To execute electronic payments, Internet commerce has evolved to rely nearly entirely on financial institutions acting as trusted third parties. While the system is adequate for most transactions, it nevertheless suffers from the trust-based model's inherent flaws.
Because financial institutions are unable to make completely irreversible transactions, they are not possible.
Avoid resolving conflicts using mediation. The expense of mediation raises transaction costs, reducing the number of transactions available.
establishing a minimum transaction size and eliminating the possibility of minor, casual transactions,
The loss of ability to make non-reversible payments for non-reversible services has a broader cost. With the possibility of