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You've hit the nail on an issue that bothers me about the tech industry in general - not understanding how the real world works and trying to create problems wh
by eldaisfish 5y ago
You've hit the nail on an issue that bothers me about the tech industry in general - not understanding how the real world works and trying to create problems where none exist. This is in an attempt to shoehorn "tech" into the process when there is no need. The block chain in real estate is a great example.
The blockchain and crypto currencies in general both seem to be solutions looking for a problem.
- giaour 5y agoThe real world problem in real estate titling today is the pervasive need for title insurance. In a typical real estate transaction, both the buyer and the seller will have an insurance policy to cover losses stemming from a sale based on an illegitimate title. In theory, because title registers are public (at least in the US) and run by a the local government, you could have higher trust in a title (and therefore lower title insurance premiums) if you could query the current holder from the appropriate government. That said, I'm not sure why blockchain makes more sense for this use case than, say, a read-only API at land-register.<city/county>.<state>.gov.
- defaultname 5y agoTitle insurance is very inexpensive because there are few actual title disputes. Those that do arise are usually of right of way claims, encroachments, or survey issues. Actual cases of someone defrauding someone of property is astonishingly rare.