[rickycook]

And yet again you've missed the point... So I don't understand how the ownership and transfer of ownership of vehicles works in the US (where, BTW, I do not live, and have no need to understand).

Let me say it again so it's really obvious:

It has to do with transferring ownership information of an asset with intrinsic value.

Stop arguing the specifics of the admittedly flawed example that I came up with between starting to type, and ending typing the sentence.

[arcticbull]

I respect that may have been a poor example, but I think you’re missing my point, which is that the information on the blockchain isn’t relevant if it’s not in sync with state off the blockchain, doubly so when not backed by law.

Ok your car is registered on the blockchain and you fail to pay your bills. Now it belongs to your lender. Well, the blockchain says one thing but the lenders tow truck says another. So what good is it? Blockchain technology does not address this critical component which is the faith that reality reflects the consensus on chain.

The reason the only thing that has any traction at all is cryptocurrency is that the entire concept is encapsulated on chain. The second the chain becomes a record of the real world it falls over because the world won’t change to reflect the blockchain and the blockchain won’t change to reflect the world. Only cryptocurrencies have intrinsic value captured on chain, and I am being generous when I say value.