The Rise of Digital Ownership With ITSMYNE

 

I believe in blockchain, but it's dumb to think it's the only tool we need. Blockchain doesn't solve problems that already exist. It doesn't solve the global problem of needing security for digital things. It doesn't solve the problem of a lack of legal certainty over who owns and who can sell digital things. It doesn't solve the problem of a lack of a way of verifying who has the right to do something with a digital thing. Blockchain doesn't solve the tricky problem of verifying who owns digital rights in a world where people can donate things to others, or where rights can be assigned to things.

Blockchain isn't the tool we need. We need history, we need trust, we need law, we need property, and we also need a way to verify that something really happened.

Blockchain gives us our rights. But it's up to society to give us security, law, property, and history.

One thing that blockchain does well is verify ownership. So it's a good way to make digital rights real. But it's no substitute for society doing that work.

The important thing about blockchain technology is, that because it's permissionless, when you write your code and submit it to the blockchain, you automatically own the rights to it. That's not just a way to make sure nobody has stolen your code, but a way to make sure no one can copy your code. And that's a powerful thing.

Blockchain is really good at verifying who owns what. But that's only half the story. The rest of it is, who owns who can do what, and who owns who can sell what. That's where society comes in.

The blockchain in its most general form is a distributed database. Each computer that is part of the blockchain maintains a copy of the database, and each computer is also a node, which means it's part of the network that maintains the blockchain.

The blockchain is a database where each computer maintains a copy of the same data. What many people think of as blockchain is not the blockchain itself, but one of the applications that can be built on top of the blockchain. In bitcoin, for example, the blockchain is a list of transactions that have occurred, and in Ethereum it's a list of contracts.

The blockchain is not particularly interesting in itself. It's the database that's interesting.

The blockchain is fascinating, because it's a distributed database; it's there at multiple places at the same time. The blockchain is like the distributed database in distributed version control systems like Git.

A distributed database is intriguing because you need a way to keep track of the different versions of the data. Distributed databases have what is called a conflict resolution mechanism: if there is an error, the distributed database tries to decide which version was correct. The mechanism can be complicated, but the basic idea is fairly straightforward. You put all the different versions of the data in a single file, and when the distributed database has a problem, it reads that file, compares all the different versions, and chooses whichever one is correct.

The blockchain is different. Instead of a single file, the blockchain is organized into blocks, each of which is a copy of the previous block. When a block is added to the blockchain, it is added to the block that comes before it, and each subsequent block is updated by adding the new block to the previous block.

The blockchain is a revolutionary idea, because it uses distributed databases. But it isn't revolutionary in itself. Distributed database

This time, however, it is blockchain that makes it possible. NFTs, or non-fungible tokens, are digital objects. Unlike traditional coins, for example, which all look pretty much alike, NFTs have no set design or shape. They can be any shape, size, color, or pattern.

What makes them special is that they can be assigned a unique number. The number is public and can be found anywhere. It is kind of like a serial number.

People often say, "But just think of all the fraud!" and "I could never trust that value."

But the blockchain works, and it is now possible to verify ownership of a NFT. That makes it possible to establish value and trust.

This is a new way of buying things. Instead of buying cattle or cars or houses, you "buy" a cow or a car or a house by downloading an app on your phone that displays a number. The app itself is also a NFT.

Apparently, the market is already beginning to develop. In 2017, the total value of NFTs was USD 1,2 billion, and the amount is growing. The blockchain makes it possible to buy and sell digital things.**

The Internet of Things (IoT) is a strange new idea, which gathers together a lot of disconnected technologies. One of them is the blockchain. In order to explain the blockchain, it helps to understand the Internet of Things.

The blockchain is a database. It stores lists of transactions. These lists can include names, addresses, phone numbers, credit card numbers, and so on. But the most important thing that blockchain databases store are "digital tokens." Digital tokens are encoded data.

A digital token is a kind of digital property. It is an encoded contract. You buy a token in a transaction, and it goes into a database of transactions, like a bank account. Your token is like a contract: it is a promise.

Most digital tokens are digital money -- money that you can buy with real money, like dollars or euros. (Some digital tokens are more like coupons.) But there are many more kinds of digital tokens.

The digital token that blockchain databases use to store data about digital property is called an "asset-backed token." It is like a "smart contract" that automatically enforces the contract.

Digital assets -- physical things (houses, cars, art, and so on) that can be bought and sold digitally -- are a big part of the Internet of Things. If you own an asset digitally, you also need a database that keeps track of who owns it, and who owns what, and who owns what, and so on.

So what's this have to do with the blockchain?

Just as the blockchain is the database that stores data about digital money, it is the database of data about digital property that is most directly relevant to the IoT. (Digital money is just a type of digital property.)

The development of a digital economy carries serious risks. From Bitcoin to Digital Rights Management (DRM), from innovative technologies such as blockchain to smart contracts, from crypto economics to crypto currencies to distributed ledgers, the technology is advancing at breakneck speed.

Some see blockchain as a panacea. Others see it as a devil. Some believe that it can change the world. Others believe that it will lead to the worst excesses of capitalism.

It's no surprise that the technology has attracted controversy. Nor is it a surprise that the debate has spilled over into different fields, from economics and finance to law and politics.

A common theme is that blockchain represents a paradigm shift from a centralized to a decentralized world.

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