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this post was submitted on 19 May 2025
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And what happens when the audit doesn't get written to, because there is a "delay" when the transaction happens? Or maybe it doesn't happen at all.
In the NFT design, the transaction is it's own audit entry. It's federated because that's how block chains work. No one can argue that the transaction didn't happen, and everyone knows who it belongs to.
The fact that banks generally aren't running off with your money suggests the system works.
The fact that hacking an Instagram account can let you social engineer yourself into the NFT system shows that system does not work.
I'm fairly certain financial institutions don't use it because of that anti-laundring application.
They don't usually want their transactions publicly known anyway.