SAN FRANCISCO, Nov. 28, 2017 /PRNewswire/ — Bitmark records the provenance of data on a public blockchain. Unlike token-based blockchains such as Ethereum and Bitcoin, Bitmark records data as property titles—called “bitmarks”—which each prove the origin, authenticity, and history of ownership of the assets they reference, thereby allowing individuals and companies to own, transfer, and license data.
A P2P network protocol to exchange assets without central intermediaries was first described by Satoshi Nakamoto in “Bitcoin: A Peer-to-Peer Electronic Cash System,” published in 2008. We now call this technology architecture a blockchain.
While the Bitcoin and Ethereum blockchains both transfer fungible tokens as the asset of exchange, the Bitmark blockchain allows the transfer of unique property titles. The difference here is that while currency is most valuable when it’s fungible and has no traceable history, property derives value from being uniquely identifiable and having a clear chain-of-ownership. Data is becoming the most valuable resource, but it is not yet regulated. By securing data with property titles we are one step closer to a data economy built on trust and transparency.
A Next Generation Property System
A property title is the legal instrument by which an entity claims ownership of an asset. It also serves as a “container” for transferring property rights from one owner to another. To be legally binding, title transfers must be publicly recorded in property systems (eg: county land registrars or a state departments of motor vehicles). Thus, there is a natural incentive within any property system that participants agree that assets with titles are more valuable than those without.
Bitmark can record physical or digital assets as property, but it’s especially suited for digital assets. What exactly constitutes a digital asset is currently legally ambiguous; Bitmark proposes that anything that can be expressed digitally, such as files, code, and data can be claimed as digital property.
How Bitmark Works
Users of the system are identified by their Bitmark account numbers (public keys).
Titles must be public, but the assets referenced can be kept private or made public.
A transfer record records ownership changes of a bitmark. It links to the previous record (hash) in a bitmark’s chain-of-ownership.
Like Bitcoin, users must pay small transfer fees to the network as an incentive to recorder nodes and as a mechanism to helps prevent abuse of the system.
Increasingly the stuff we create and value most exists only in our digital lives, where there’s no system for individual ownership or protection. The Bitmark mission is provide infrastructure for the data economy, establishing ownership, consent and trust, which are integral to a healthy thriving society. To get there, we are making simple tools that will enable a new level of control and freedom over your digital life. You can: Buy and sell digital works with full rights to use, sell, and trade; Donate your health data to researchers advancing the frontiers of public health; Begin a digital estate to protect your online legacy and wealth.
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SOURCE Bitmark Inc.