Smart Property

Description

Mike Hearn:

"Smart property is property whose ownership is controlled via the Bitcoin block chain, using contracts. Examples could include physical property such as cars, phones or houses. Smart property also includes non-physical property like shares in a company or access rights to a remote computer. Making property smart allows it to be traded with radically less trust. This reduces fraud, mediation fees and allows trades to take place that otherwise would never have happened. For example, it allows strangers to loan you money over the internet taking your smart property as collateral, which should make lending more competitive and thus credit cheaper.

Smart property was first proposed by Nick Szabo in his 1997 paper, "The idea of smart contracts". There are currently no implementations of this idea." (https://en.bitcoin.it/wiki/Smart_Property)