A symbol is an ownership protocol, similar to that registered in a traditional real estate register. This concept is designed as an alternative to various security codes and financial encryption tools. The title code is not “subsidized” by real estate. It is a record that directly testifies to ownership – for example, title on paper or title certificate, etc. It is a digital form of title entry and a primary source of knowledge about ownership, which means that the paper form is not required.
The marker can represent any legal rights: real estate (land and buildings), movables (cars, boats, planes, etc.), company rights (shares), property rights and various derivatives (mortgages, debts, securities). Any legal right, which you will see later, can be used to confirm legal facts and events.
What about official records?
You can create symbols that represent a flock of sheep as they do not require official registration. But you can not just make a marker for your land rights (car, boat, etc.). It will be a game icon that has nothing to do with your legal rights, because it lives in official government documents. In most countries, records, especially those concerning land rights, are mandatory, and regulations do not give freedom of choice when choosing one or the other.
To allow the blockchain to replace traditional records, the state machine requires repairs that are unlikely to happen in the near future. It is more appropriate to recognize alternative items for citizens to choose for themselves. Those who are happy with records and traditional bureaucracy may be with them, but those who want to make full use of blockchain, smart contracts and decentralized applications can move the records from a central database to any ledger.
Countries now have their own documents and monopoly administrations. Alternative listings can be incorporated through new regulations, technical standards and government oversight to ensure compliance. However, the authorities do not require physical maintenance of these alternative registers and data centers to protect the records. Blockchain technology provides a unique level of protection against record corruption. Actions by government agencies carried out in a chain that will ensure their accountability. This is undoubtedly the best investment climate for all regions of the world where it will be offered.
Interestingly, blockchain technology is suitable for both types of real estate registers in the world. The US transfer registration system creates a series of titles. Compatible with blockchain technology, which is based on a well-known transaction chain. The second type is the Torrance system, and the records are in civil law states, where the record is designed to trace not verbs, but names that correspond to the symbol concept. The characters in the block series include a generic notation that focuses on the address, and at the same time mimics the verb series system perfectly.
Is power still needed?
No doubt, yes. For example, it is “smart will”, and after the owner's death, symbols must be left to the legal heir. How does a smartphone know that the owner has died? Or what if the other heir has claims? Many crypto enthusiasts believe that with blockchain technology we can get rid of unrealistic third parties, at least not at this level of science and technology.
Blockchain as a repository of evidence does not need a third party to maintain it, but we still need third parties to verify various facts in our lives. It's not just about birth and death. A person from Argentina will not buy an external bungalow in Bali because the bungalow symbol representing the address is only permission from the owner. To perform a transaction remotely, they require a third party that the buyer and seller can rely on to prove that this symbol represents this ownership. This task is usually performed by public and registration authorities.
Cross-reference is the main protocol for maintaining the health of the records. A typical scenario is that the end user generates a token that can represent digital identity, ownership, physical object, fact or event, and includes a link (link) to the token that provides information about its validity. Changes in both registrations reflect legal changes in the property. The token owner can transfer the token to change ownership, while the auditor can change the validity (legal status).