How can Bitmark’s public digital property titles secure the value of private digital properties in Hyperledger’s permissioned blockchain?
Even when a digital property is stored on a permissioned or private blockchain, a public title is necessary: property rights are verified by the fact that their claims are known.
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Hyperledger is a multi-project open-source collaborative consortium created to advance cross-industry blockchain technologies and standards. Bitmark has been a Hyperledger member since 2017.
Hyperledger Fabric: Publically Registering Property Rights for Assets on Private Blockchains
Bitmark is using Hyperledger Fabric to allow the registration of data and digital assets from private blockchains as digital property on the public Bitmark blockchain.
Assets require public property titles to be valuable in the marketplace. This fact is at the heart of the Bitmark blockchain, which allows for the recording, transferring, loaning, and leasing of digital property. Even when the actual data is private, a public title is necessary to note ownership, protect rights, track provenance, and advertise availability: property rights are verified by the fact that their claims are known.
However, some digital properties are stored on private blockchains; though these properties are private, their rights still need to be publicly recorded. That’s where Hyperledger Fabric comes in. This open-source permissioned blockchain framework supports confidential transactions, smart contracts, and other blockchain technologies. In working with Fabric, Bitmark has developed a connector that allows digital asset owners on private blockchains to record the rights to that asset publicly. In addition, Hyperledger Indy can be used to identify owners and originators of these private properties. By connecting with Fabric and supporting that connection using Indy, Bitmark ensures that owners of private digital assets can utilize the entire value of their properties.
This collaboration project was presented at the Singapore FinTech Festival in November of 2017.
Hyperledger Indy: Identity Verification of Institutions and Researchers
Bitmark is using Hyperledger Indy to allow medical institutions (and individuals) to authenticate themselves in the Bitmark Health Data Ecosystem.
Within this ecosystem, Bitmark users record property rights for their health data and medical records through bitmark certificates (property titles). They can then choose to connect with health institutions such as Pfizer and Johnson & Johnson to offer their registered health data for use such as medical research, clinical trial matching, and university work while maintaining their privacy. Bitmark ensures the safe transfer of the data and tracks chain of consent.
As medical data is highly private, even with Bitmark’s privacy protections, users may still want assurances that participating third parties are the actual health institutions they purport to be. Similar to how the identity of websites like Amazon.com can be independently verified through certificate authorities, that’s where Hyperledger Indy comes in: a distributed open-source ledger that supports the authentication of decentralized identities. Institutions requesting medical data can root their identities on Indy’s distributed ledger, allowing Bitmark users to verify real-world identities and facilitating trust in healthcare.
This project launched at the Hyperledger Global Forum event in December 2018.