There are plenty of systems invented for real property recording and the knowledge of intellectual property. However, there weren’t any property systems for the digital world. Bitmark is a property system, meant for the digital world. The system is built on the public blockchain. It establishes the provenance of data. Unlike other token-based blockchains such and Bitcoin and Ethereum, Bitmark is used to record property titles. The title is known as “bitmarks.” A bitmark will be used to prove the authenticity, origin, and history of ownership of digital property. These allow corporations and individuals to transfer, own and license data. Bitmark records the physical of digital asset as property.
Bitmark is a next-generation property system that allows P2P network protocol to exchange assets without the need for central intermediaries. The platform uses titles instead of tokens to represent digital properties. The features of the platform allow users to transfer ownership titles to an asset. Each title has a unique ownership history used to authenticate the digital property. Bitmark records title transfers and issuances over time. The transfer process is from digital property owners, through the Bitmark Blockchain to other property owners. The platform has governance issuer to consider.
How does Bitmark work?
Bitmark works by allowing users of the system to identify their Bitmark account numbers. At a technical level. The Bitmark is a digitally signed chain consisting of an issuance record, an asset record, and transfer records.
Users can record assets and the Bitmark platform. The platform has asset records that contain metadata for digital assets and a unique asset fingerprint used to identify it within the Bookmark system. The Digital assets are kept private or made public.
Creating digital property
Bitmark issue record to create a new bitmark from an asset record. Users can create multiple digital properties by issuing various bitmark from the same asset. Each property can be transferred independently because they have a unique ownership history, which can be authenticated by anyone.
The transfer records change the Bitmark ownership. It links the previous record in a bitmark’s chain-of-ownership.
Recording the process of recording, also known as mining, is done by nodes in the Bitmark network. The network receives, propagate and verify every transaction.
The Bitmark system is built on a similar cryptographic standard. The standards secure the network. The network is not owned by anyone. It is controlled by users worldwide. The Bitmark Inc. are the ones improving the software and changes in the Bitmark protocol when needed.