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Why not though? I'm buying a house and this came to mind. -Centralized city/county tokenizes all parcels of land, grants them to current owners -I can prove I

by zionic 5y ago

Why not though? I'm buying a house and this came to mind. -Centralized city/county tokenizes all parcels of land, grants them to current owners -I can prove I own it via a signed transaction, and anyone can trustlessly verify I own it -When I sell it, I can trustlessly transfer it to the recipient for an agreed upon price via smart contract Boom, no more closing fees. Eliminate the scammy title insurance industry. No broker fees... etc etc. Can someone ship this before I waste five figures paying parasites next month? EDIT: Thoughts on flow. -Seller owns token 123 in address A, which yourCity.gov shows is the following plat. -Buyer approaches seller, provides address B. Seller provides address, buyer can verify that token matches plat via yourCity.gov -Buyer and Seller agree on offer, Buyer provides address which reveals requisite funds. -Seller generates a simple smart contract, _including the buyers address_. Code is essentially "upon receipt of 150 ETH from address B, this address will transfer token 123 to B". The buyer can then pay or not, knowing that if he pays X he will receive Y (and thus, legal ownership enforced by the state). The seller can take down/invalidate the contract at any time before it executes. The seller could also put another contract up to another buyer, and if buyer #2 pays before buyer #1 they get the token (and any broadcasts from buyer 1 fail because the token is gone). Seems pretty transparent to me.

frankbreetz 5y ago
If someone steals the crypto keys to your house and transfers it to themselves are the cops going to come and kick you out of the house?
- Ekaros 5y ago
  So nothing really changes or gets better. There is always chance that government claws back the property... Why is crypto then needed in process in the first place? It seems that issue being fixed is lack of proper land registry.
- zionic 5y ago
  The gov could have a legal process to re-issue you a new token and invalidate the old one.
  - captn3m0 5y ago
    Sounds like you are reinventing PKI to me (ala OSCP). Just issue everyone a signed PDF. I’m sure some country would have figured this out by now.
captn3m0 5y ago
Since you are trusting a third party to validate/invalidate token ownership anyway, why not let them run a centralised infrastructure for bids/escrow as well. Bids could be published (via a Git repo for validation, or via a Transparency log) to maintain integrity. The security model doesn’t change - this party could sign away your land ownership already. You don’t need to trust an arbitrary blockchain, or mining economics or get all land owners to buy multisig hardware wallets.

by zionic 5y ago

frankbreetz 5y ago

If someone steals the crypto keys to your house and transfers it to themselves are the cops going to come and kick you out of the house?

Ekaros 5y ago
So nothing really changes or gets better. There is always chance that government claws back the property... Why is crypto then needed in process in the first place? It seems that issue being fixed is lack of proper land registry.
zionic 5y ago
The gov could have a legal process to re-issue you a new token and invalidate the old one.
- captn3m0 5y ago
  Sounds like you are reinventing PKI to me (ala OSCP). Just issue everyone a signed PDF. I’m sure some country would have figured this out by now.

captn3m0 5y ago

Since you are trusting a third party to validate/invalidate token ownership anyway, why not let them run a centralised infrastructure for bids/escrow as well. Bids could be published (via a Git repo for validation, or via a Transparency log) to maintain integrity. The security model doesn’t change - this party could sign away your land ownership already. You don’t need to trust an arbitrary blockchain, or mining economics or get all land owners to buy multisig hardware wallets.