Title token is a record of ownership similar to the one made in a traditional estate registry.
The title token is not "Backed" with real property; this is the record that directly certifies the property right - the same as paper title deeds, or certificate of ownership, etc.
The title token can represent any legal rights: immovable property, movable, corporate rights, and various property rights and derivatives.
Tokens on a blockchain enable the title-centric type of public registry and, at the same time, completely mimic the system of a chain of deeds.
A person from Argentina will not buy a bungalow remotely on Bali because the bungalow token that represents the title is just a declaration of the owner.
The token owner can make a transfer of the token to change ownership, while the validator can change its validity.
Alice creates a token for her title, and Bob, who is a town clerk, creates his token that says "Alice's Title is valid." If Alice loses her private key, she will ask Bob to update his token, mark it "Invalid," and reissue a new token certificate.
Alice adds references to each of these certificates in her token record.
Because we have an overlaid system scanning records on a blockchain and detecting valid ones from it, the patch is the record, which is also published on a blockchain but comes from a trusted address.
This is part two of a three-part series on the theory of title token - read part one on the blockchain estate registry here, and part three on the new generation of public property registries here.
Title Token for Blockchain Estate Registry, Part 2
Published on Aug 1, 2020
by Cointele | Published on Coinage
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