Researchers from several institutes worldwide recently developed Quarks, a new, decentralized messaging network based on blockchain technology. Their proposed system could overcome the limitations of most commonly used messaging platforms, allowing users to retain control over their personal data and other information they share online.
Under the current system you don’t even have a private key. In some countries it’s fairly common for someone to lose their home because someone bribed the official to change the title records.
I think that key management is blockchain’s Achilles Heel, but there are some interesting potential solutions
A trust less system also can aid in stymieing wire fraud in real estate transactions which is shockingly common. Today, someone doesn’t even have to have your private key to pretend to be you and steal your escrow funds - just a spoof email, good timing, and a paralegal that makes a mistake
If the state, with its monopoly on force, says that you don’t own land, what difference does it make if it’s a piece of paper, a record in a traditional relational database, or a transaction on the blockchain?
Title ownership of a piece of land is only as good as the enforcement mechanism of that title mechanism. Changing from recorded paper deeds to PDFs in a centralized database made sense (and was backwards compatible). Changing from PDFs in a centralized database to a blockchain doesn’t actually change the enforcement mechanism, and makes it less efficient. So what’s the point?
Obviously if the state doesn’t enforce the titles they’re useless. Sure if the president of a corrupt country decided he wants your house he’s gonna get it. But a DLT would prevent lower level corruption that relies on the benefit of the doubt.
If a corrupt official uses their access to change the PDF title of your house to be in his name, he could take that to court to take your house from you. A ledger would prevent that change from happening, or at least leave a permanent record of the change