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Have they considered that this might increase fraud and not decrease fraud? Having your vehicle title digitally stored in a blockchain wallet on your phone see
by daft_pink 2y ago
Have they considered that this might increase fraud and not decrease fraud? Having your vehicle title digitally stored in a blockchain wallet on your phone seems like an invitation to fraud and scammers compared to the current vehicle title experience, where most title’s are held directly and managed by creditors, ie Bank’s with high credit ratings and extensive audits and high internal control procedures.
My interpretation is that a blockchain based title system is better for the state to collect sales taxes as the title chain is more auditable and obvious, but that this will offer little to no benefit to the consumer.
- arcticbull 2y agoNot your keys, not your car. I too yearn for a return to bearer instruments outside of the train robberies of Red Dead.
- throwthrowuknow 2y agoI’d assume they are centrally managing all changes made to the blockchain, basically just using it as a database, so they should be able to implement whatever security measures they want before a transaction is approved.
- m463 2y agoI wonder about fraud too. What does the "claim your title" process mean? I'm sure 99% of people will not "claim" their title. Can you just walk up to a car, take a snapshot of the VIN on the windshield and the license plate and claim someone's title? If you need the name, lots of people have that information available on or in their car. (also if blockchain uses lots of energy will this make vehicles even more carbon negative?)