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by JohnFen 1191 days ago
> then a correct version of that off-chain data would need to be provided

Correct, which means that there has to be an ultimate source of truth that everyone agrees on that is independent of the blockchain. Which means there has to be an authoritative central agency of some sort to handle that. Which means that the blockchain has not, in fact, accomplished the stated goal.
1 comments
ahnick 1191 days ago
The purpose of having property deeds represented as NFTs on a blockchain is not to eliminate the need for a governing body, but to make the ownership transparent, trivially verifiable, and easy to transfer. I've outlined this many times in this thread at this point. In the event, that a valid copy of off-chain data could not be recovered, then the governing body could use a longer and more manual process to identify the rightful owner and mint a new NFT.
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JohnFen 1191 days ago
Perhaps the difficulty is that how deeds are handled right now already makes ownership transparent and easily verifiable, and not much more difficult to transfer ownership of (because transferring the "token" of ownership isn't where the friction is).

So those don't look like things that NFTs make better in this space.

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