Reversible blockchain transactions would improve cryptocurrency By Cointelegraph

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Reversible blockchain transactions would improve cryptocurrency

Published Oct 05, 2022 01:01PM ET Updated Oct 05, 2022 02:40PM ET

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Reversible blockchain transactions would improve cryptocurrency

A proposal out of Stanford University to make crypto transactions reversible is adding a wrinkle to discussions of crime and fraud prevention. Researchers suggested that mutability — the ability to reverse blockchain transactions — would help prevent crime.

One of the advantages of cryptocurrency is that it is possible for the market — individuals, traders and banks — to decide if reversibility is wanted. Not only would a new (reversible) cryptocurrency be able to test the acceptance or desire for reversible transactions, it would help to test the idea that reversibility reduces crime.

Brendan Cochrane is the blockchain and cryptocurrency partner at YK Law. He is also the principal and founder of CryptoCompli, a startup focused on the compliance needs of cryptocurrency businesses.

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Gustavus Maramis Oct 05, 2022 9:15PM ET

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There is no such things in Fiat. It will raise question who will control it and in what conditions. Reversible transfer is highly prone to crime risk since the sender/buyer can provide proof of transfer/payment to receiver/seller and in next minute reverse the transfer/payment after receive confirmation from receiver or goods from the seller.

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Reversible blockchain transactions would improve cryptocurrency

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