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Blockchain to Rob us of our private property!

Written by forex

Federal notary chamber of Russia plans to transfer the Registry notifications about pledges of movable property in the blockchain technology. According to many experts, the new technology will better protect information and accelerate data access to all users.

Although in this case we are not talking about blockchain technology in its classic understanding, and distributed about the closed registry whose data will be accessible to a wide range of users, but changes may be made only by authorized persons – notaries.

At the moment, daily recorded tens of thousands of appeals to Russian Registry notifications about pledges. Moreover, each of the queries has its legal consequences. Resiliency and protection of information are becoming crucial.

However, talking about one hundred percent reliability is too early: too soon, not enough experience in its practical use. There is no legislative framework, and, in the world. But it is only a matter of time.

There is a more significant problem.

Professor of philosophy at the University of Vienna Norbert Bolz at the Congress “electronics and documents,” made the following observation: “In the modern world disappears the concept of truth, but only the competition sources.” Now wonder these words were spoken in 2000. The scientist foresaw the development of the global world order.

Appeared 10 years later, the blockchain technology fit into the global competition sources as a direct retainer of the results. For example: is the applicant a certain transaction or smart contract, transfer of title to real property this action is confirmed by tens of thousands of users and becomes legitimate.

But who can test, track, to see what the property owner will be not the owner, but the purchaser is not the purchaser? And anyway, the deal isn’t done, and there was a banal Scam – just crooks was faster, more agile owner and managed about a fictitious deal to say. How to prove their guilt, in such a case? How to eliminate transaction when it is already confirmed and vile? And who here will act as the conduit of truth? The owner himself, or one who had before? While we exaggerate a little, drawing the circle problem.

The question of going public registries of real estate on a blockchain is not. If to speak about Russia, will be transferred to this technology only the registry notifications about pledges of movable property. But in the near future the blockchain in real estate can happen. Acronis has released an app for storing and confirmation of electronic documents.

Every citizen already has a personal ID card on blockchain technology. Medical data Estonians are also stored in a distributed registry. In Switzerland, in the Canton of Zug develop electronic projects for citizens in the housing sector. In Georgia all the land cadastre is translated into a distributed registry that is integrated into the National system of public registry of Georgia. It is assumed that the new technology will reduce the cost of citizens on legal support of real estate transactions from $50-200 to $5-10. In the UK, the blockchain technology is already widely used in the social sphere.

How much time is left before the first public blockchain registry of rights to immovable property? The trend is clear. In place of the classic right of ownership is electronic. Right quick?

In the opinion of the Professor of the Ural state law University Igor Renz, “a deal cannot be concluded in a mathematical algorithm, just as it is impossible to qualify its participants through computer code.”

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