Blockchain technology is Increasingly being integrated into various industries as a solution to the challenges they are facing.
Finance is notably the industry where the use of blockchain is popular given that was the main sector it was built to serve initially.
Over the years, it has expanded to other areas like healthcare and media.
Another area that I think blockchain has a huge potential of transforming and redefining things is in property ownership.
Here, I'm taking a broad scope with property ownership so it doesn't necessarily mean just owning a house like we commonly believe. It's more than just that.
The Concept
To some, traditional ownership is just a hoax that they make us believe in. In a way, we're just renters.
Bcause for whatever reasons that the system finds us wanting, it can take away all that we own despite it being ours.
Now, if we're guilty as charged, then that's another thing of its own.
But the reality is that this not always the case especially at places where democracy is not upheld.
This has led individuals to come up with all sorts of strategies to secure their properties from this benevolent tyrants that throw tantrums every now and then.
The notion of true property seeks to amend this problem with blockchain in which ownership can exists outside the traditional system. Removing the tyrant as an intermediary.
How Does Blockchain Facilitate It?
The premise of blockchain technology is in its imutable nature of keeping records in a transparent manner.
It is a trustless system that operates on a peer-to-peer network in which transactions are validated by multiple participants on the network.
This sophisticated technology is evidently superior to the trad system where everything can change in a whim based on preferences.
There are no preferences with blockchain, it doesn't pick sides.
With its immutable nature, ownership records will be immutable making them tamper proof and resistant to all kinds of fraudulent manipulation.
Even a goliath will not be able to steal away one's property.
And there will be little to no need for disputes because everything can be verifiable on the transparent blockchain.
As long as you don't lose your keys, whatever you own on the blockchain is yours and nobody can take it away from you. For me, that's the epitome of true property.
A side benefit is opening fractional ownership to the wider public via tokenization.
In Closing
This a direction that's being worked upon, the space is evolving and things haven't fully materialise yet.
The powers that be will definitely not be welcoming towards it and will be very reluctant to let go of their arbitrary positions.
On an individual level, it will be a big game changer although there will be unintended mistakes in the beginning.
How will we handle that level of freedom?
But I think the main puzzle will be the widespread adoption of this amazing technology.
When that happens, all the other pieces will gradually fall into place.
Thanks for reading!! Share your thoughts below on the comments.
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Yes, the system finds us wanting but can still take away what's ours... Hmmm
Yes, It somehow influences us to bring our best behaviour but it is usually not a guarantee that they won't take away what's ours. Perhaps, playing the game of deception with them could work.
Many thanks for stopping by :)
Perhaps it could... You are welcome.
I agree with you brother with this we can finally get true ownership of our properties
Indeed. It will be revolutionary. We won't be forced to bend the knee :)
Thanks for stopping by :)
Seriously mahn
I appreciate you 🤝
Lost my keys once on zilliqa wallet actually i forgot to save it up as i was new to crypto then. My liquid in zilliqa wallet all gone, will never make the same mistake on any blockchains
Oh wow, a similar thing happened to me. It's even painful when you realise it's a good fortune now. I try to limit the blockchains I interact with because storing all these keys is not an easy task.
Thanks for stopping by :)
Well the thing i use to store mine is google docs that way its save in google drive and i can get Access to it anytime anyday even if i lost my phone. Thank you for thanking me☺️
That's a really good idea that I will consider utilising. Thanks for this info :)
Trust me you wont regret it, Thank you for thanking me☺️
Mehn I so much Love blockchain, especially the independence it allows
It's revolutionary in essence. The trad system is about to be put on its knees :D
Thanks for stopping by :)
Blockchain technology helps in decentralization, transparency, freedom and discipline. It's an all-rounder that allows people express themselves anyhow they feel.
Right! It encompasses almost everything. From the top to the bottom, left and right. The freedom part is the biggie for me.
Thanks for stopping by :)
And if they are accessible with a key, then that key itself becomes a thing of value that can be taken away or stolen.
I'm not dissing the concept of web3 at all! I agree with you, taking things out of the current system is a great idea. But we are simply trading one system for another, with different hazards and the same common factor: there are humans involved.
Yes, that's the dilemma of human nature. We're imperfect creatures so we can hardly build something that's perfect.
You raised good points that I often ponder about with blockchain technology. On a deeper level, some of these problems will not easily get away because they are also fundamental. But my hope is that we will to some extend fix these faults with the help of blockchain tech.
Thanks for stopping by and a warm welcome to the Hive ecosystem :)