Interesting idea.
Though a bit scary too. I wouldn't want my house lock dynamically reprogramming itself because someone else claimed to be 'owner'.
Topic: Smart property - page 3. (Read 5972 times)
I can't believe this was thought of years ago. I wonder how many more years until this becomes a mainstream reality.
I predict that Mike Hearn is going to be filthy stinking rich some time in the future...
Yes, I think that's possible. An interesting product for somebody to explore in future. Safes controlled electronically already exist, I suppose you could adapt them with new software. It'd need very careful security audits of course.
Could you use this to make "smart" safe deposit boxes whose keys are transferred via the block chain, that know when they're opened, and support storage fees (that are paid to their storage provider to prevent the automatic transfer of ownership to them)?
One reason you'd want it to know if it's been opened is so that before remotely purchasing ownership of the box, a potential buyer can remotely query it to see if it's been opened since some trusted auditor last closed it.
For example, this could be used to create fully backed digital currencies without trusted issuers. Well, technically at least. Not sure of the legalities here.
Also thinking loan collateral could be secured this way with property that won't be used for the duration of the loan. The box would have to prevent entry to the owner until the loan is paid off, or if it is defaulted on it would transfer ownership to the lender.
One reason you'd want it to know if it's been opened is so that before remotely purchasing ownership of the box, a potential buyer can remotely query it to see if it's been opened since some trusted auditor last closed it.
For example, this could be used to create fully backed digital currencies without trusted issuers. Well, technically at least. Not sure of the legalities here.
Also thinking loan collateral could be secured this way with property that won't be used for the duration of the loan. The box would have to prevent entry to the owner until the loan is paid off, or if it is defaulted on it would transfer ownership to the lender.
Frozenlock , it might be safer , but electronic signatures are not the same as signed writing.
At least here in Romania (so, I guess al of EU), they are. You need to get an key+token from a certified company, but after that, digital signing is the same as signing a paper. I don't personally know any contract signed this way, but, at least in theory, me and another party would be able to save a pdf with a contract, sign it both with our electronic signatures, and it would hold exactly as it would on paper. Most common usage here in Romania is to sign income/etc/etc declarations that need to be filed monthly/trimestrial/yearly by companies.
Quoting from http://digisign.ro/en/services/electronic_signature
Quote
The benefits of the extended electronic signature result from being equal, from a legal point of view, to a holographic signature. Such a signature is difficult to challenge in court, ensuring the subscriber’s sole authentication and the integrity of the signed documents.
The scope of the extended signature includes:
- Submission of on-line statements to ANAF;
- Invoice signing (According to the fiscal code);
- Signing the documents sent by O.N.R.C. for companies settlement (according to the new regulations in force regarding registration with the Trade Registry);
- Reports to CNVM - compulsory for all entities regulated and monitored by CNVM;
- Reports to the health organizations (CNAS, CASMB, OPSNAJ, CASMT);
- Messages signing by other state authorities (SEAP, CSA-CEDAM, BVB);
The scope of the extended signature includes:
- Submission of on-line statements to ANAF;
- Invoice signing (According to the fiscal code);
- Signing the documents sent by O.N.R.C. for companies settlement (according to the new regulations in force regarding registration with the Trade Registry);
- Reports to CNVM - compulsory for all entities regulated and monitored by CNVM;
- Reports to the health organizations (CNAS, CASMB, OPSNAJ, CASMT);
- Messages signing by other state authorities (SEAP, CSA-CEDAM, BVB);
Frozenlock , it might be safer , but electronic signatures are not the same as signed writing. None of the E-sign laws either state or national apply to real estate. The law would have to be changed to accommodate it. It's a good idea just difficult to to implement because of politics .
Also Wikipedia is not the law. There isn't a single court case that cites it as authority.
Also I'm talking about the statute of frauds as it relates to the transfer of real property not business contracts
Also Wikipedia is not the law. There isn't a single court case that cites it as authority.
Also I'm talking about the statute of frauds as it relates to the transfer of real property not business contracts
Wikipedia: The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a signed writing with sufficient content to evidence the contract.
In what universe a bitcoin contract doesn't fulfill those?
Not only is it full of potential, I'm certain it's the future.
Great complement to this https://bitcointalksearch.org/topic/master-bitcoin-the-proof-of-ownership-39433
In what universe a bitcoin contract doesn't fulfill those?
- Memorialized: Yes, forever in the blockchain.
- Signed writing: Yes, by the use of public/private key (way safer than a traditional signature on a piece of paper btw)
- Evidence the contract: Bitcoin contract... the whole construction is, per se, a contract
Not only is it full of potential, I'm certain it's the future.
Great complement to this https://bitcointalksearch.org/topic/master-bitcoin-the-proof-of-ownership-39433
How does this address the Statute of fraud? You know, the one that says all conveyances of land or interests in land must be in writing?
That's the problem MERS and all the banks are having. They tried to use the law that govern negotiable instruments and paste it on to the law governing conveyances of real property.
Needless to say EPIC FAIL.
That's the problem MERS and all the banks are having. They tried to use the law that govern negotiable instruments and paste it on to the law governing conveyances of real property.
Needless to say EPIC FAIL.
I've written a new article covering smart property, that is, physical items in the real world whose ownership is controlled by the Bitcoin block chain. You can find it here:
https://en.bitcoin.it/wiki/Smart_Property
I give cars, phones and house locks as examples of things which can be traded or used as collateral in a cryptographically mediated way. Feedback welcome as always.
https://en.bitcoin.it/wiki/Smart_Property
I give cars, phones and house locks as examples of things which can be traded or used as collateral in a cryptographically mediated way. Feedback welcome as always.
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