A Group of Experts Assemble and Prepare Mattereum, A Blockchain Venture
In the last 1½ year, a group of cryptographers, army specialists, attorneys, and software engineers have assembled in London working on a blockchain project, which is known as Mattereum.
Mattereum is not like some other Ethereum-based project you would possibly have heard of because it stands within the borderline between weird and excellent. That’s because of the fact that
The team behind Mattereum is interested with the aid of the concept of accomplishing legal name over each physical object in the world utilizing the blockchain technology as the medium.
As per Tech Crunch, the group is making efforts to “bridge the gap among programmable blockchain smart contracts and actual lawful contracts”. The underlying legal concept is that all of the assets have owners, who can determine legally a way to manipulate them.
Since registrars on Mattereum system are granted legal name over certain assets, they could set up on-chain smart contracts by means of which they may be programmatically bought, sold, assigned, rented, and partitioned. The granted legal name may be utilized to solve disputes and impose resolutions as well.
For a better description, in case the Stradivarius violin’s legal name is assigned to one of Mattereum’s registrar, the violin becomes a digital asset, no a physical one. The virtual asset can be programmatically tokenized and offered to a couple of investors; as a result, the contractual regulations concerning its use can be required and enforced.
This manner, as opposed to locked in a vault, it could be managed how regularly it’s played in a year in how many nations.
Such thing is pertinent to artists who need to sell their work to consortiums of investors, with which they are able to manipulate whether their art may be displayed in public galleries the entire year, earnings probabilities for all related events, and so on.
Today, it’s surely workable already. However, it’ll require masses of paperwork, followed by several lawsuits whilst inevitable disputes arise.
With team consists of many professionals from exclusive industries, such as Ian Grigg and Vinay Gupta, the inventor of the Ricardian agreement, the Mattereum team is trying its level best to make this “formidable” but inventive concept to return alive, in spite of the surrounding questions, together with how these smart contracts will intersect with the current legal world and a way to establish trust in asset registrars to not abuse their legal name, or forget about their obligations.