Blockchain Is Capable To Prevent All Types Of Fraud

[IamNotAnonymous]

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

[1715359217]

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[1715359217]

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[JeffBrad12]

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.

At the same time, the anonymity can be steering by the fraudters.

The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

Eh, I don't see it. Blockchain can't do anything to prevent all types of fraud. Blockchain is not capable.
Blockchain is just the database and the chain of the bitcoin network.

[IamNotAnonymous]

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.

At the same time, the anonymity can be steering by the fraudters.

The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

Eh, I don't see it. Blockchain can't do anything to prevent all types of fraud. Blockchain is not capable.
Blockchain is just the database and the chain of the bitcoin network.

Every features has not been yet input in the Blockchain System. There are more 24 features will be added to it by the end of the year.

[jakelyson]

I am curious how Blockchain will be able to counter or prevent fraud and counterfeiting. What particular features blockchain have that can do this? Can you at least elaborate further so people like me can understand blockchain better.

The way I understand it is that Blockchain is just a database, designed to store data. I do not know it is capable to do that.

[IamNotAnonymous]

I am curious how Blockchain will be able to counter or prevent fraud and counterfeiting. What particular features blockchain have that can do this? Can you at least elaborate further so people like me can understand blockchain better.

The way I understand it is that Blockchain is just a database, designed to store data. I do not know it is capable to do that.

Blockchain is not just a database, Blockchain is a multi-dimentional technology. The version of Blockchain is used in Bitcoin Network. There are another 16 versions. Satoshi will publish full details step by step.   

[franky1]

blockchain is capable to prevent all types of fraud.. until..

devs stupidly add
CSV/CLTV - laymens: 'chargeback feature during funds balance unavailable' even after confirmation
RBF - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'
CPFP - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'

[Herbert2020]

blockchain is capable to prevent all types of fraud.. until..

devs stupidly add
CSV/CLTV - laymens: 'chargeback feature during funds balance unavailable' even after confirmation
RBF - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'
CPFP - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'

i do not know what CSV/CLTV is and it is the first time i am hearing it
edit: CLTV is CheckLockTimeVerify and it doesn't allow including in a valid block until the nLockTime is in the past so it don't work on confirmed transaction!!! https://en.bitcoin.it/wiki/Timelock#CheckLockTimeVerify
same goes for CSV (CheckSequenceVerify) https://en.bitcoin.it/wiki/Timelock#CheckSequenceVerify
can you explain why you said "even after confirmation"?

but it is worth highlighting that all these (at least CPFP and RBF) will only work on unconfirmed transactions and as far as i can remember, from day one nobody trusted an unconfirmed transaction and it was always suggested to wait for at least 3 confirmation.

[franky1]

blockchain is capable to prevent all types of fraud.. until..

devs stupidly add
CSV/CLTV - laymens: 'chargeback feature during funds balance unavailable' even after confirmation
RBF - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'
CPFP - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'

i do not know what CSV/CLTV is and it is the first time i am hearing it
edit: CLTV is CheckLockTimeVerify and it doesn't allow including in a valid block until the nLockTime is in the past so it don't work on confirmed transaction!!! https://en.bitcoin.it/wiki/Timelock#CheckLockTimeVerify
same goes for CSV (CheckSequenceVerify) https://en.bitcoin.it/wiki/Timelock#CheckSequenceVerify
can you explain why you said "even after confirmation"?

but it is worth highlighting that all these (at least CPFP and RBF) will only work on unconfirmed transactions and as far as i can remember, from day one nobody trusted an unconfirmed transaction and it was always suggested to wait for at least 3 confirmation.

no, read again...

CLTV adds a maturity period to a confirmed transaction. (much like the block rewards 100confirm maturity). this is indeed locked into a blockchain confirmed tx, not a tx sat in mempool
CLTV is different than n-locktime.

nlocktime prevents a tv getting into a block. but CLTV prevents funds being spent(by intended party) for a period AFTER getting into a block

during the CLTV maturity period, CSV can revoke the funds and send them to another destination depending on the terms(destination) of the revoke.
CLTV+CSV = analogy of 3-5 bank business days funds unavailable AFTER withdrawal(confirm) where funds can be charged back

[jtipt]

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

To some extent what you are saying is correct, but you should explain more in the OP as to how is blockchain capable of preventing fraud.

[Vaskiy]

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

To some extent what you are saying is correct, but you should explain more in the OP as to how is blockchain capable of preventing fraud.

As described bitcoin's technology sure supports preventing fraud as well crimes. At the same I'm not sure how things work with Blockchain in preventing crimes. This will not be perfect in whatever perspective its been considered. Anonymity is a good feature which will help people to stay secure.

[Mometaskers]

I don't know the technicalities involved with the sending of transactions but if everything is recorded within the blockchain wouldn't that mean that it's possible to track were the stolen money ends up in?

[STFU!]

Why do you think so? what if someone stole money and deposited into bitcoin or buying bitcoin with stolen cash?..but if you talking about personal identity fraud,maybe it is. as we know each Bitcoin transaction offers a unique and easy way to make a payment without needing to disclose your personal information and make yourself susceptible to identity theft.meaning that the only way that you can spend bitcoins out of your wallet and to whomever you are sending money without personal risk of identity theft.

[bob123]

I don't know the technicalities involved with the sending of transactions but if everything is recorded within the blockchain wouldn't that mean that it's possible to track were the stolen money ends up in?

Theoretically it is possible, yes.
Bitcoin is not anonymous at all.. its pseudonymous..
Since everything action can be traced, but not being assigned to a person, rather to a Pseudonym.
If someone knows your Addresses (Pseudonym), its like an open book reachable via www to all of your transactions.

[sir.humus]

With Blockchain there would be no human interaction involved in the escrow process. By employing smart contracts, data-driven computer algorithms will verify the authenticity of any transaction, and wait for confirmation from both parties before releasing the funds. As this is all based on a computer making the decision, there is no element of corruption involved

[Yakamoto]

The prevention of fraud and counterfeiting is a serius issue. Anonymity is a concern but it is only for security.
The Blockchain is capable to prevent all types of fraud and counterfeiting. It also gives highest possible security to the investor.

While a blockchain system does prevent fraud (mostly) in financial systems, it is definitely not something that is completely secure and it doesn't magically stop all forms of fraud from occurring. The only things we see change are no chargebacks and more retailer protection, however other forms of fraud can occur quite easily.

[jak3]

no matter what era we step into or with any problem blockchain is always at the top of the secure wallet they evolved and improved their security time to time . its true that with that a lot of security they gets little bit messy on the comfortibilty of user intraction but else of that everyhing is still on their best. on the past years they where also allowing direct gambling but now they are not

[~Bitcoin~]

I don't know the technicalities involved with the sending of transactions but if everything is recorded within the blockchain wouldn't that mean that it's possible to track were the stolen money ends up in?

Yes it can be tracked but the major thing that can't be tracked is who actually owns the address where those stolen bitcoin ends up. If the one himself doesn't expose/write his bitcoin addresses somewhere in the internet nobody can make connection of his bitcoin addresses to him.

[boybugs18]

as long as you know the information about your bitcoin like bitfinex is saying that the hacked coins are now moving so they know any information about those coins that are lost so I think blockchain can do the same but not spotting fraud it can help you to trace and that needs some investigation by a human not just blockchain.

[BiTZeD]

blockchain is capable to prevent all types of fraud.. until..

devs stupidly add
CSV/CLTV - laymens: 'chargeback feature during funds balance unavailable' even after confirmation
RBF - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'
CPFP - laymans: 'replace transaction to fake a payment and double spend while unconfirmed'

For me CSV is comma separated values, but thanks to Herbert2020 I managed to understand. Some people in the Core team do plan to adds these kinds of things, or is this just a dramatical scenario from your own ?

[requester]

probably not because fraud services are going on with full comfortable. so how can say that blockchain could prevent frauds.there is no tracking of personal information and whatever so there is obviously no way to track which is fraud and which is legit. we need more members to control the blockchain and amke it stronger with future proof.