Transcript By: Bryan Bishop
My understanding is that there is application logic, consensus mechanism, distributed timestamp and ledger structure. With these layers, the blockchain can give total control of assets to the end. This materializes the attitude and philosophy of the internet. The intention is I think great. There is a missing link, though. It would be nice if these blockchain could manage the digital representational of physical assets.
I have been working with real estate escrow company in Japan to work on the proof-of-concept service of the real estate trading based on blockchain. Trusted mapping between digital assets and their represented entities. In any web page, we can have a system of trusted management of the elements and the history and the identities and so on. We can have trusted web elements representing physical entities. Trusted web elements backed by assets on blockchains.
Are existing mechanisms that connect the real world and the web sufficient as the foundation for this? By describing the physical entities, like, in case of real estate, if we can describe the real estate by the address and the size and the shape, and also the bond or title of the property, we can incorporate services like separating the real estate into two and treat them separately and still have a consistent marking between the physical entity and the blockchain logical assets.
The question here is how we can map the digital assets and the physical items. That’s a new question that we must work on. Another question is are the existing mechanisms sufficient as the foundations for this blockchain and web and asset links? Perhaps this is a question we can ask in this session.