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> We sign the papers because then its enforcable by law. Keyword "enforcable". If the legal system agrees a cryptographic signature on a digital record achieves
by wyldfire 8y ago
> We sign the papers because then its enforcable by law. Keyword "enforcable". If the legal system agrees a cryptographic signature on a digital record achieves this purpose then its as good as the paperwork.
I'm a big Bitcoin fan. I think some other cryptocurrencies are great too. But real estate is the most misguided use case for tokens/blockchain. Courts must be able to override a ledger when necessary because the real world is a messy place. Courts cannot just shrug and say "oh gee I guess it is too bad that the defendant has decided not to comply with the court order and execute a blockchain transaction. We will just be angry and impose penalties but the blockchain will remain the true authority that supercedes ours."
The legal system cannot/must not "agrees a cryptographic signature on a digital record achieves this purpose then its as good as the paperwork" -- or, rather, if it does, then it must still remain centralized and operated by a trusted authority. If it's trusted, then you don't want or need a blockchain.
- stackzero 8y agoThe point I'm making is we can agree some paper is truth or that a distributed ledger is truth. Failing to send a transaction should void the sale in the first place e.g. Hashed time locked contracts. With some proof of authority logic we can facillitate updates to the ledger by courts or governing bodies i.e the same as adding some new paperwork currently