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RE: Five Ways Smart Contracts On A Blockchain Are Changing The Way We Do Business
In Chile many properties were "awarded" to certain people with a regime change. Then, when the regime was overthrown, the original owners had a right to claim it.
IOW, you NEVER buy land in Chile without a lawyer making sure that the title is clear. You might be buying from someone who's had it for years, only to have the original owners come and claim it. If that happens, you're completely out.
Not sure how the blockchain can work through something like this. But my understanding of it is weak. Hopefully it'll alleviate many of these types of issues.
Even in the US, I've had title issues appear years after I bought a house. This has happened twice. I had title insurance. That let me put all the responsibility on the title insurance company. I'm not saying title insurance is the way to fix problems. I am agreeing that the blockchain could handle problems even in places that are more sedate than regime changes. The blockchain really has some amazing applications.
I also know many people in the US who have had title issues concerning their property. It's much more common then people realize.
I thought it was just my luck, lol. Before that, I thought the title insurance was sort of a scam. But not anymore. The blockchain would help out here, for sure.
Blockchains are already doing exactly that. They create an immutable record of a contract that can execute the terms of the contract and cannot be corrupted.