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this post was submitted on 26 Sep 2024
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My first thought was that it would be a nightmare verifying who owns what and how to transfer ownership.
Then it occurs to me, could this a legitimate use of blockchain?
There are a ton of legitimate uses for blockchain, but so many scammers loved it that it killed any momentum to use it where it works.
Yeah, there's nothing wrong with blockchain technology, but Surprise! the people most interested in unregulated financial systems are thieves and scammers. Who could have guessed.
Each new token needing more computing power is not an issue?
This is a constraint designed into bitcoin to produce artificial scarcity so that the volume of tokens doesn't massively inflate and destroy their value. A blockchain doesn't have to operate this way if the goal is to produce unique tokens as identifiers rather than as currency.
Any time you see the word "Blockchain" substitute "distributed public database" instead. And then consider if the distributed part contributes in any way.
For example, if you have the movie on apple movies, and you want to sell that movie to a friend, you take their money and initiate the transfer of ownership from writhing apple movies.
Of course, you’re responsible for the money transaction.