Often, a transaction will involve a lot more than a simple transfer of property, free from encumbrances or security interests, between two parties. For example, how should adverse possession be handled? And, what about multiple buyers and sellers that may have different rights to the property? Similarly, consider completion adjustments for rates, taxes, and prepayments. One important practical consideration is how the Ethereum blockchain might account for other kinds of property interests not recorded using the ERC token which, so far, only represents mere title to the underlying property.
For example, we are still working through how to record and deal with easements, caveats, security interests, and other covenants. This issue could be addressed if those things could be registered and recorded with the title, using for example, the newly proposed ERC delegated non-fungible token standard. Here is an overview of some key future development considerations. In the future, we plan to demo the automatic transfer of taxes such as stamp duty associated with a sale of land to a hypothetical government Ethereum account.
This will demonstrate the power and ability of smart contracts to comply with tax law and, importantly, assist governments to efficiently collect those taxes. Some other considerations are worth noting. For a more detailed discussion of some of these considerations, see Lynden Griggs et al. If the land represented by the ERC token is jointly owned, should each owner have a private key to the wallet holding the token? To ameliorate this, there would need to be a solution which allowed for both co-owners to have clear proprietary interest in the property.
Of course, there are some trust considerations when dealing in the transfer of tokenized property. Blockchains do not solve garbage in, garbage out problems. The tokenized property must accurately represent the state of ownership of the property when it is created on the blockchain. This is particularly important in jurisdictions where existing property records are poor and likely to be disputed. It is less of a problem in established registration-based systems like that in Australia.
Onboarding a centralized government registry to adopt a blockchain-based approach to record the title transfer is no easy task. Indeed, many existing laws in Australia would need to be amended before such a transaction may be legally recognized. That said, Australia is currently in the process of digitizing its land registry process, which is a step in the right direction. There is perhaps scope for a soft implementation of the technology with an existing Torrens-based land registry, where transfer of title information is automatically sent to the registry from a smart contract to update its internal records on settlement.
As more governments and enterprises understand the potential for and adopt blockchain technology, an increased network of users and reduced political anxiety should see its uptake grow more quickly in areas without established land registries. In our demo, the transaction payment is made in ether. As a practical consideration, we recognize that most transactions at least for the foreseeable future will settle in traditional currencies.
While OpenLaw and other third parties are working on solutions to allow for fiat payment, stable fiat bridges have yet to be built for blockchain-based systems, thus limiting the application of these systems until we see the rise of digitized currencies, or well-established and legally recognized stable coins. Ethereum: The First Mover Smart Contract Use Cases Smart Contracts and dApps Are Here to Stay Like traditional contracts, smart contracts are agreements between two or more parties where one party offers something of value to another and the offer is accepted.
The difference is that a smart contract is self-executing code that carries out the terms of the agreement. Once this transaction is included in a block , the smart contract is initiated and irreversible. Smart contracts remove the need for intermediaries and contract enforcement. This greatly reduces cost and simplifies the contract negotiation process. With a smart contract, the code defines the mechanisms of the transaction and is the final arbiter of the terms.
The immutability and irrevocability of the code in smart contracts is a strength, but comes with drawbacks. For example, if there is a bug in the code, there is no way to invalidate or change the smart contract. Smart contracts are trustless , autonomous, decentralized, and transparent. They are also irreversible and unmodifiable once deployed. This functionality has been utilized to make smart contracts the building blocks of hundreds of decentralized applications dApps and a major focal point of blockchain development in general.
Ethereum: The First Mover The idea of smart contracts actually predates blockchain and cryptocurrency, and was first proposed by developer Nick Szabo in Although the launch of Bitcoin in made smart contracts a technical reality, it was the Ethereum protocol that elevated the tech to a foundational element of blockchain.
These projects are adding features such as increased throughput, lower transaction costs, and privacy enhancements. There are also several blockchains such as Cardano , EOS , and Chainlink that are assertively expanding smart contract use cases and market share, and further developing the technology.
Smart Contract Use Cases A solitary smart contract can only be used for one transaction type: If a specific process occurs, it is followed by another related process.
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