We had this discussion not so long ago on my weekly meetups about how to buy and sell real state in Mexico legally with bitcoins. Unfortunately the legal framework is pretty bleak because of the high taxes and control of the processes when it comes to having public notaries deal with it.
Smart property is to deeds as Bitcoin is to money. In the same way that Bitcoin revolutionized the concept of currency, smart property revolutionizes the concept of ownership, removing the need for a central authority to say who owns what. Our system of ownership is just one in a growing line of things to be decentralized, but will inevitably be among the most important. The question is, how can we enforce such a system without the firepower backing modern courts?
For those of you still trying to grasp this idea, it’s helpful to remember that bitcoins are not actually things: Bitcoin is a decentralized system for deciding who has how much money, and bitcoins are the unit of measurement it uses–they reside nowhere except the imagination of Bitcoin’s users. Just like traditional ledgers of account, however, the blockchain can be adapted to track who has what assets and property. This is being…
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