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Title conveyancing. When purchasing a property, there is a dance between the seller and the purchaser (and intermediaries) that effectively perform the necessa
by rswail 4y ago
Title conveyancing.
When purchasing a property, there is a dance between the seller and the purchaser (and intermediaries) that effectively perform the necessary transactions to:
a) ensure the seller gets paid
b) ensure the purchaser gets the property
c) ensure that the record of ownership of the property is correctly updated.
This all has to be done simultaneously and atomically.
Moving the records of ownership (ie "title") to the blockchain and then having the appropriate contracts/transactions to ensure the points above solve the conveyancing problems.
But, given that for the most part, the title that declares ownership is essentially a legal document, and that legal documents only have power because of the laws that are enforced, there's no advantage to blockchain that can't be also solved by a central trust registry that maintains the records.