Quote:
Originally Posted by svandamme
Well maybe not single phone transation
but back when i lived in holland , it really was close to being that simple
get loan, get cash in your account
go to seller , take posession of keys and papers
call bank, initiate transfer of the funds with a speed wire transfer
Seller checks his account, sees the money minutes later
do the transfer of the title
call your insurer, and you are good to go
The key to all this was that number plates stay with the vehicle.. So no need to wait for plates to be made and sent to you..
So not a single call, but you could get it sorted in half an hour really.. And the porcess streamlined to more online since I lived there...
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Main difference is IF (big IF), all of the steps in this blockchain transaction are accurate, it's doesn't require trust relationships. The money is real, title is real, owner has rights to transfer, insurer pre setup and if any of those don't validate, the transaction doesn't happen. No doing a money transfer and then the person not signing paperwork for example.
On mortgages we do lots of those steps, with lots of places to prove each of those steps and multiple levels of insurance in case it goes sideways and they missed something. High friction.