Author: Adam Back 2014-01-14 13:18:38
Published on: 2014-01-14T13:18:38+00:00
One potential flaw in the payment system involving contract hash is that it assumes the merchant will cash the funds or reimburse via the refund address. However, a rational yet abusive move for the merchant would be to let the buyer's funds sit in limbo and force the buyer to initiate a dispute. Dispute resolution may not be worth the cost, especially if the seller is anonymous or located in another country. To address this issue, it may be beneficial for the buyer to have time-stamped evidence of sending the funds to the merchant and proof that the merchant did not collect the funds. This evidence could include omission from the blockchain.
Updated on: 2023-06-08T00:02:31.589671+00:00