Bitcoin Forum

I had this great idea, if people signed off on their property with a encryption key, theft could be detered by encryption. When someone buys something the store would sign off their key to your name with the blockchain. A mini block chain for property rights that can be signed off when given to someone else establishing a line of ownership that would be indisputable, I think andreson has been working on a way to prove who the ownwer of a private key is. 

So what do you think, how can encryption mitigate property disputes ?

https://en.bitcoin.it/wiki/Smart_Property

And: https://en.bitcoin.it/wiki/Distributed_markets

If you lose priv key, you lose everything, no recovery!

Its a cool idea but I don't know if this would actually be an improvement.  What happens if you lose your private key?  What happens if someone hacks your private key?

M of N keys. You can contract with multiple parties to be part of N if you like.

I'm thinking of on the spot property verification for any disputes someone may have, for example, after a divorce , roommate dispute , stolen biked etc. Just something that would dissuade someone from bringing up false disputes between acquaintances.

Exactly, let's say you have 7 friends and you trust them enough to think that say 4 or more of them would not screw you over and one of them would tell you.  So you create 12 shares, give yourself 5 shares, give your seven friends 1 share each, and make it a 5-of-12 required to unlock.  Then you can always unlock it since you have 5.  And even if something happens to one or two of your friends and you also lose your 5, you can still contact the remaining friends.