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Blockchain (simplified) is a giant excel spreadsheet that you can never edit, only add to. I struggle to think of any applications that is a benefit for, and even then append only databases would already do it better.
One of the benefits is supposed to be decentralization, but people tout that as a benefit for things like house deeds, or identification, or whatever. Imagine how massive an append only excel file of every house with every owner change etc etc included in it would be. Then we once again only have the people who can afford to store that much data storing it, and we are back to where we are now.
It doesn't really solve any problems, it just is a worse version of what already exists.
Something about this comment didn't seem right to me, so I did some quick math:
There are approx 144,000,000 homes (incl apartments, etc) in the US. https://www.census.gov/quickfacts/fact/table/US/VET605221
Assuming every home is sold 5 times on average, that's 720,000,000 sale records/deeds.
Existing blockchain implementations use IDs that are around 32 bits, or 4 bytes.
A "home sales record" or deed on the blockchain needs to include the buyer and the time/date of sale (8 bytes), along with a cryptographic signature (4-16 bytes). The seller's identity doesn't need to be included because it's always doing to be the previous owner.
So each record is 16-28 bytes, and there are 720,000,000 records. If we go with 28bytes, it would take about 20GB to store all of the deeds for the US. A 500GB hard drive costs $20.
You forget that the blockchain is all about not trusting some middle-man/site, so you need to stock that blockchain yourself, everyone needs to stock that blockchain.
So multiply not only the cost, but also the ecological impact just buying all those drives.
And that's only for *US" housing (I didn't get the timeframe you used to calculate it, is it for like year 2050? Old data stays forever.).
BTW found the guy buying 0.5TB Hard drives ;-)
Yes, everyone would need a copy of the 10s-of-GB blockchain. That's a fraction of the amount of space a single computer game would use, does that seem unreasonable/impractical to you?
And I buy used enterprise 2-3TB drives on eBay :) . I was going to use a 32GB flash drive for my example, but a 500GB HDD is the same price
Fair enough about the size.
Checked out eBay, there are some cheap 2-3Tb drives there! How does it pan out quality wise? I guess they sell them off like after 5 years of usage right?
Yeah, that's my understanding. Tbh I don't have a lot of experience with them yet, but I'm building an 8 disk RAID6 array and I decided to go with those used drives. 10 matching disks will be around $120, and I'll have 2 extra drives so I can rebuild the array asap if a drive fails.
Edit: I also backup all of my important files, so it wouldn't be the end of the world if the entire array fails. And a little downtime isn't that big of a deal for my home server, unlike a commercial data center.
...and 20G that needs to be replicated to tons of nodes if it should be really decentralized.
16-28 bytes seems extremely understated, I think it could easily be off by orders of magnitude.
What do you think I'm missing in my estimate? Do you have any experience in CS?
You're just talking about ownership of a title right?
A deed contains a lot more information than the owner. Mine is 4 pages long. Contains a map of the street, various easements, et cetera.
Yeah, but that kind of data would be better in an auxiliary database. There's no reason to include it in the blockchain.
well but doesn't that beat the purpose of using the blockchain in the first place? why not just store everything in the auxiliary database?
Depends on why you want to use the blockchain, I guess. If you want a system to allows anyone to verify ownership of property without 3rd parties (government, etc) being involved then the auxiliary database should work fine.
What purpose were you thinking of, that would be defeated by an aux DB?
The title defines the property and the rights attached to it though.
Like the block chain might be able to confirm who owns the property ID, but not what is defined by that property ID. The only way to confirm what is represented by a given property ID is... by referring to a trusted authority which can provide the title.
Property ownership is much more complicated than just an address and a name. A title defines the boundaries of the property, and confers many and varied legal rights.