/biz/ - Business & Finance

>>26621442
There are actually many more situations where you might want to implement a sybil-resistant identity system online, prohibiting people from creating multiple accounts to vote, leave reviews, or receive rewards more than once. However, conventional solutions require trusting a central authority, which can bring its own problems and is often expensive to boot. Crowdsourcing the problem and incentivizing the discovery of fakes or duplicates offers a cheap and easy alternative. The team is working on this issue and expects to roll out a solid protocol later this year.
Finally an absolutely vital application if smart contracts are ever actually going to be used in business: decentralized insurance. Business want to eliminate their reliance on trust not because trust is bad but as part of a general reduction in risk. Unfortunately, even if smart contracts can reduce the need for trust, they can still be hacked or perform in unexpected ways, even if written by the most experienced programmers, and once they execute there's no going back. The DAO hack provides a prominent example. As such smart contracts remain unattractive, especially in established industries where CEOs tend to be risk-adverse and follow conventions in order to reduce their own culpability in failures. Here Kleros again provides a solution. Using Kleros, it is possible to design an insurance dapp that can be called if a smart contract acts contrary to a written contract. This should allow companies to increasingly take advantages of the speed, security, and trustlessness of smart contracts without taking on unchecked risks.
So far I have discussed the utility of a trustless dispute resolution mechanism strictly in relation to smart contracts, but "dispute resolution" broadly conceived underlies much of the internet. If Kleros can offer a cheaper, faster, and less trustful solution, it could be incorporated behind the scene in much of the technology you use every day. (continued)

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