If you could replace certain expensive and time cosuming bureaucracy that would save time and money and fight corruption and identity theft I think that would be well worth it.
You are saying there is no use for non fungible tokens but there is and you will eventually see it in the real world(not collectibles) it just takes a while for new tech to be adopted by old industries afraid of change for the better(mainly more secure)
NfTs were supposed to very boring, like selling a house with a smart contract eliminating much of what a title company and other middlemen do reducing fees and paperwork(already been happening for the last 3 years). Or gaining control of your own health records instead of a third party for-profit company. This could allow you to be the only person who gives insurance companies or health providers or courts permission to view your records and no one is making money off the transaction as they normally do right now in some companies database.
Smart contacts are exactly for that. They can automate various processes, including payments, data recording, asset transfers, all as long as the pre-defined conditions are met. There will still be things third parties need to do but not everything. Especially proof of ownership or fractional ownership with complex conditions. Very expensive ot just not possible using third parties.
If you could replace certain expensive and time cosuming bureaucracy that would save time and money and fight corruption and identity theft I think that would be well worth it.
Would it really replace the bureaucratic aspect though?
You’d still need the government department to manage the regulations around what vehicles can be registered, and the practical aspects of transfers.
Really it’s just replacing the technology that department is using to store their data.
You are saying there is no use for non fungible tokens but there is and you will eventually see it in the real world(not collectibles) it just takes a while for new tech to be adopted by old industries afraid of change for the better(mainly more secure)
… for example?
NfTs were supposed to very boring, like selling a house with a smart contract eliminating much of what a title company and other middlemen do reducing fees and paperwork(already been happening for the last 3 years). Or gaining control of your own health records instead of a third party for-profit company. This could allow you to be the only person who gives insurance companies or health providers or courts permission to view your records and no one is making money off the transaction as they normally do right now in some companies database.
I don’t think a smart contract can really eliminate what a “title company” does.
Can it check for encumbrances like a mortgage? Obtain pay out values for said mortgage?
Can it transfer money from buyer to vendor?
Can it calculate what portion of annual taxes need to be paid and by whom?
The actual storage of the title is a small component of what a title company does.
Smart contacts are exactly for that. They can automate various processes, including payments, data recording, asset transfers, all as long as the pre-defined conditions are met. There will still be things third parties need to do but not everything. Especially proof of ownership or fractional ownership with complex conditions. Very expensive ot just not possible using third parties.
This conversation seems pretty pointless given that you’re just going to keep making things up about what this unproven tech can and will do.
Feel free to have the last word, but I’ll continue believing NFTs are a failed tech until I can buy a house without a settlement agent.
Homes have already been sold using this tech… for several years. Good thing about it is you don’t have to use it at all.