> Another example: Let's assume ownership of a house is defined by a blockchain. Through a mistake, ownership of your house has been transferred to someone else, or lost to an address with no existing private key. Alternatively, you were in the process of buying a house when the same happened.
I've thought about this a lot, and I think the solution is to use something similar to "social recovery wallets" [0], but with a dao (group of people) as the recovery mechanism. Basically, assume that the blockchain has the correct owner, and require very strong proof to overturn. This has the advantage of making 99.9% of transfers very cheap, rather than 100% of transfers expensive as is now.
RealT is a company that sells "tokenized" real estate, and they do something like this. They assume the ownership on the blockchain is correct, but you can contact them, and they can overturn ownership if you prove that it was stolen or transferred erroneously. I'd personally take this one step further and have a group of people in the community that oversee the process (basically a court, but a lot more efficient and transparent).
[0] https://news.ycombinator.com/item?id=27477940
I've thought about this a lot, and I think the solution is to use something similar to "social recovery wallets" [0], but with a dao (group of people) as the recovery mechanism. Basically, assume that the blockchain has the correct owner, and require very strong proof to overturn. This has the advantage of making 99.9% of transfers very cheap, rather than 100% of transfers expensive as is now.
RealT is a company that sells "tokenized" real estate, and they do something like this. They assume the ownership on the blockchain is correct, but you can contact them, and they can overturn ownership if you prove that it was stolen or transferred erroneously. I'd personally take this one step further and have a group of people in the community that oversee the process (basically a court, but a lot more efficient and transparent).
[0] https://news.ycombinator.com/item?id=27477940