Flashcards in Centralized Ledgers and Downsides Deck (11):
What is a Centralized Ledger?
A ledger controlled by a single entity.
Can a bank theoretically take your money?
Can a bank control all incoming and outgoing transactions?
Internal & external reconciliation required.
No restrictions imposed.
Single point of failure.
Single point of control.
Unnecessary middle men.
Cryptography is an add on.
Actions done on behalf of others.