People who keep touting smart contracts as "simplifying contracts" don't understand that litigating contracts is expensive because of human interpretation, not because someone forgot to write something down and get it notarized
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Blockchain is an elaborate work-around for a *very specific problem*: verifying irreversible transfers of value without a centralized authority. In other words, it's a computationally burdensome way to hate the government.
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Almost everything that is supposedly going to get solved with blockchain can be solved with some kind of version control hosted on a central server.
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* except for the drugs, the scams, the tax evasion, and payment-blockade-circumvention. I acknowledge that those are valid use case scenarios for bitcoin
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90% of the people who are dazzled by "crypto" right now absolutely do not understand the core technological premise of any of this shit. It's an interesting innovation with an *extremely limited* ability to actually effect any positive change in the world
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A centralized database requires institutions that you can trust. Such institutions typically don’t exist where the need for land registry is the greatest. Blockchains are not all that but you are overstating your point in this regard.
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If you can't trust the institutions or they don't exist then you probably also can't trust the cops to enforce your title...waving a smartphone to prove ownership might not help.
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Neither would waving a centralized database. There are always degrees in life. It’s easier to corrupt one civil servant than the entire legal system. Either way there are many countries where land registers are bad yet police do ok.
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yep--it's mainly a political problem, not a technology problem.
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It’s a problem at least :)
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You’re wrong. This is going to be powerful in many emerging markets (spoken from my experience at Gates Foundation/World Bank). Classic error with hype is to throw baby (blockchain tech) out with bath water (scammy ICOs, unbridled speculation).
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This is a very, very, very first-world comment.
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and everyone involved would have to agree that the blockchain is authoritative
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That's not how blockchains work. Blocks are built on top of each other making prior transactions effectively fraudproof. This is perfect for anything from chain of evidence, audit trails, or anything that would be susceptible to corruption, eg touched by police or politicians.
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You mean like how decentralized states have different databases but can’t talk to one another because of data silos? I’m sorry, but you fundamentally misunderstand the dynamics of complex multi-agent systems.
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I think you need to look into what decentralised and disintermediated ledgers actually mean. Your inability to contemplate broader applications says more about your underatandingkof Blockchain than it does about the technology’s potential.
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Yeah we should just take a pass on all the blockchain stuff. Probably couldn’t be used for intellectual property rights, public records, citizenship, voting rights, drivers licenses, or any rights that one would like to preserve.
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A simple use that you might be missing is a self enforcing escrow. As long as an outcome is verifiable by the smart contract, the escrow executes automatically... some insurance claims follow similar logic
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settlement times make cryptocurrency impractical for any wide usage. solving that reqs a central ch + db. seehttps://twitter.com/jbminn/status/950756593682980864 …
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