In his recent blog post, nChain Chief Scientist Dr. Craig Wright revealed that he and his team have been working for several years on solutions to the issue of property. They’ll be releasing several papers documenting the solutions to the challenges with the current state of the financial system, property and risk transfer.
The primary challenge facing the right to hold property is the volume of information people can now access about our lives. Privacy has become a thing of the past. The solution to this is the creation of tradable and secure property rights that have been abstracted from the individual and the use, Dr. Wright explained.
Giving the example of the property title of a house, Dr. Wright stated that his solution will allow you to separate the ownership, occupation and the use of any property. Just because you live in a house doesn’t mean people need to know that you own it.
Dr. Wright’s solution will involve dividing the ownership of the house into shares “that are tradable and that link over the blockchain to redeemable contracts that are encrypted and stored in a distributed manner across the Metanet.”
This solution will include a secure voting system and a revenue-distribution system. Should the house owner need to raise capital, he can sell the shares in his property on a tradable market. The purchaser of the shares would then retain the rights to dividends under the lease terms.
Additionally, the solution will enable a property owner to reduce the risk of owning a property. For instance, a property owner could exchange a percentage of the shares in their own homes or shares in other properties.
The system will be able to be scaled, and will be distributed. It will allow people in repressive countries to move funds, save capital, and invest for their future and the future of their children. Most importantly, those of us who live frugally and don’t want people to know what we have can invest and save without being ostracised and without having to worry about the property we own being taken from us.
The solution will bring about the core benefit of Bitcoin: freedom.
“Such a world involves ensuring that we have the right to save and control our futures without fearing predation. The right to a future without loss caused by theft. The right to live silently if we so choose. The right to invest and make a better world and not be held in contempt for doing so,” Dr. Wright explained.
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