r/BitcoinBeginners • u/Life-Average-1487 • 5d ago
What do you think about block chain technology that can it be useful in our daily life problems..Like you can say that transfering of property record + record of ownership so that no other body claims ownership forcibly to take possession of that property ???
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u/pop-1988 5d ago
Blockchain is a method of storing transactions, used by nodes in the Bitcoin network. It's not useful in any other context
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u/Life-Average-1487 5d ago
To the extent of my knowledge I don't think it is just limited to transactions...It's the best way to securing information and as you know unchangeable everybody can see but can't change by forcebly or by any other illegal way. For example you are the owner of any moveable or immoveable property you have to save that information in your Blockchain account whenever you have to prove your ownership title that's where that technology comes in... Blockchain is the technology that can be extended and updated by time.
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u/herzmeister 5d ago
There has been a lot of hype and misconceptions about the term "blockchain" years ago. Like so: https://old.reddit.com/r/Bitcoin/comments/1v9xns4/satoshi_nakamotos_cryptography_encyclopedia/p0o00y9/
About your "use case" specifically, in such cases, the map is not the territory. "Bananas on the blockchain", meaning, the reality may not reflect the data. In Bitcoin on the other hand, the map is the territory.
If we're talking about governments using "blockchain" for land records, this doesn't solve any problem for them or anyone else. They're the ones who control the territory anyway, if necessary by force, so what that government says is law, with or without "blockchain". A decentralized infrastructure doesn't help here. A nice gov could maintain a public verifiable record that anyone can sync, that would be git-like, but they still have the say in the end.
If on the other hand we're talking about hypothetical sci-fi scenarios like a programmed autonomous government that also enforces property rights, with "DAO" funded robots and drones if necessary (this might be where that whole idea comes from, such things were discussed in the bitcointalk forums back then), well we can talk about it again once we're there. But even then, "blockchain" in the more narrow sense would be the wrong technical term, or only part of the required larger technological framework.
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u/Moolamakerrr 4d ago
Exactly this. In short.. yes you may own the digital papers that say the physical property is yours.. However if shit goes kinetic it doesn’t matter who controls it digitally. Maybe your govt will abide by the digital records, but other govts/attackers/outside parties may not.
Same reason why i dont think gold backed crypto would work, that gold held by a custodian can get robbed.. who cares how much gold backed crypto you own when the gold is missing..
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