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For example, when buying a house you need to transfer the title into your name. The title is stored as a public ledger that can currently be requested by anyone
by yazaddaruvala 5y ago
For example, when buying a house you need to transfer the title into your name. The title is stored as a public ledger that can currently be requested by anyone. There is also other public metadata about houses that are public like the purchased price.
This is a very good example of a government service that will be disrupted by blockchain. The US, Canada, UK versions are relatively good today. However, maybe El Salvador[0] needs a better way to manage its titles and hiring a software consultanting firm to build that would be “too expensive” (not including the variability in the final product - i.e. it could cost a lot and still suck) for it to be worthwhile.
Even for the service in the US there are still middlemen needed and it’s relatively clear that security is not a strong suit of corporate America let alone the revolving door of government contractors. In the long run it’s just cheaper to use the open source blockchain code built with first class security in mind. The standardized and public interface of a blockchain also lets other companies extend the services without the extra red tape, e.g. it would be nice to get notifications of my neighborhood housing getting sold, etc. But this is really a bonus and up in the air, the killer app is really for developing countries.
[0] not to pick on El Salvador I don’t know the quality of their services. I’m only using them because of the BitCoin stuff.