In thinking about the peerassets project, I began to think about the idea that instruments such as titles can be embedded into the blockchain.
There would need to be a program which generates a unique serial number which can have basic information attached to it such as manufacturer, date of manufacturer, model, etc. The criterias for data could changed based on the asset, such as a house, or land, which could included GPS coordinates.
Perhaps a sidechain containing the data would be used to store the data and peercoin chain to confirm ownership of asset. Kind of like the relationship with the county having record of the asset while the title is held in a separate location.
Just generating some flirtatious ideas. Thanks everyone.
However, I’m still wondering how you can prove you really own something.
I guess the idea is first come first serve?
But what if I claim all houses in my street, will have I proven that I own them?
Well, that is what the legal system is for. Obviously we are inducting items of substancial value into this system. A bicycle could work but may not make economic sense depending on the network fee.
Oh ok, what about just hashing your legal document and put the hash in an OP_RETURN?
You can just keep a copy of the document on your own devices, no need to make them public.
But when it comes to court, you can prove that you have this document since timestamp X and that you didn’t change it since then.
Doesn’t that serve the same purpose, or am I missing something?
I was thinking that just a serial number could be transferred from address to address. No need to include the information/data attached to the serial number as I thought a sidechain could serve. The Dht would require all information be uploaded to the masterchain, yes?
The address which the asset is held is anonymous, so the fact the information is available to the public still allows the owner anonymity.
For court, if I am a buyer I am going to want explicit evidence that I am the owner (or one of the owners as the system could divide anoung addresses). The blockchain could prove that A transfer to B. Obviously there would need to be a legal precident that this type of transaction is a legal method of execution.
Renamed thread from. Proof of Ownership to the above. Really this is just a derivative project in somewsy of peer assets. The Asset is a single unique code vs current peer assets method. Correct me if the logic in name is not justified.
It lacks a trustee, such as a notary in the idea. If notarial body expanded its rights record instrumentation, and the court then takes an OP_RETURN record as evidence.
Essentially, the serial number is the most important part of the record. I can create a paper document with the serial number on the document, terms (legal language) which express the ownership on the basis of the ID of an address.
When one address transfers the asset (serial Number) to another it is essentially acting (or replacing) as the signature. A signature can easily be forged, this not so. The chain of title would require that the address in current control of the asset transfer the asset. Just putting the asset id in the blockchain wouldn’t be of consequence.
The purpose of the sidechain is simply redundancy.