Hypothetically if it had more acceptance NFTs/contracts could be used for authentication/verification of all sorts of things. You buy a house, county clerk files proof of your ownership away, they could do the same kind of stuff on the block chain as well, make something like title fraud a lot more difficult to pull off. Deed accompanied by a transferrable little nugget of data on the block chain, that type of deal. Backing up data is important and with this you basically plaster it onto 8 million different hard drives around the world with the snap of a finger
Blockchain / NFTs do not solve proof of ownership. Just ask all the people who had their NFTs or crypto stolen or lost in scams.
In your example, technically title fraud is more difficult because it needs to be done in two places. In reality it becomes far, far easier because you’ve now opened up a gigantic attack surface that you have no control over, and made both systems of verification worth less. If someone manages to compromise either one, there goes your proof of validity. Which one of them is real and which one is fraudulent?
In the event one is transferred but not both then the previous owner should be able to claim that it is theirs and then the state voids and reissues both. ‘Don’t buy a car without the title’ would just become ‘don’t buy a car without the title and the corresponding other thing’
Kinda. I mean, my car titles are just sitting in a safe somewhere. Probably easier to just steal and part out a car than it is to do fancy title tricks but I digress. If someone managed to swipe them it’d be a pain in the ass at a minimum.
Ticketmaster, they just dump tickets in user’s accounts that are somehow getting hacked left and right. But, since they’re accounts at Ticketmaster, you have the password and they also have the password (hopefully hashed). If they instead had users associate a wallet to their account, Ticketmaster could instead dump ‘NFT tickets’ to the wallet, you can keep the wallet cold, go to the event, flash a QR code along the way, and you’d be the only person with the password and it Ticketmaster got hacked your tickets wouldn’t be compromised.
I don’t think it’s good to go burning gas on high frequency transactions like concert tickets but it kinda highlights how having that additional layer can make things slightly more bulletproof, without making things too much of a pain.
But also in terms of a compromised blockchain, I bet it’s 800 times easier to do some social engineering and gain access to a filing cabinet
Hypothetically if it had more acceptance NFTs/contracts could be used for authentication/verification of all sorts of things. You buy a house, county clerk files proof of your ownership away, they could do the same kind of stuff on the block chain as well, make something like title fraud a lot more difficult to pull off. Deed accompanied by a transferrable little nugget of data on the block chain, that type of deal. Backing up data is important and with this you basically plaster it onto 8 million different hard drives around the world with the snap of a finger
Blockchain / NFTs do not solve proof of ownership. Just ask all the people who had their NFTs or crypto stolen or lost in scams.
In your example, technically title fraud is more difficult because it needs to be done in two places. In reality it becomes far, far easier because you’ve now opened up a gigantic attack surface that you have no control over, and made both systems of verification worth less. If someone manages to compromise either one, there goes your proof of validity. Which one of them is real and which one is fraudulent?
In the event one is transferred but not both then the previous owner should be able to claim that it is theirs and then the state voids and reissues both. ‘Don’t buy a car without the title’ would just become ‘don’t buy a car without the title and the corresponding other thing’
Don’t we already have systems for that? What about the vulnerabilities of blockchain takeover?
Exactly. Ryathal said it very well: https://sh.itjust.works/comment/15029423
Kinda. I mean, my car titles are just sitting in a safe somewhere. Probably easier to just steal and part out a car than it is to do fancy title tricks but I digress. If someone managed to swipe them it’d be a pain in the ass at a minimum.
Ticketmaster, they just dump tickets in user’s accounts that are somehow getting hacked left and right. But, since they’re accounts at Ticketmaster, you have the password and they also have the password (hopefully hashed). If they instead had users associate a wallet to their account, Ticketmaster could instead dump ‘NFT tickets’ to the wallet, you can keep the wallet cold, go to the event, flash a QR code along the way, and you’d be the only person with the password and it Ticketmaster got hacked your tickets wouldn’t be compromised.
I don’t think it’s good to go burning gas on high frequency transactions like concert tickets but it kinda highlights how having that additional layer can make things slightly more bulletproof, without making things too much of a pain.
But also in terms of a compromised blockchain, I bet it’s 800 times easier to do some social engineering and gain access to a filing cabinet