Sunday, March 8, 2015

Blockchain could be used to make stealing anything 100% not interesting.


Robbery is a big problem for many things, that's why such expensive things as cars are registered in government agencies.
Throughout the history governments around the world proven, that they can't protect things from being stolen. Robbery still exists.
What if I told you that blockchain holds promise for perfect ownership proving & transferring mechanism?
What if every bicycle would have encrypted public key manufactured into each detail? What if the public keys are will be engraved the way it would be really hard to counterfeit? (E.g. let's say its bicycle - you just engrave your public key in many places on the most important parts of bicycle frame).
When you purchase your bicycle, store sends 1st transaction to main public key of bicycle. Within transaction the store includes public key of new owner. Next time owner wants to sell his bicycle, he can broadcast 2nd transaction to the main public key of bicycle.
What task blockchain solves in this scenario? In this case blockchain is used as a ledger for registering ownership.
The most awesome thing is that while government itself can't register things smaller than cars, but with blockchain you can register within such blockchain such small things as even pencils, pens, computer mouses and keyboards, etc.
If every pencil, every hard disk, and every stuff in everyone's house would be marked in blockchain, then I doubt it will have any sense to break into house and take anything, because person who steals it, can't sell it without your permission, because you're the only one who hold your private key of last transaction in public key specified on that item.
And even if you lost your item, someone who found it can contact you by sending contact message on public key specified on that item.

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