Where on earth are you going to get accurate price data for a house when you allow this? What if the foundation is crumbling and there are termites? The process of getting a mortgage involves a ton of inspections, background checks and paperwork. No amount of magic blockchain dust will change that.
> Eventually people could tokenize things like their future earnings and take out a loan against that now. As dystopian as that last point sounds, it illustrates the point.
Yeah that’s just called an unsecured loan, you can get one online now in minutes.
Why can't all the background checks and inspections be part of the process towards tokenizing the house? If everything is verifiable and transparent on the blockchain it can surely be used for this process.
The key with this is it's not unsecured. It's secured by something.
Secured by what? Magic beans that live in your computer? That's strictly less powerful than the contract law an unsecured loan is based on today. It's also totally verifiable: the person lending you the money has every interest in retaining an audit trail for themselves. They're the only ones that need to verify this. Who on earth else needs to know you have a loan?
Where on earth are you going to get accurate price data for a house when you allow this? What if the foundation is crumbling and there are termites? The process of getting a mortgage involves a ton of inspections, background checks and paperwork. No amount of magic blockchain dust will change that.
> Eventually people could tokenize things like their future earnings and take out a loan against that now. As dystopian as that last point sounds, it illustrates the point.
Yeah that’s just called an unsecured loan, you can get one online now in minutes.