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That sounds like a dystopian nightmare. What happens when someone gets your private key and transfers the title to themselves? Do you need to move out of your h
by atty 5y ago
That sounds like a dystopian nightmare. What happens when someone gets your private key and transfers the title to themselves? Do you need to move out of your home/apartment because the blockchain says they own it? Or does the blockchain get forked every time there is a fraud case?
- rjmunro 5y agoWhat happens if you die and haven't told anyone the password to your keys? Does the property just sit empty forever?
- x86_64Ubuntu 5y agoWow, I've never thought of that. At some point, an entity that's the government or empowered by the government would have to say "Bob, the descendant of Jim owns this property" and then somehow modify the chain. But then we are back at square one whereby the government can regulate on-chain ownership of coins or records.
- shagie 5y agoTwo years later a cousin shows up and says "Jim sent me this hard drive with this piece of paper, I've realized it holds the private key and by extension, I own that property." This really gets to the "there is no advantage to having this data on the blockchain since it doesn't solve any of the problems that currently come up with titles, creates new problems, and complicates existing solutions."
- shagie 5y agoMy "nothing malicious or dystopian" question is: * What happens when someone dies without a will passing the title? The process for handling this in today's legal framework exists... but when trying to put this in a blockchain framework either gives additional permissions to someone or results in reinventing more problems than the existing system has.