4 ms·

And making a properly binding handling of the liabity is absolutely key to being able to do those searches ahead of time. And that requires record keeping, proo

And making a properly binding handling of the liabity is absolutely key to being able to do those searches ahead of time. And that requires record keeping, proofs of payment, lots of document handling, simultaneous execution of a pile of different contracts, and so on. It's actually a pretty good use case for the blockchain. It solves real problems here. Obviously it's not as sophisticated as systems that have been in use for 10 years, but it's a lot better than some of the archaic systems which still cleave to norms which have been in place for centuries.

Nursie 4y ago
I'm not sure I would see a blockchain as a particularly good fit - the benefits of blockchain architectures are generally where there is a lack of trust or identifiable authority, without that then there's probably a simpler solution. What happens in your system if the NFT key is lost or stolen? If the answer is "We can fix that", then you have your authority, you have a 'real' part in the background and the NFT part is really just for show. And if the answer is "well that breaks everything" then it's a pretty bad system for property! Also by the looks of the info here - https://passport.mattereum.com/West.London.Lets.01/ https://passport.mattereum.com/West.London.Lets.01/ - the NFT is not really equivalent to full legal title, mattereum the company appears to act as a sort of ownership proxy which will transfer the title to the NFT holder on demand. So honestly it doesn't feel like cutting the UK property purchase bureaucracy so much as putting a legal structure in front of ownership so that you don't really complete a purchase at all. As the other user pointed out too, well, good luck getting a million bucks for that little stretch of gravel in the middle of nowhere!

4 ms·

And making a properly binding handling of the liabity is absolutely key to being able to do those searches ahead of time. And that requires record keeping, proo

by leashless 4y ago

Nursie 4y ago
I'm not sure I would see a blockchain as a particularly good fit - the benefits of blockchain architectures are generally where there is a lack of trust or identifiable authority, without that then there's probably a simpler solution. What happens in your system if the NFT key is lost or stolen? If the answer is "We can fix that", then you have your authority, you have a 'real' part in the background and the NFT part is really just for show. And if the answer is "well that breaks everything" then it's a pretty bad system for property! Also by the looks of the info here - https://passport.mattereum.com/West.London.Lets.01/ https://passport.mattereum.com/West.London.Lets.01/ - the NFT is not really equivalent to full legal title, mattereum the company appears to act as a sort of ownership proxy which will transfer the title to the NFT holder on demand. So honestly it doesn't feel like cutting the UK property purchase bureaucracy so much as putting a legal structure in front of ownership so that you don't really complete a purchase at all. As the other user pointed out too, well, good luck getting a million bucks for that little stretch of gravel in the middle of nowhere!