Blockchain technology is Increasingly being integrated into various industries as a solution to the challenges they are facing.
Finance is notably the industry where the use of blockchain is popular given that was the main sector it was built to serve initially.
Over the years, it has expanded to other areas like healthcare and media.
Another area that I think blockchain has a huge potential of transforming and redefining things is in property ownership.
Here, I'm taking a broad scope with property ownership so it doesn't necessarily mean just owning a house like we commonly believe. It's more than just that.
To some, traditional ownership is just a hoax that they make us believe in. In a way, we're just renters.
Bcause for whatever reasons that the system finds us wanting, it can take away all that we own despite it being ours.
Now, if we're guilty as charged, then that's another thing of its own.
But the reality is that this not always the case especially at places where democracy is not upheld.
This has led individuals to come up with all sorts of strategies to secure their properties from this benevolent tyrants that throw tantrums every now and then.
The notion of true property seeks to amend this problem with blockchain in which ownership can exists outside the traditional system. Removing the tyrant as an intermediary.
The premise of blockchain technology is in its imutable nature of keeping records in a transparent manner.
It is a trustless system that operates on a peer-to-peer network in which transactions are validated by multiple participants on the network.
This sophisticated technology is evidently superior to the trad system where everything can change in a whim based on preferences.
There are no preferences with blockchain, it doesn't pick sides.
With its immutable nature, ownership records will be immutable making them tamper proof and resistant to all kinds of fraudulent manipulation.
Even a goliath will not be able to steal away one's property.
And there will be little to no need for disputes because everything can be verifiable on the transparent blockchain.
As long as you don't lose your keys, whatever you own on the blockchain is yours and nobody can take it away from you. For me, that's the epitome of true property.
A side benefit is opening fractional ownership to the wider public via tokenization.
This a direction that's being worked upon, the space is evolving and things haven't fully materialise yet.
The powers that be will definitely not be welcoming towards it and will be very reluctant to let go of their arbitrary positions.
On an individual level, it will be a big game changer although there will be unintended mistakes in the beginning.
How will we handle that level of freedom?
But I think the main puzzle will be the widespread adoption of this amazing technology.
When that happens, all the other pieces will gradually fall into place.
Thanks for reading!! Share your thoughts below on the comments.
