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Is Crypto Finally Dead?
(beehaw.org)
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this post was submitted on 19 Jun 2023
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Technology
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@dreadgoat@kbin.social @beefcat@beehaw.org there's a whole insurance industry for covering legal fees regarding improperly titled real estate and it generated over $20 BILLION dollars in premiums in 2022!
If the title to a house were an #NFT, you could verify it's validity in seconds!
I don't see why a distributed blockchain is actually necessary to solve this problem though. Basic public-key cryptography is enough to sign and validate documents like real estate titles, without all the overhead incurred by NFTs. Our problem is that we aren't even making effective use of technology we've already had for decades to solve this.