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This is the part of NFTs and crypto more broadly that I struggle to understand. What exactly about car registrations or licenses needs improving and how does a
by PebblesHD 5y ago
This is the part of NFTs and crypto more broadly that I struggle to understand. What exactly about car registrations or licenses needs improving and how does a crypto token do that? A drivers license is already relatively difficult to forge, and for verification there is already a central registry of them, so where does the token come in?
- seba_dos1 5y agoIt doesn't. If you really need a blockchain, an old-school permissioned one will do the job cheaper, more reliable, and, paradoxically, often even in more decentralized fashion. NFTs don't bring anything to the table, other than being a cute and wasteful collectible card equivalent that's perfect for money washing and scamming clueless people.
- after_care 5y ago> crypto more broadly Think about all of the licensing, money printing, and registration agencies to ever exist. What percentage of them have significant corruption? Blockchains provides a lot of stability in a way more traditional human organizations fail to.
- adhesive_wombat 5y agoAt the end of the day, the vehicle registration agency still needs to issue the license, so what's the benefit of a blockchain here? You do not need a blockchain to, say, cryptographically sign something such that it can be verified as a genuine item. And blockchain won't stop corrupt minting of licenses by the agency. And even if you did need a blockchain, the ledger wouldn't be public because the data on it is private. So now it's just a database with a ton of extra steps, complexity and kneecapped performance.