"“There are very good reasons why we have legal and social institutions and economic intermediaries,” said Arvind Narayanan, an assistant professor of computer science at Princeton who studies block-chain technology.
In his teaching, Professor Narayanan said he often used car ownership as an example. In theory, block-chain technology could eliminate the need for, among other inconveniences, title certificates and dealers to ensure the secure transfer of money and property. The idea initially sounds appealing, but if the car is broken into or stolen, he said, the block chain alone will not be able to resolve the dispute.
“It’s not just one human you’re getting rid of, but the entire economic, legal and social structure that reinforces the idea of property,” he said."