Is there a way that a smart contract can interact trustless with the physical world?
As far as I understand everything done directly on the blockchain is trustless. But this is not true for things happening off chain.
An example of what I mean: I want to buy a phone online from a vendor. I pay him with a crypto currency via a smart contract that makes sure that he only receives pay when I receive my phone.
Now there are various possible scenarios: >I receive the phone but say I never received it. >I do not receive the phone but the vendor claims I did >A third party (e.g. UPS) signs that I received the phone
Clearly none of the scenarios is trustless. The most favorable scenario to me is the third one. Unfortunately that scenario involves a trusted third party and is therefore not trustless.
Am I missing something? Is there a way to do the deal trustless?
Brody Butler
Yes there is with signing everything and implementing rating / punishment systems for bad behavior. But don't worry. it's not on you to design the dystopia of the future. Just try to get rich before we are all fucked by an omnipresent system.
Justin Torres
I know of two examples where this can happen: 1) SIA (and presumably similar storage-tokens), where the payments are automatic and based on the availability of encrypted files. Since the file signatures are on the chain, the system can check to see if a storage device really has the file, i.e., if the storage device cannot answer the 'existence challenge,' they don't get paid.
2) Ambrosus (and presumably similar supply chain tokens), where physical seals contain signatures that record if they've been opened. Similar to the ink-stain devices to protect clothing in department stores, if the seal is ruined, the verification can't be put onto the blockchain.
Jeremiah Scott
>Is there a way that a smart contract can interact trustless with the physical world?
Yeah, it doesn't work. Laws are used to ENFORCE contracts. Smart contracts can't enforce anything in the real world.
Carson Martinez
Except you are ignoring the possibility of you ordering a phone but you actually receive a broken used phone.
Jaxson Miller
Unless those laws are written in to the smart contract
Dominic Foster
ambrosus, who are 2 years behind other supply chain tokens kek
Jace Roberts
The specific process you are talking about cannot work through the blockchain will current tech. Tech tags are expensive. Much more than a simple tag.
Jace Thompson
>being this dense
And how do these laws are actually enforced in the real world?
There is a need for a government to enforce things, and courts, and jails, and nobody is going to rewrite laws or real world contracts into code because it's entirely stupid.
Jordan Perry
psht, don't tell the deluded nerds skynet will enforce it, lel
and then the smart contract comes and slaps u? again, u will need a lawyer to enforce it in the REAL world so whats the difference from the old procedure exactly? most contracts are copy paste for standard procedures anyway
Jack Thompson
>A program assuming it's coded properly.
>A properly coded program is going to come to my house and put me in jail
Ayden Phillips
Isn't that a huge deal breaker ?
This basically limits the usecases of blockchain to stuff than can be done entirely on chain like value storage and transfer and keeping track of data.
Ofc there are other usecases like casinos, exchanges etc.
But basically limited to finance and similar industries. Is that right?
Ryder White
and supply chain but yeah, you took the final redpill guess what, 95% of this crap is made up vaporware to get a legal way to steal money from internetretards welcome to /biz
Dominic Hernandez
So the expectations are currently much higher than the actual promise of blockchain?
It actually is a bubble.
Zachary Stewart
almost depends on perspective on the short run disrupting technologies are overestimated but underestimated in the long run just look at the dotcom stuff are u patient enough?
Charles Brown
just develop an omniscient AI bro, it's that ez. i'll even throw 0.1 eth at it if you get it started
Adam Gray
you retards, the blockchain is just your database to show to the court when you sue someones ass. Nobody said ethereum would replace the police to beat up your fat ass
Jason Walker
>he doesn't know
Wyatt Moore
For that to work you have to proof that you own one of one addresses involved in the deal (easy). But you also have to prove that the defendant owns the other address (very hard).
Juan Williams
There will always need to be at least some judges, lawyers and law enforcement, there’s too many cases that require human understanding. Maybe an AI could handle it, at least the AI could be made less likely to shoot you for no reason.
Matthew Robinson
I am so glad to see these signs of reality here! To go a bit further: Why do people make some BFD out of 'the blockchain' to begin with? At its core, it seems to me to be just another garden variety use of cryptography to sign and validate something; in this case a long, incremental financial ledger. Big whoop. I guess if you hype something enough, you can get people to believe it's something new and great.
Logan Brooks
Worse than that, the 'holy grail, as it were, is open source anyway. So it's not like you are buying a stake in the technology by investing.
Samuel Reyes
Well OP. You finally grasp why Eth ia severly overpriced, 99% of shitcoins are shitcoins, and chainlink doesnt solve the oracle problem.
Camden Cooper
What's stopping big companies like Apple or Google just buying out promising companies and then ditching the whole coin/token systems completely? You'd have no legal rights, since you don't own a part of that company and your investement would immediately drop to zero.
Dominic Williams
protipp: nothing
Xavier Jenkins
kek
Jason Butler
That is not trustless and not different from the way we do things nowadays. You can punish people but they still can fraud.