this post was submitted on 13 Aug 2023
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The idea that property can be accurately recorded on a neutral blockchain is absolutely ludicrous. What happens when the owner of the property dies and they are unable to update the record? What if there is a dispute among the heirs? What if the owner goes bankrupt and their assets are seized by a third-party, but they are still unwilling to update the blockchain record? There is a reason that definitive records for real property are maintained by the government itself. Anything of real value must exist within a legal framework and be subject to a change of ownership under law or court order.
If a judge determines a property belongs to someone else, the sheriff who comes to evict you isn’t going to care when you point to some record on a blockchain. If a blockchain record can’t be unilaterally updated by the government to change ownership, against the wishes of the current owner, then it cannot function as a true record. Consequently, any “smart” contract based on that record is unreliable as well since the seller may not actually own in the real world the thing their blockchain deed says they own.
smart contracts are turing complete… you can allow anyone you like to transfer ownership (including various government departments)… the point of a smart contract isn’t that only a single entity can definitively take action; it’s that all possible actions are expressed as code and queryable by other contracts
you’re totally right that right now smart contracts mean nothing, however we’re talking theoretical applications of a technology