If I'm a company who pays my employees and my supply chain with my own currency created on a block chain and they can spend it wherever it is accepted, would I need a POW or POS scheme to maintain the veracity of the ledger of transactions? Or is there a way to validate the transactions and history of the ledger via centralized control? Could it work like this:
- Only my company could create my currency, so there's no way to counterfeit it.
- Everyone who accepts my currency uses software at the point of sale that verifies the transaction and the history of the ledger.
- Each unit of currency is embedded with personal ID that transfers to the next person with their personal ID until it eventually recycles back to me, the issuer.
Would I be able to eliminate double spending and fraud in a centralized system without the miners?