Title Token, Noncustodial Technology, Security, Real Estates, Asset Backed Token
Headlines
1) Title Token for Blockchain Estate Registry, Part 1
2) Title Token for Blockchain Estate Registry, Part 2
3) Tokenized Real Estate Hasn’t Lived Up to the Hype: Property Researcher
4) Noncustodial Technology and Security Is the Inevitable Future
Reading Notes
1) Title Token for Blockchain Estate Registry, Part 1
Notes on ROTD: Tokenizing Real Estates & Financial Inclusion
2) Title Token for Blockchain Estate Registry, Part 2
The title token is not “backed” with real property; this is the record that directly certifies the property right — the same as paper title deeds, or certificate of ownership, etc. It is a digital form of property record and the primary source of knowledge about property rights, which means no paper form is needed.
The title token can represent any legal rights: immovable property (land and buildings), movable (car, boats, aircraft, etc.), corporate rights (shares), and various property rights and derivatives (mortgage, debts and securities). Any legal right, can be used to certify legal facts and events.
To enable blockchain technology to replace the traditional registries, the state machine requires reforms.
Now, states monopolistically own and run public registries. Alternative registries can be enabled through new regulations, technical standards and government supervision to ensure compliance.
Those who are happy with traditional registries and bureaucracy can stay with these, but those who want to use the full power of blockchain, smart contracts and decentralized applications can transfer their records from the centralized database to any ledger.
A blockchain as a repository of evidence does not need a third party to maintain it, but we still need third parties to certify various facts of our life.
Cross Reference is a basic protocol to maintain the validity of records.
In a more general scheme, cross-referencing is a method of providing status records by trusted third parties that have knowledge about legal facts and events. The blockchain doesn’t make them valid, but the authority that certifies the fact. Blockchain technology just has a better infrastructure for this system to make sure these records are uncorrupted.
The ledger immutability is not a problem; it is just a matter of better application design.
Due to no censorship, any junk data is possible on public blockchains. So, the validity here is provided by the traditional trusted parties through cross-referencing. Though their acts are not hidden as in any state-owned database, they are transparent and, hence, accountable. With cross-reference, it is possible to address not only the loss of private keys but legal disputes and various procedures for obtaining permits from the government agencies.
Digital authorities and digital dictatorship
To eliminate dead-end situations when neither party has access to their records, there is a root record, which can issue patches to the system.
We need patches to filter out those records that aren’t relevant or illegal.
The root can belong to a court. There might be multiple roots based on branches of power (legislative, executive, judicial), and of course, the root can be controlled collectively through a multi-signature scheme — to make sure that those who have a mandate of power make lawful decisions.
Eventually, we will likely see the system of a direct e-voting (e-referendum) where not only the representatives of a collective body (council, parliament, committee) make transactions but all the citizens of a town, a state or a whole country.
The most fundamental thing here is that a digital dictatorship has no chance.
Governance is not a matter of mathematical consensus. The interpretation of records is a layer above blockchains that represents the social consensus. How we decided which root addresses we trust, how and when we reset roots, is a matter of the political system. The only thing that is unchanged is the blockchain. As a public repository it keeps all kinds of records as evidence of everything that happens in the real world.
4) Noncustodial Technology and Security Is the Inevitable Future
Noncustodial Technology and Security Is the Inevitable Future
There’s no doubt noncustodial technology is the future — it’s just a question of when it enters the mainstream.
Making transactions and accounts exponentially safer while simultaneously putting control back into the hands of the users.
Custodial wallets often hold millions of dollars worth of assets on behalf of their customers. The benefit of having full control over your funds is the difference between your account being frozen when you want to make a transaction and being able to freely trade at your own discretion. The key is that the customer is in control.
The freedom and independence ensured by noncustodial technology strike at the heart of the ethos of blockchain: the empowerment of individuals. By decentralizing custody, noncustodial technology proves that greater power can and should reside in the hands of individuals.
The ideal approach to delivering the best outcomes is one that is pragmatic.