Video explaining Factom

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evo

Site Admin
Joined
Apr 2017
The production quality isn't the best, but Tai Zen does a good job explaining what is Factom and why/how it's going to be important in this wide world of real estate:

 
Joined
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Macau
I'm wondering why this Factom solution can't be achieved solely using an existing crypto, like ETH. Isn't ethereum already a specialised tool designed to enable smart contracts?

Also, having spoken with a few expats that own property in mainland China, I was under the impression that you can own the property but not the land that it sits on. The state always owns the land rights. This applies to locals too, not just foreigners, so it would reduce the usefulness of Factom in a place like China. I can't really see why the Chinese are jumping onboard with this one.

Just found out that this land ownership thing is also applicable to Hong Kong and Macau too.
 

evo

Site Admin
Joined
Apr 2017
I'm wondering why this Factom solution can't be achieved solely using an existing crypto, like ETH. Isn't ethereum already a specialised tool designed to enable smart contracts?

Also, having spoken with a few expats that own property in mainland China, I was under the impression that you can own the property but not the land that it sits on. The state always owns the land rights. This applies to locals too, not just foreigners, so it would reduce the usefulness of Factom in a place like China. I can't really see why the Chinese are jumping onboard with this one.

Just found out that this land ownership thing is also applicable to Hong Kong and Macau too.
Factom's blockchain is designed for land/deed ownership. Ethereum's blockchain is designed for smart contracts, of all kinds. Factom is setup to layer/integrate on top of Ether (and Bitcoin too).

You're absolutely correct about the land rights requirements that many governments have in place, and that won't change. The government will still own the land/deed, and you'll still have to follow the best practices allowed to "live" or "lifetime lease" a place. Factom will just make the land ownership no longer a mystery when dealing with governments or mortgage companies.

And for these countries to come onboard is the long vision. The blockchain is the real invention here, and Factom will leverage it's blockchain in markets that are willing to proceed with Factom. Because they are based in Austin, Texas, I suspect things will start in the US and grow from there. And as more companies/countries start using the Factom blockchain, the assumption is widespread adoption will continue to happen over time. But again, this is the very long game and a lot has to happen to get to this point.
 
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