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There is an interface for proving ownership of physical items. It is a centralized system, composed of courts and governments, but it works. If someone challen
by coralreef 8y ago
There is an interface for proving ownership of physical items. It is a centralized system, composed of courts and governments, but it works.
If someone challenges your ownership of property, you bring your papers to court.
The same thing could work for cryptoassets: you have a centralized, trusted system for validation of custody of assets, and then its share distribution is handled on the blockchain.
- kfarr 8y agoCryptocourt? Bitjudge?
- robbiep 8y agoIn this instance, what advantage does blockchain offer over the existing systems?
- coralreef 8y agoI guess fast, low cost transactions
- cwkoss 8y agoUsing cryptotokens as a method of recording who-owns-X-physical-thing seems useful at first glance. It would work for as long as there are no bad actors. The main issue is dealing with a 'fork'. If Person A has the private key that 'possesses' an item, but the courts say that Person B is the rightful owner (and physically transfers it to them), how do you securely fix the chain? If person A cannot or will not be compelled to transfer the cryptoasset with their private key, then the chain now has incorrect and uncorrectable information on it. If some records on your chain are not trustworthy, trust in the whole chain breaks down. The only fix is requiring a centralized backdoor, at which point you might as well just use a non-blockchain database.