this post was submitted on 07 Jul 2024
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One of the things blockchain could do is become a digital proof of ownership, augmenting or replacing things like property deeds and car titles. We already agree that a written record of ownership of such things is legally binding (even if the writing is stored digitally), but transfer of that ownership to another person is still a very manual process. Imagine an NFT that represents ownership of your house, and when you want to sell your house, you transfer that NFT to someone else's custody - adding their ownership information to it. It would record the entire chain of ownership, and specific details about the piece of property involved.
Without law enforcement, which is centralized anyway, your documented ownership is worthless. So if the state or a similar centralized real life organization, whiches existence people agree on, is needed to grant and enforce that ownership, blockchain is unnecessary. They can instead just store that shit in a database.