> 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.
What? The conventional system is made of contracts, dispute, and credit. We've been doing it for centuries. It's not fraudproof but in western countries is usually very reliable ("high trust society"). Admittedly it's hard to export, or push into areas where the culture is low-trust.
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.