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> The real estate thing is interesting: transfer time goes down from around 4 months in the UK to a couple of days. The only delay is the KYCAMLCTFPEPOFACT chec
by dmitriid 4y ago
> The real estate thing is interesting: transfer time goes down from around 4 months in the UK to a couple of days. The only delay is the KYCAMLCTFPEPOFACT checking: if that's done as a pre-clearing step the transfer of real estate will be instantaneous. It took several years to build this capability.
So. The delay is still there, you still need KYC and other checks. The speed up is due to transfering paper records to a digital system, and has nothing to do with blockchain.
But sure. "NFTs and Blockchain" something something.
Good grief. In a backwards country of Moldova (where I'm from) property transfers (and other transfers like changing car ownership etc.) are instantaneous and don't need NFTs, blockchains or Ethereum. Go figure, must be happening by magic.
- leashless 4y agoSure. But in vast tracts of the world - UK, US, many other jurisdictions in the G20, and even more in poorer countries - land registers are a mess and transfers are hard.
- dmitriid 4y agoYes. And the solution to that is simplifying and digitising them. Blockchains are not required. I mean, if Moldova figured it out, so can "many other jurisdictions".
- leashless 4y agoIn the UK that could be 50 years. Easily.
- leashless 4y agoIn America the land registers are not even state by state, they're county by county. It's going to take a while. The turning circle of these entities is much larger than that of Moldova.
- dmitriid 4y ago> It's going to take a while. Yes. And blockchains, NFTs snd other useless crap have nothing to do with it.