One of the major points that people like to push to justify the valuations of blockchain is that it will make things that verifying authenticity near free and t

One of the major points that people like to push to justify the valuations of blockchain is that it will make things that verifying authenticity near free and trustless. Then people make the leap to say that you can basically assign ownership of physical items or IP on the blockchain then you increase the efficiency of all of the actions taken on it. What they seem to miss is that you need a real authority, or oracle, to issue and enforce the connection. It only works if that authority can be trusted and doesn't lose control of their private keys. This is an example of someone not to be trusted.