Blockchain Is Capable To Prevent All Types Of Fraud

Mike Mayor

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Quote from: IamNotAnonymous on February 06, 2017, 06:54:40 PM

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

Yes you are right the mechanics behind bitcoin is good and it cannot be hacked or manipulated or reversed. The problem that no technology can solve is the trust between two people. This is the main hurdle when it comes to human communication no matter how good the technology gets.

megynacuna

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Quote from: IamNotAnonymous on February 06, 2017, 06:54:40 PM

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

That's very true but anonymity is a concern and bad people can also hide behind that for their illegal businesses (drug peddlers, prostitutes among others) so it's seeking to address fraud but can also promote illegal businesses and I think we need to look at the latter critically

samuraijin

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I thought why not to make it possible to be a lot of developers working for blockchain to tackle the problem, but again all need a process that is not a short course in this case we all know that blockchain also used by major corporations

peter0425

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Quote from: IamNotAnonymous on February 06, 2017, 06:54:40 PM

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

Blockchain technology cannot prevent fraud. What blockchain can offer is to provide us with a secured and fast database that a lot of people can use. That's why blockchain now is being used not just in crypto-currency but in other companies as well.

requester

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probably not because fraud services are going on with full comfortable. so how can say that blockchain could prevent frauds.there is no tracking of personal information and whatever so there is obviously no way to track which is fraud and which is legit. we need more members to control the blockchain and amke it stronger with future proof.

BiTZeD

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Quote from: franky1 on February 07, 2017, 07:40:34 AM

blockchain is capable to prevent all types of fraud.. until..

devs stupidly add
CSV/CLTV - laymens: 'chargeback feature during funds balance unavailable' even after confirmation
RBF - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'
CPFP - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'

For me CSV is comma separated values, but thanks to Herbert2020 I managed to understand. Some people in the Core team do plan to adds these kinds of things, or is this just a dramatical scenario from your own ?

boybugs18

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as long as you know the information about your bitcoin like bitfinex is saying that the hacked coins are now moving so they know any information about those coins that are lost so I think blockchain can do the same but not spotting fraud it can help you to trace and that needs some investigation by a human not just blockchain.

~Bitcoin~

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Quote from: Mometaskers on February 11, 2017, 10:53:50 AM

I don't know the technicalities involved with the sending of transactions but if everything is recorded within the blockchain wouldn't that mean that it's possible to track were the stolen money ends up in?

Yes it can be tracked but the major thing that can't be tracked is who actually owns the address where those stolen bitcoin ends up. If the one himself doesn't expose/write his bitcoin addresses somewhere in the internet nobody can make connection of his bitcoin addresses to him.

jak3

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no matter what era we step into or with any problem blockchain is always at the top of the secure wallet they evolved and improved their security time to time . its true that with that a lot of security they gets little bit messy on the comfortibilty of user intraction but else of that everyhing is still on their best. on the past years they where also allowing direct gambling but now they are not

Yakamoto

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Quote from: IamNotAnonymous on February 06, 2017, 06:54:40 PM

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

While a blockchain system does prevent fraud (mostly) in financial systems, it is definitely not something that is completely secure and it doesn't magically stop all forms of fraud from occurring. The only things we see change are no chargebacks and more retailer protection, however other forms of fraud can occur quite easily.

sir.humus

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With Blockchain there would be no human interaction involved in the escrow process. By employing smart contracts, data-driven computer algorithms will verify the authenticity of any transaction, and wait for confirmation from both parties before releasing the funds. As this is all based on a computer making the decision, there is no element of corruption involved

bob123

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Quote from: Mometaskers on February 11, 2017, 10:53:50 AM

I don't know the technicalities involved with the sending of transactions but if everything is recorded within the blockchain wouldn't that mean that it's possible to track were the stolen money ends up in?

Theoretically it is possible, yes.
Bitcoin is not anonymous at all.. its pseudonymous..
Since everything action can be traced, but not being assigned to a person, rather to a Pseudonym.
If someone knows your Addresses (Pseudonym), its like an open book reachable via www to all of your transactions.

STFU!

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Why do you think so? what if someone stole money and deposited into bitcoin or buying bitcoin with stolen cash?..but if you talking about personal identity fraud,maybe it is. as we know each Bitcoin transaction offers a unique and easy way to make a payment without needing to disclose your personal information and make yourself susceptible to identity theft.meaning that the only way that you can spend bitcoins out of your wallet and to whomever you are sending money without personal risk of identity theft.

Mometaskers

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I don't know the technicalities involved with the sending of transactions but if everything is recorded within the blockchain wouldn't that mean that it's possible to track were the stolen money ends up in?

Vaskiy

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Quote from: jtipt on February 07, 2017, 08:10:23 AM

Quote from: IamNotAnonymous on February 06, 2017, 06:54:40 PM

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

To some extent what you are saying is correct, but you should explain more in the OP as to how is blockchain capable of preventing fraud.

As described bitcoin's technology sure supports preventing fraud as well crimes. At the same I'm not sure how things work with Blockchain in preventing crimes. This will not be perfect in whatever perspective its been considered. Anonymity is a good feature which will help people to stay secure.

jtipt

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Quote from: IamNotAnonymous on February 06, 2017, 06:54:40 PM

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

To some extent what you are saying is correct, but you should explain more in the OP as to how is blockchain capable of preventing fraud.

franky1

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Quote from: Herbert2020 on February 07, 2017, 07:46:15 AM

Quote from: franky1 on February 07, 2017, 07:40:34 AM

blockchain is capable to prevent all types of fraud.. until..

devs stupidly add
CSV/CLTV - laymens: 'chargeback feature during funds balance unavailable' even after confirmation
RBF - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'
CPFP - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'

i do not know what CSV/CLTV is and it is the first time i am hearing it Cheesy

edit: CLTV is CheckLockTimeVerify and it doesn't allow including in a valid block until the nLockTime is in the past so it don't work on confirmed transaction!!! https://en.bitcoin.it/wiki/Timelock#CheckLockTimeVerify
same goes for CSV (CheckSequenceVerify) https://en.bitcoin.it/wiki/Timelock#CheckSequenceVerify
can you explain why you said "even after confirmation"?

but it is worth highlighting that all these (at least CPFP and RBF) will only work on unconfirmed transactions and as far as i can remember, from day one nobody trusted an unconfirmed transaction and it was always suggested to wait for at least 3 confirmation.

no, read again...

CLTV adds a maturity period to a confirmed transaction. (much like the block rewards 100confirm maturity). this is indeed locked into a blockchain confirmed tx, not a tx sat in mempool
CLTV is different than n-locktime.

nlocktime prevents a tv getting into a block. but CLTV prevents funds being spent(by intended party) for a period AFTER getting into a block

during the CLTV maturity period, CSV can revoke the funds and send them to another destination depending on the terms(destination) of the revoke.
CLTV+CSV = analogy of 3-5 bank business days funds unavailable AFTER withdrawal(confirm) where funds can be charged back

Herbert2020

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Quote from: franky1 on February 07, 2017, 07:40:34 AM

blockchain is capable to prevent all types of fraud.. until..

devs stupidly add
CSV/CLTV - laymens: 'chargeback feature during funds balance unavailable' even after confirmation
RBF - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'
CPFP - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'

i do not know what CSV/CLTV is and it is the first time i am hearing it Cheesy

edit: CLTV is CheckLockTimeVerify and it doesn't allow including in a valid block until the nLockTime is in the past so it don't work on confirmed transaction!!! https://en.bitcoin.it/wiki/Timelock#CheckLockTimeVerify
same goes for CSV (CheckSequenceVerify) https://en.bitcoin.it/wiki/Timelock#CheckSequenceVerify
can you explain why you said "even after confirmation"?

but it is worth highlighting that all these (at least CPFP and RBF) will only work on unconfirmed transactions and as far as i can remember, from day one nobody trusted an unconfirmed transaction and it was always suggested to wait for at least 3 confirmation.

franky1

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blockchain is capable to prevent all types of fraud.. until..

devs stupidly add
CSV/CLTV - laymens: 'chargeback feature during funds balance unavailable' even after confirmation
RBF - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'
CPFP - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'

IamNotAnonymous

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Quote from: jakelyson on February 06, 2017, 09:51:43 PM

I am curious how Blockchain will be able to counter or prevent fraud and counterfeiting. What particular features blockchain have that can do this? Can you at least elaborate further so people like me can understand blockchain better.

The way I understand it is that Blockchain is just a database, designed to store data. I do not know it is capable to do that.

Blockchain is not just a database, Blockchain is a multi-dimentional technology. The version of Blockchain is used in Bitcoin Network. There are another 16 versions. Satoshi will publish full details step by step.

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