The Bitcoin economy is essentially a decentralized, immutable database of transactions open for anyone to view and validated by a distributed collective of verifiers. This all sounds great so far but the technology has a severe weakness that, until comprehensively addressed, will make blockchain applications very costly in terms of fraud, theft, and legal jeopardy. The fraud weakness lies at the endpoint of the transaction endpoints, writes Alex Treisman. For complex, high value transactions, this legally reliable biometric connector will require a third party to confirm that the biometric measure is indeed the one belonging to the physical-space identity.”]
Source: https://www.csoonline.com/article/3138869/fraud-and-privacy-problems-on-the-blockchain.html