Aug 8, 2020 13:14 UTC
Aug 8, 2020 at 13:15 UTC
Blockchain Estate Registry’s Part 3 Title Token,
It was deliberating cross-blockchain protocol that enables the use of ledgers in an interoperable bundle. The benefit of the cross-blockchain protocol for public registries is that it can unite any number of existing ledgers in one ecosystem & does not need to upgrade the protocols of such blockchains. In modest terms, the protocol works as an aggregator of tokens transversely to the blockchains. The protocol theoretically encompasses two main essentials:
- The arrangement necessities for entry by knowing the standard of a record, the user’s machine can automatically collect records from several ledgers in one package.
- The hook, which acts as the algorithm that scans blocks of ledgers & extracts official records (when they comply with the format) in one overlapped database.
The subsequent representation of the collected tokens is a logical structure across many blockchains of the public registry. It is dispersed because the same algorithms are applied to every node independently. Consequently, a government agency, for instance, doesn’t exclusively own one public property database, but it factually lives on all handler’s machine in the cross-blockchain data.
Database of Cross-blockchain
As conferred the level of the protocol in Part 2, there is a component of governance to address legal issues & implement official pronouncements. The subsystem functions as a set of patches & filters for users’ records. Even when formally compliant with the format, the user’s record can be sieved out as the jurisdiction recognizes it illegal or void. The public registry made on the cross-blockchain protocol aligns with three fundamental principles for decentralization: Technological pluralism. Blockchain should be one of the technologies, & relying on it will be as equally wrong as using central server systems; there necessarily be a variety of technologies instantaneously because competition leads to progress—technological neutrality. Having various effective technologies in a bundle, none of these should be advantaged. Blockchain is agnostic. The cross-blockchain protocol complements the two overhead principles to enable using credible ledgers in one bundle. Developers can create blockchain agnostic applications, & their users will be free to select any blockchain in such a package or transfer their assets from ledger to ledger if one does not suit their determinations.
Electronic Signatures & Digital Identity:
Governments will not allow unidentified transactions with immovable possessions, whereas we live in a world full of terrorist intimidations, problems of money laundering & blockchains that can veil such actions. To address these, there must be tested digital identities but deprived of revealing personal data on-chain at a similar time & the answer to that is the combination of old & fresh technologies. The technology of public-key substructure, or PKI, has existed for decades. Countries of the European Union are an instance of the mass adoption of PKI through their legislative outline of eIDAS regulation. Estonia, for illustration, delivers the Estonian e-Residency, which is a smart card with a private key underneath the microchip.
In PKI, users generate an uneven pair of private & public keys. The private key encrypts the transactions, creating a so-called digital signature. The public decrypts the signature & authenticates the transaction if it is signed with the conforming private key. To uphold the validity of the public key, the user will ask a certificate authority to generate a publicly obtainable certificate where it contains the user’s public key. PKI is a centralized arrangement that is prone to various susceptibilities. We cannot remove a trusted third party to verify our identities, but we can address numerous types of outbreaks on the centralized PKI infrastructure. Blockchain technology is a seamless solution to advance a new generation of PKIs. Think about public certificates as tokens. Comparable to creating tokens (certificates) of property, we can likewise create tokens to certify our individuality. If you misplace your private key, you will be required to interact with your certificate authority and ask to appraise its token of your identity (certificate) as unacceptable. There is no need to issue any private data on-chain, in its place only a cryptographic illustration, which links to the personal data without revealing it.
To decrease the risks of leaks of personal data from centralized servers, we should use self-sovereign identities. For instance, a selective disclosure protocol can be applied to store individual data on a user’s device, a smartphone, & reveal transaction details in a restricted manner. Digital identity is a distinct topic that requires much attention, and it was expounded concerning the current Twitter hack, Europe’s experience with e-signatures, and blockchain’s ability to prevent data leaks.
Having all these technologies & concepts in mind, we see a larger picture. Credible public blockchains provide immutable ledgers, which, contrary to traditionally state-owned property registries, enable users to perform peer-to-peer transactions. Nevertheless, blockchains do not require any public agency to uphold the infrastructure, as public ledgers are self-governed. Title tokens are records that represent legal rights. They are validated on-chain by those whom we trust and delegate this right. Trusted third parties are needed not only since a person cannot certify their birth and death, for example, to enable inheritance procedure but for any legal issues and law enforcement that inevitably arise. Through third parties and the cross-blockchain protocol, we can create an ecosystem of blockchains where users create and certify all sorts of rights, facts, and digital identities.
Reliable records in an interoperable cross-chain atmosphere:
This concept is better than the current centralized systems, as it runs through the framework of smart laws and digital authorities, and they are the digital form (filters and patches) with the rooted records of addresses belonging to representatives whom people delegate the mandate of power for legal governance. Conflicting to the centralized system, ledgers require everything to be recorded on-chain publicly to take effect, & they do not alter recorded dealings. Consequently, on-chain governance is transparent & accountable. This notion cannot be realized overnight, but its advantage is that it can be piloted step-by-step and run parallel to the existing system of public registries. The shift will happen when the government that wants to benefit from innovations recognizes the right of citizens to choose between a traditional registry and a blockchain, & it is a fundamental right for the decentralization of governance.