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A group of experts meets and forms Mattereum, a blockchain project you've probably never heard of before.
In the last year and a half, a group of lawyers, cryptographers, software engineers and military consultants gathered in London working on a blockchain project, called Mattereum.
The Mattereum is unlike any other Ethereum-based project you may have heard of because it is on the border between the bizarre and the brilliant. How are you? You could ask.
The team behind Mattereum is intrigued by the idea of getting a legal title on every physical object in the world using blockchain technology as a medium.
Yes, you heard. According to Tech Crunch, the team is trying to "bridge the gap between programmable smart blockchain contracts and actual legal contracts". The underlying legal concept is that all assets have owners, who can legally decide how to manage them.
When Mattereum registrars obtain the legal title on certain activities, they can enter into smart chain contracts through which they can be bought, sold, rented, assigned and programmed programmatically. The legal title granted will be used to resolve disputes and enforce the resolutions as well.
To give a better description, if the legal title of the Stradivari violin is assigned to one of Mattereum's registrars, the violin will become a digital, not just a physical resource. The digital asset can be programmatically tokenised and sold to multiple investors, so the contractual restrictions on its use can be requested and applied.
In this way, rather than blocking it in a vault, it can be managed as many times as it is played in a year in how many countries.
This is applicable to artists who want to sell their work to investor consortia, with whom they can manage if their art will be displayed in public galleries throughout the year, income percentages for all related parties and so Street.
In today's real world, it is already feasible. However, it will require a lot of paperwork, followed by many possible lawsuits when unavoidable disputes arise.
With the team of many experts from different sectors, such as Vinay Gupta and Ian Grigg, the inventor of the Ricardian contract, the Mattereum team is working hard to ensure that this "ambitious" and innovative idea can come to life, despite the surrounding questions, such as how these intelligent contracts will intersect with the existing legal world (s), and how to establish trust in asset registrars so as not to abuse their legal title, or neglect their responsibilities.
"The great results come a small advantage at a time, one step at a time, one day at a time," said an essay.
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