• eleitl@lemm.ee
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    2 months ago

    What other solutions to double spending were there in financial cryptography before?

    • EnderMB@lemmy.world
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      2 months ago

      No idea, I don’t work in fintech, but was it a fundamental problem that required a solution?

      I’ve worked with blockchain in the past, and the uses where it excelled were in immutable bidding contracts for shared resources between specific owners (e.g. who uses this cable at x time).

      • eleitl@lemm.ee
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        2 months ago

        Fully decentralized p2p cryptocurrency transactions without double spending by proof of work (improvement upon Hashcash) was done first with Bitcoin. The term fintech did not exist at the time. EDIT: looked it up, apparently first use as Fin-Tech was 1967 https://en.wikipedia.org/wiki/Fintech – it’s not the current use of the term though.