The Question of Registering Property on the Blockchain
24 Abril 2019 - 1:52PM
ADVFN Cripto NewsWire
Bitcoin Global News (BGN)
April 24, 2019 -- ADVFN Crypto NewsWire -- After Satoshi
Nakamoto’s whitepaper, the first use case of the blockchain was, of
course, Bitcoin. Implicit in this use case, however, was the fact
that the blockchain has always been an excellent place to store any
sort of information in an immutable fashion. With this in mind,
numerous possibilities abound as to what sorts of data could be
stored on the blockchain?
Think beyond monetary data. What
presents itself first in that case? In a general sense, the answer
is anything that can be “tokenized.” Though Deloitte and many other
companies make this out to be something beyond the blockchain’s
basic use cases, it really isn’t. Tokenizing an asset means
representing it as a crypto token on a blockchain, which is a
process that begins with recording it on a blockchain. Once this is
done, people who want to purchase this asset or pieces of it can
easily do so and have their ownership verified by the record on the
blockchain in question.
Because all of this can be done
without any intermediary, the process of acquiring a particular
asset has never been simpler. With that in mind, it’s easy to
imagine all of the industries that will change as a result. What
about the real estate industry, for example?
As Cointelegraph and many others
have noted, shifting the way we prove the ownership of a certain
area of land is one of several ways that such a change will likely
take place. If land is put on the blockchain, then theoretically,
anyone will be able to invest in it. In addition to this,
governments would likely be able to cut waste related to land
registries on a monumental scale.
Judging by Cointelegraph’s report
on the subject, however, most of the projects that have attempted
to start blockchain land registries have failed to get past the
pilot stage. This has likely happened because of the bureaucracy in
existing government systems. In other words, paper-based government
agencies typically need to give the go-ahead to such projects.
Short of suggesting a complete government overhaul in this respect,
perhaps a new, more agile agency will need to be created. Until
that or something similar happens, it is reasonable to expect that
no blockchain land registries will scale.
By: BGN Editorial Staff
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