Quote from: utdrmac on July 04, 2017, 10:06:44 PM

Interesting. I even just watched this presentation by Goldman Sachs, http://www.goldmansachs.com/our-thinking/pages/blockchain/, and they too gave the example of buying/selling a car and some concert tickets.

I'm curious how they think the blockchain will be used to immutably assure sales, accounting, and transfer of ownership.

Immutability in a blockchain system only actually exists through the
decentralized and independent node network. Immutability is only a by-
product manifestation of that properly functioning validation system. Through
enforcement of the rules by a true decentralized node network (verifying
nodes) the blockchain can maintain a certain probability of immutability.
Without that independent verification of the miner's block work and
enforcement of current rules, immutability is always 0%.

If a cryptocurrency or a blockchain system is created and/or maintained by a
node network of banks, corporations, or government agencies, any belief of
immutability of this chain is always wrong and an illusion. Banks and
corporations are obviously legally regulated and mandated by law to comply
with valid court orders and governmental instructions. If a government deems
something as bad/illegal/confidential/national security interest/etc on a
blockchain that is maintained by the banks or corporations, obviously they
will be able to "undo valid block work". When this occurs, any illusions that
their chain was immutable falls away and they will then plainly see why it
was always 0%.

The "immutability probability" only comes about because the enforcement of
the rules are disbursed between all participants, even average citizens. Not all
participants need to perform this enforcement, but all that do willingly and
altruistically are protecting the network from many different forms of attacks,
whether internal or external to the network. They are the censorship-resistance.
These people are "Soldiers of Immutability" who stand watch to protect
everything that has been built and whats to come. By their voluntary acts,
Bitcoin exists today as immutable and secure. Without them, Bitcoin becomes
one of the greatest scam/tragedies of modern day, IMO. It transforms from a
"digital truth" into a OneCoin scam/ponzi immediately.

Thus, immutability of a blockchain that is created and maintained by a
corporation or bank is automatically not immutable since they are legally
compellable and responsible.

As for how to create a blockchain system for legal documents/property
exchange (ignoring immutability since I addressed that above), that is a
whole other issue. The truth is, ultimately a governmental registration
system needs to exist with this corporate/bank blockchain since legal
property is being recorded. For example, a blockchain can not replace a
court filing system or governmental vehicle registration system, but
could be used as an addition to it. The problem is that the addition is
redundant and brings no (new) value to the current system. Even if a
government had their own document blockchain, it serves no higher
purpose than the current systems they already use.

The blockchain was ONLY created to circumvent the law and disburse
liabilities among untrusted participants. It is that simple, yet so massively
misunderstood. The blockchain was the mechanism that needed to be crafted
in order to perform that which is not allowed and controllable under the law.
It is not a simple ledger. It provides for much greater things.