible and how that can work. It might sound impossible, but there are always ways. Clearly, the blockchain was created to ensure the security of the whole network while remaining decentralized. However, this always meant there would be no way for transactions to be altered or reversed. That’s because once a transaction is made, it is written into the blockchain. If we were to change that information, we would change the entire transaction and break the system.

Full story : Blockchain’s Future Lies in Reversible Transactions.

OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.