What is the vagueness present in a basic credit card transaction? (Not saying there isn't any, just curious what you mean)
Not every transaction needs that level of customer protection, but it's very nice to have. Currently, banks that provide consumer protections are motivated to hunt down fraud, which helps everyone, not just credit card users. It keeps the level of fraud overall low.
And while I do agree some transparency would be gained through smart escrow contracts as opposed to credit card transactions, I disagree it's any more "sovereign". For the system you're describing to function, you need established third parties that both you and sellers trust. These third parties may choose to revoke your access, restrict your purchases, etc in the same way banks do now. In short, crypto still has not solved the trust problem.
(Also, while smart contracts do work for cancelable contracts, being able to "issue" a new credit card for each company as a consumer and then cancel it whenever solves it better and without any blockchain this or that)
Not every transaction needs that level of customer protection, but it's very nice to have. Currently, banks that provide consumer protections are motivated to hunt down fraud, which helps everyone, not just credit card users. It keeps the level of fraud overall low.
And while I do agree some transparency would be gained through smart escrow contracts as opposed to credit card transactions, I disagree it's any more "sovereign". For the system you're describing to function, you need established third parties that both you and sellers trust. These third parties may choose to revoke your access, restrict your purchases, etc in the same way banks do now. In short, crypto still has not solved the trust problem.
(Also, while smart contracts do work for cancelable contracts, being able to "issue" a new credit card for each company as a consumer and then cancel it whenever solves it better and without any blockchain this or that)