> it has pretty good tools of ensuring the expected goods and services flow back to the buyer: chargebacks, courts of law etc.
The existing financial (and legal) system is terrible at enforcing contracts, settling dispute, and establishing credit.
> There's no way cryptography and peer-to-peer consensus protocols will provide verification for goods and services.
Crypto-currency is one of the key pieces needed to build a better system. I strongly believe crypto-contracts are also needed.
They give us the instruments to tackle the problems you mentioned. The ethereum white paper (https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Pa...)
does a good job at explaining how contract enforcement can be coded into the blockchain.
The existing financial (and legal) system is terrible at enforcing contracts, settling dispute, and establishing credit.
> There's no way cryptography and peer-to-peer consensus protocols will provide verification for goods and services.
Crypto-currency is one of the key pieces needed to build a better system. I strongly believe crypto-contracts are also needed. They give us the instruments to tackle the problems you mentioned. The ethereum white paper (https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Pa...) does a good job at explaining how contract enforcement can be coded into the blockchain.