Re:Should Ethereum be okay with enshrining more things in th...
by beefield on Saturday September 30, 2023 @11:22AM
(#37716281)
> Except that with our current systems we involve a lot of lawyers, banks, and notaries, that to a large degree would be dis-intermediated into code.
I don't quite see how it could be a significant share of workload that would go to code. The parts you can dispatch there just are not that significant in costwaise when running a financial organization.
Furthermore, even the part that could be dispatched to code, won't. See DAO in the early days of etherium.
Heck, if ownership of other real-world assets was defined onchain, instead of paper, you could post that as collateral. For instance, if the ownership of your house was officially registered onchain, then you could post it as collateral. Because whoever loans you, would know that he would get the official ownership of the asset. Which is for all intents and purposes the same thing that happens when we mortgage our house. Except that with our current systems we involve a lot of lawyers, banks, and notaries, that to a large degree would be dis-intermediated into code. To be noted that, of course, you can refuse to leave the house even if you lose control of its ownerhship, but these happens with both paper ownership and onchain ownership. Both would require the enforcement of private property rights by some authority holding the sanctioned right to forcefully remove you.