Hi Bitcointalk community!
I am currently reading a book that explains the power of the blockchain technology. It refers to Bitcoin a lot and mentions many use cases. But what I have trouble understanding is the current section I'm on; it is discussing about the potential to solve ownership and provenance issues that are found in traditional methods.
To give some context, lets say we are talking about property/land ownership.
In short, it says you can use a Bitcoin transaction address to establish ownership, and inherently use its audit ability to track the transfer of ownership. I understood most of it, I think. What I'm confused about is I tried going on blockchain.info and tried to look at my unique transaction addresses with my own public key address. Some of the transactions involved multiple addresses for both sending and receiving sides of the transaction. So how can you establish ownership then, when there's multiple public key addresses on both sides of the transaction?
You have a private key for a reason.I am currently reading a book that explains the power of the blockchain technology. It refers to Bitcoin a lot and mentions many use cases. But what I have trouble understanding is the current section I'm on; it is discussing about the potential to solve ownership and provenance issues that are found in traditional methods.
To give some context, lets say we are talking about property/land ownership.
In short, it says you can use a Bitcoin transaction address to establish ownership, and inherently use its audit ability to track the transfer of ownership. I understood most of it, I think. What I'm confused about is I tried going on blockchain.info and tried to look at my unique transaction addresses with my own public key address. Some of the transactions involved multiple addresses for both sending and receiving sides of the transaction. So how can you establish ownership then, when there's multiple public key addresses on both sides of the transaction?
A public key is just a token that is used to show something in place of the private key (the thing that actually matters) and is used as a destination for transactions going to said private key, without compromising security. As such, if someone had to verify land ownership via the blockchain, a signed transaction or whatever could be made, or a verification process could be created, so as to make sure everyone has what they own.
Also if you're using an online wallet they have multiple addresses in the same transaction due to how they work. It is not the same with most desktop wallets.