Mattereum: Difference between revisions
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"Mattereum.com (@Mattereum) is my bid to get the necessary legal frameworks in place to make direct control of physical property using the blockchain recognized in 150+ countries. I want to break the door open to the material world so you can change the status of a smart contract, and have a real-world court recognize that legal ownership of a fiat asset has changed hands. Fiddly, but it’s necessary infrastructure for all of our next steps together." | "Mattereum.com (@Mattereum) is my bid to get the necessary legal frameworks in place to make direct control of physical property using the blockchain recognized in 150+ countries. I want to break the door open to the material world so you can change the status of a smart contract, and have a real-world court recognize that legal ownership of a fiat asset has changed hands. Fiddly, but it’s necessary infrastructure for all of our next steps together." | ||
(https://medium.com/humanizing-the-singularity/2018-year-in-preview-the-future-of-cryptocurrency-b99110480ff0) | (https://medium.com/humanizing-the-singularity/2018-year-in-preview-the-future-of-cryptocurrency-b99110480ff0) | ||
=History= | |||
Vinay Gupta: | |||
"Mattereum started to create a “supreme court of the internet” for hearing disputes related to the use of Ethereum and other smart contracts in real world trade. This business model uses the provisions of the 1958 New York Convention on Arbitration to establish a private court which users can opt in to for their dispute resolution by including simple boilerplate text in their contracts. We saw this (and still do!) as a vital missing component in getting world trade on to the blockchain platforms that are emerging. | |||
Many such specialized courts already exist for industries like construction or ship-building, handling hundreds of billions of dollars of disputes every year, so why not for the blockchain space? Most of our innovations in this area relate to technical evidence handling, court procedures, and cost control. Importantly, the awards made by courts of this type are easily enforced internationally. But blockchain adoption in the real world has been slow, and the dispute volume to support such a court does not exist yet. We were a little early. | |||
We then pivot Mattereum into its second phase: the initial arbitration-centric “supreme court of the internet” model, which is well-suited to providing legally binding dispute resolution services for large volume commercial transactions, pivots to become the “smart property register”, in which we figured out how to apply these concepts to much smaller transactions by narrowing focus to a specific subset of disputes: disputes about the authenticity or qualities of a physical object. Mattereum does this by taking a whole set of disputes about point-of-fact issues, and moves them out of litigation-style dispute resolution — adversarial, multiple parties, win-lose, complex burden of proof type decision-making, fault-finding etc. — to insurance claim style dispute resolution. We accept that insuring against the damage done by human error and occasional low-level fraud is necessary for function in the real world. Trade needs this. VISA proved that. | |||
We then narrow focus further to the first component of the Smart Property Register: the Mattereum Asset Passport, which is essentially a Self Sovereign Digital Identity for a physical object. An Asset Passport can optionally include a Digital Twin of the object. | |||
An enormous number of disputes in the real world are about the attributes of objects purchased, including secondary situational factors like delivery time. But the basic dispute frameworks are that the thing was not as described, or thing was not fit for purpose and has to be returned or revalued. Accurate, truthful, complete information wipes out entire sets of disputes, bringing down the overall system costs for dispute resolution across all trade. It is like the difference between doing business in a clean vs. a corrupt economy: there’s a threshold past which things just get easy, and the economy really beings to fly. That’s what we envisage doing for the trade in physical assets. | |||
The more we can get people to tell the truth about their offers, the more efficiently the overall economy runs. We have to reshape the incentive landscape to get full disclosure about products, and the Mattereum Asset Passport achieves this. | |||
Essentially, we want a paradigm where, when something goes wrong, people do the equivalent of swapping insurer information, and moving on with their day. We want a situation in which the normal accidents of everyday trade can be covered at a financial level, without requiring complex dispute resolution procedures in cases without contentious dispute. Ideally such a system should punish attempted fraud, rather than reward it — and for that to work, the burden of proof must be very precisely positioned not to create pathological incentives. We feel our design achieves this. | |||
Mattereum’s business model depends on the research, development, and service design we did during this phase. The arbitration model we built to provide relatively affordable global dispute resolution for smart contracts also backs up the dispute resolution mechanisms used in the smart property register. Small disputes are handled using an insurance-type model, and larger disputes or problematic misrepresentations are escalated to our other dispute resolution forums. Without this model, disputes about blockchain smart contracts and oracles would have to be handled in regular courts, which would be unfeasibly slow and expensive. | |||
Justice has to be fast and economical if it is going to support a low transaction cost blockchain economy." | |||
(https://medium.com/humanizing-the-singularity/how-post-industrial-capitalism-and-a-new-type-of-big-data-will-save-the-planet-6574b1d75bf6) | |||
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* The first Internet of Agreements Conference will be held on October 17th in London, http://internetofagreements.com/conference | * The first Internet of Agreements Conference will be held on October 17th in London, http://internetofagreements.com/conference | ||
* [[Effective Abundance Platforms]] ; [[Enterprise Resource Planning for the People]] | |||
* Insight into the problematic of supply chains and why they are failing without adequate tools on the consumption side; https://medium.com/humanizing-the-singularity/how-post-industrial-capitalism-and-a-new-type-of-big-data-will-save-the-planet-6574b1d75bf6 | |||
Revision as of 08:59, 16 September 2019
= "Mattereum is the first Internet of Agreements infrastructure project, bringing legally-enforceable smart contracts, and enabling the sale, lease, and transfer of physical property and legal rights".
URL = https://mattereum.com/
See also the Internet of Agreements site
Description
Vinay Gupta:
"Mattereum.com (@Mattereum) is my bid to get the necessary legal frameworks in place to make direct control of physical property using the blockchain recognized in 150+ countries. I want to break the door open to the material world so you can change the status of a smart contract, and have a real-world court recognize that legal ownership of a fiat asset has changed hands. Fiddly, but it’s necessary infrastructure for all of our next steps together." (https://medium.com/humanizing-the-singularity/2018-year-in-preview-the-future-of-cryptocurrency-b99110480ff0)
History
Vinay Gupta:
"Mattereum started to create a “supreme court of the internet” for hearing disputes related to the use of Ethereum and other smart contracts in real world trade. This business model uses the provisions of the 1958 New York Convention on Arbitration to establish a private court which users can opt in to for their dispute resolution by including simple boilerplate text in their contracts. We saw this (and still do!) as a vital missing component in getting world trade on to the blockchain platforms that are emerging.
Many such specialized courts already exist for industries like construction or ship-building, handling hundreds of billions of dollars of disputes every year, so why not for the blockchain space? Most of our innovations in this area relate to technical evidence handling, court procedures, and cost control. Importantly, the awards made by courts of this type are easily enforced internationally. But blockchain adoption in the real world has been slow, and the dispute volume to support such a court does not exist yet. We were a little early.
We then pivot Mattereum into its second phase: the initial arbitration-centric “supreme court of the internet” model, which is well-suited to providing legally binding dispute resolution services for large volume commercial transactions, pivots to become the “smart property register”, in which we figured out how to apply these concepts to much smaller transactions by narrowing focus to a specific subset of disputes: disputes about the authenticity or qualities of a physical object. Mattereum does this by taking a whole set of disputes about point-of-fact issues, and moves them out of litigation-style dispute resolution — adversarial, multiple parties, win-lose, complex burden of proof type decision-making, fault-finding etc. — to insurance claim style dispute resolution. We accept that insuring against the damage done by human error and occasional low-level fraud is necessary for function in the real world. Trade needs this. VISA proved that.
We then narrow focus further to the first component of the Smart Property Register: the Mattereum Asset Passport, which is essentially a Self Sovereign Digital Identity for a physical object. An Asset Passport can optionally include a Digital Twin of the object.
An enormous number of disputes in the real world are about the attributes of objects purchased, including secondary situational factors like delivery time. But the basic dispute frameworks are that the thing was not as described, or thing was not fit for purpose and has to be returned or revalued. Accurate, truthful, complete information wipes out entire sets of disputes, bringing down the overall system costs for dispute resolution across all trade. It is like the difference between doing business in a clean vs. a corrupt economy: there’s a threshold past which things just get easy, and the economy really beings to fly. That’s what we envisage doing for the trade in physical assets.
The more we can get people to tell the truth about their offers, the more efficiently the overall economy runs. We have to reshape the incentive landscape to get full disclosure about products, and the Mattereum Asset Passport achieves this. Essentially, we want a paradigm where, when something goes wrong, people do the equivalent of swapping insurer information, and moving on with their day. We want a situation in which the normal accidents of everyday trade can be covered at a financial level, without requiring complex dispute resolution procedures in cases without contentious dispute. Ideally such a system should punish attempted fraud, rather than reward it — and for that to work, the burden of proof must be very precisely positioned not to create pathological incentives. We feel our design achieves this.
Mattereum’s business model depends on the research, development, and service design we did during this phase. The arbitration model we built to provide relatively affordable global dispute resolution for smart contracts also backs up the dispute resolution mechanisms used in the smart property register. Small disputes are handled using an insurance-type model, and larger disputes or problematic misrepresentations are escalated to our other dispute resolution forums. Without this model, disputes about blockchain smart contracts and oracles would have to be handled in regular courts, which would be unfeasibly slow and expensive. Justice has to be fast and economical if it is going to support a low transaction cost blockchain economy." (https://medium.com/humanizing-the-singularity/how-post-industrial-capitalism-and-a-new-type-of-big-data-will-save-the-planet-6574b1d75bf6)
More information
- Our draft white paper is now available for comment on Google Docs, or to download in PDF format, http://internetofagreements.com/assets/MattereumDraftforPublicComment.pdf .
- The first Internet of Agreements Conference will be held on October 17th in London, http://internetofagreements.com/conference
- Insight into the problematic of supply chains and why they are failing without adequate tools on the consumption side; https://medium.com/humanizing-the-singularity/how-post-industrial-capitalism-and-a-new-type-of-big-data-will-save-the-planet-6574b1d75bf6