Bitmark Property System Introduction
Digital assets and data feel ephemeral: it is easy to lose track of your digital assets, and it is easy to let social networks and other content aggregators claim ownership over your data. Hackers and bots can steal your digital properties, and today you have little recourse to recover them.
But it should not be that way.
Your digital assets and data have value to yourself, to other creators, and to our society as a whole. You should be able to exert your personal digital property rights and leverage that value to your benefit, but in today’s world you cannot.
That needs to change.
The Power of Property Systems
To be able to meaningfully exert property rights requires a robust property system that can define and delineate both what assets are and what rights are associated with those assets. Such a property system is powerful because of the many benefits it can offer.
Most obviously, a property system creates frameworks. It creates an organizational framework that allows us to itemize the things that we own and assemble them into categories that our minds can easily comprehend; it also creates a legal framework that allows anyone to participate in the acquisition and management of property, something that would be monopolized by the powerful elite without such a system.
A property system also creates economic opportunity. It allows us to gain benefits from what we own. Perhaps we never plan to transfer our property, and in that case we can guarantee our continued ability to enjoy a property’s core values by asserting our rights, by preventing theft, and by leveraging the property as capital. But we can also use a property system to offer our property for loan, license, or sale in marketplaces.
Finally, a property system benefits our entire society. It creates social inclusion by making it easy to register property rights and to find other people with interest in similar properties; it promotes environmental stewardship by normalizing respect for property; and it supports societal improvement by making it simple for a community to find who owns properties of importance.
By creating a regularized and well-known property system we simultaneously increase the value of a property and decrease the costs of dealing with it.
All of these advantages are magnified as a property system grows larger, making it easier to find more properties, to create larger communities, and to sell to larger marketplaces. Thus, the most successful property system is not a local property system and not a national property system, but a global one.
Bitmark’s Property System
The Bitmark Property System is the answer to these needs: a way to replicate the property rights of the physical world in a global property system for the digital world. It is the property system for establishing value and legal control over the whole world’s data.
- It allows you to register your digital assets and data, defining what the assets are in a special asset record, then issuing them to yourself as the initial owner.
- It also allows you to transfer your digital assets and data. You can sell an original asset or license a digital copy. You can make a personal transfer or do so as part of the Bitmark Markets – which include marketplaces for specific digital properties.
- Finally, for cases where ownership is shared, it allows you to divide a Bitmark certificate into shares, then grant and swap those shares.
With the Bitmark Property System, you can use Bitmark Certificates both to prove ownership of digital assets and data and to ensure irrevocable transfers of that property. It is a turnkey solution for enabling the management, monetization, and trade of digital properties.
Though Bitmark Inc. has built out its own use cases for the Bitmark Property System, the decentralized system is also available for you to use for whatever needs you have, fulfilling the demand for a property system that can benefit everyone.
The Bitmark Property System is built on the Bitmark blockchain, an exciting twenty-first century technology that allows for trustless digital interactions between a group of people. It centers on a distributed public ledger that does not depend on any centralized authority. Anyone can write permanent records to the ledger as long as they follow the proper protocols.
The records on the Bitmark blockchain are protected by cryptography. Assets are uniquely fingerprinted with hashes, and ownership is recorded with public keys and then confirmed with private-key signatures. Transfers of assets and grants or swaps of shares are verified with another signature from that same private key.
The Bitmark blockchain has been designed specifically for the issuance and transfer of digital property, so it does not have its own native cryptocurrency. However, payments for asset transfers can be made in either Bitcoins or Litecoins, then verified on the blockchains of those cryptocurrencies.
Miners, called recorders on the Bitmark blockchain, keep everything running. They assemble asset records, issue records, transfer records, balance records, grant records, and swap records into blocks, which are built with a proof-of-work system. Miners are incentivized to include issue records through a Bitmark Certificate on the block itself and to include other records through a fee, also paid in Litecoin or Bitcoin.
By leveraging the power of other blockchains, Bitmark is able to focus on the registration and protection of digital assets and data, creating a global digital database of property for the twenty-first century.