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A comment on John Cleese Sells the Brooklyn Bridge as an NFT. Parent comment

Re:John Cleese Sells the Brooklyn Bridge as an NFT by ryanmarsh on Sunday March 21, 2021 @04:56PM (#26533934)
In the case of real property the clearinghouse for this is the local courthouse. Deeds, liens, etc... all flow through the local (city/county) clerk. If you can create NFT's such that transfer requires two signatures (one of those being the jurisdiction of the real property) then it would function little different than how property transfers happen today. Furthermore NFT transfers signed by the court could reduce or eliminate the costly need for title searches and title insurance. If real property moves to the block chain in this manner all you need is one final title search, then signed by the court, from then on out title can be ensured by the blockchain. If you can do fractional ownership of an NFT then it greatly simplifies land development, mineral rights, and other more complex transfers such as sub-division of a tract.

Having knowledge of this business for some time now I believe it's an issue of when, not if, real property will move to a blockchain of some sort.

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Re:John Cleese Sells the Brooklyn Bridge as an NFT by defen on Sunday March 21, 2021 @05:51PM (#26534444)
> If real property moves to the block chain in this manner all you need is one final title search, then signed by the court, from then on out title can be ensured by the blockchain.

Just because your "final" title search doesn't produce anything doesn't mean a future one won't, so I don't see how the blockchain solves anything here.

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Re:John Cleese Sells the Brooklyn Bridge as an NFT by viraptor on Sunday March 21, 2021 @06:48PM (#26534884)
What does would this improve and/or simplify compared to publishing the existing database online? (which can be published as a list of changes rather than a snapshot)

What are the obvious solutions for stolen keys or people dying with access lost? (which don't translate to the blockchain not mattering at all)

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Re:John Cleese Sells the Brooklyn Bridge as an NFT by jjnoakes on Sunday March 21, 2021 @04:59PM (#26533972)
In the case of hacks (someone gets the court's private key and signs fraudulent transfers), mistakes (bugs, human error, etc), and other such scenarios, there would still need to be some kind of title insurance and human oversight.
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Re:John Cleese Sells the Brooklyn Bridge as an NFT by maxerickson on Sunday March 21, 2021 @05:14PM (#26534143)
Right, even if you come up with a clean, secure way to publish attestations onto a blockchain, you've got a problem when they are transferred to an invalid or inaccessible destination.

That a title can be contested is actually a feature of the existing system, not simply a problem.

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