Centralized Ledgers and Downsides Flashcards Preview

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Flashcards in Centralized Ledgers and Downsides Deck (11):
1

What is a Centralized Ledger?

A ledger controlled by a single entity.

2

Can a bank theoretically take your money?

YES

3

Can a bank control all incoming and outgoing transactions?

YES

4

1st Fact:

Internal & external reconciliation required.

5

2nd Fact:

No restrictions imposed.

6

3rd Fact:

Single point of failure.

7

4th Fact:

Single point of control.

8

5th Fact:

Unnecessary middle men.

9

6th Fact:

Cryptography is an add on.

10

7th Fact:

Actions done on behalf of others.

11

8th Fact:

Backups are manual.