3 ms·
> I'm particularly curious how a registry would handle an “I lost my private key” scenario You can probably solve this with multiple signature wallets. So you
by bko 5y ago
> I'm particularly curious how a registry would handle an “I lost my private key” scenario
You can probably solve this with multiple signature wallets. So you have some relationship with custodians where none of them independently can transfer ownership but a certain number of them would be required to do so. These custodians could be contractually obligated to act on your behalf. They can have their own policies for verifying ownership. It's more decentralized than our current system and courts could still play a role in disputes.
You have the issue today where ownership is difficult to determine ownership. You can tell how broken the system is when you have to pay title insurance regardless of the strength of your claim today in all (?) states. And the fee is 0.5% to 1% which is considerable. Some states even impose a minimum fee for title insurance and only allow a handful of politically connected insurance providers to offer this product.
Of course politicians wouldn't like this solution because the companies already in the system don't want efficiencies and lower costs and they contribute to campaigns. While homeowners don't feel that strongly since although considerable when buying or selling a home, it not top of mind or a frequent occurrence.
- stanleydrew 5y agoJust FYI you don't actually have to purchase title insurance. Your lender will require you to purchase it on their behalf, but if you are buying property without a lender there is no requirement to have a policy. Your title/escrow representative will definitely throw a bunch of FUD at you if you decline to purchase though, cause it's a very profitable product for them.