Yes, plenty of ways, but none that didn’t have flaws. The idea behind it is that it leveraged a publicly viewable history.
Something like a Title Search for a home purchase would be done looking at the token’s history. It’s also not a database so there’s no way to edit it after the transaction has been performed.
In the instance of equities exchange it can also be used to prove who has and historically had ownership. In the care of, say, a broker, no one actually owns the stocks, the broker does and gives you an IOU for the stock. This means they can do whatever they want with the stock while it shouldn’t be touched since it’s yours.
There’s nothing there that can’t be done with a standard, public database. What’s lacking is the political will to modernize these systems. NFTs don’t solve that.
I brought up Ticketmaster because it’s a common thing to bring up for NFT replacement. A dumb thing to bring up, because while everyone hates Ticketmaster, people don’t understand why venues are beholden to them and how NFTs won’t solve that.
For classical databases there is always someone with root access, who could modify whatever they want.
In practice, for important stuff, there is a good chance enough people were observing to make a case based on witnesses, but it isn’t exactly ideal.
You don’t often get banks running with your money or some storage facility selling your stuff illegally, but it could happen. And that is enough for some (paranoid) people. Maybe some day there might even be applications that would not otherwise be feasible due to fear of scams.
There is a usecase for crypto currencies, so why not the highly related NFTs where the only difference is that the stuff you own is a unique thing (like a title) instead of a bunch of non-unique things (like currency).
There are audit trails and compliance for this stuff. It’s a solved problem. Techbros just don’t understand what’s already there and think it needs to be fixed with something that happens to make them rich.
And what happens when the audit doesn’t get written to, because there is a “delay” when the transaction happens? Or maybe it doesn’t happen at all.
In the NFT design, the transaction is it’s own audit entry. It’s federated because that’s how block chains work. No one can argue that the transaction didn’t happen, and everyone knows who it belongs to.
Yes, plenty of ways, but none that didn’t have flaws. The idea behind it is that it leveraged a publicly viewable history.
Something like a Title Search for a home purchase would be done looking at the token’s history. It’s also not a database so there’s no way to edit it after the transaction has been performed.
In the instance of equities exchange it can also be used to prove who has and historically had ownership. In the care of, say, a broker, no one actually owns the stocks, the broker does and gives you an IOU for the stock. This means they can do whatever they want with the stock while it shouldn’t be touched since it’s yours.
I don’t know how Ticketmaster plays into this?
There’s nothing there that can’t be done with a standard, public database. What’s lacking is the political will to modernize these systems. NFTs don’t solve that.
I brought up Ticketmaster because it’s a common thing to bring up for NFT replacement. A dumb thing to bring up, because while everyone hates Ticketmaster, people don’t understand why venues are beholden to them and how NFTs won’t solve that.
For classical databases there is always someone with root access, who could modify whatever they want.
In practice, for important stuff, there is a good chance enough people were observing to make a case based on witnesses, but it isn’t exactly ideal.
You don’t often get banks running with your money or some storage facility selling your stuff illegally, but it could happen. And that is enough for some (paranoid) people. Maybe some day there might even be applications that would not otherwise be feasible due to fear of scams.
There is a usecase for crypto currencies, so why not the highly related NFTs where the only difference is that the stuff you own is a unique thing (like a title) instead of a bunch of non-unique things (like currency).
There are audit trails and compliance for this stuff. It’s a solved problem. Techbros just don’t understand what’s already there and think it needs to be fixed with something that happens to make them rich.
I might be incorrect, but databases can always be updated to affect existing data.
That’s what an audit trail is for.
And what happens when the audit doesn’t get written to, because there is a “delay” when the transaction happens? Or maybe it doesn’t happen at all.
In the NFT design, the transaction is it’s own audit entry. It’s federated because that’s how block chains work. No one can argue that the transaction didn’t happen, and everyone knows who it belongs to.
The fact that banks generally aren’t running off with your money suggests the system works.
The fact that hacking an Instagram account can let you social engineer yourself into the NFT system shows that system does not work.
I’m fairly certain financial institutions don’t use it because of that anti-laundring application.
They don’t usually want their transactions publicly known anyway.