Mattereum’s new summary white paper describes how the Smart Property Register will transform the way we interact with material assets via the blockchain.
London-based legal-tech firm Mattereum has solved the problem of bringing real-world assets under the full, legal control of the blockchain, opening the floodgates for the next phase of blockchain integration into the real world. They have described this in the new summary white paper, which can be accessed here.
Mattereum’s solution enables business on the blockchain by building a smart property register to underpin a system of decentralised commercial law comprising smart property rights, automated smart contract execution, and reliable dispute resolution and enforcement.
Chris Wray, Mattereum’s Chief Legal Officer said: “The Mattereum Smart Property Register is the legal, technical and commercial infrastructure layer for on-chain property transfer and control in accordance with the Mattereum Protocol”.
Added Mattereum Chief Technical Officer Rob Knight: “The Smart Property Register turns smart contracts into legal contracts that can be efficiently enforced all over the world, without needing new legislation, creating liquidity for $50 trillion of assets globally.”
One of the first on-chain assets on the Smart Property Register will be a $9,000,000 Stradivarius violin. It will not simply be tokenised and sold in a crowd sale. The governing committee for the instrument will have legal decision-making powers over the instrument, protecting and curating it on behalf of the token holders and posterity, in accordance with a written constitution. Unique records which validate the instrument will create an indestructible title deed and register of interests in the violin.
Mattereum’s Chief Executive Officer Vinay Gupta said: “We have assembled a team of lawyers, cryptographers and programmers, completed the initial legal and technical research and development, and prepared for registration of the first assets. Smart property is now a reality. Finally blockchains can support the legal operations which realise their transformative potential.”