Mattereum is unlike any blockchain projects you’ve ever heard of

12 Nov, 2018
by Fifi Arisandi
News
Mattereum is unlike any blockchain projects you’ve ever heard of

A group of experts gather together and form Mattereum, a blockchain project you’ve probably never heard of before.

In the last one and half year, a group of lawyers, cryptographers, software engineers, and military consultants have gathered in London working on a blockchain project, called Mattereum.

Mattereum is unlike any other Ethereum-based project you might have heard of as it stands in the borderline between bizarre and brilliant. How’s so? You may ask.

The team behind Mattereum is intrigued by the idea of achieving legal title over every physical object in the world using the blockchain technology as the medium.

Yes, you heard that. According to Tech Crunch, the team is trying to “bridge the gap between programmable blockchain smart contracts and actual legal contracts”. The underlying legal concept is that all assets have owners, who can decide legally how to manage them.

When registrars on Mattereum network are granted legal title over certain assets, they can set up on-chain smart contracts through which they can be programmatically purchased, sold, rented, assigned, and partitioned. The granted legal title will be used to resolve disputes and enforce resolutions as well.

To give a better description, if the Stradivarius violin’s legal title is assigned to one of Mattereum’s registrar, the violin will become a digital asset, not just a physical one. The digital asset can be programmatically tokenized and sold to multiple investors, thus the contractual restrictions regarding its use can be required and enforced.

This way, rather than locked in a vault, it can be managed how many times it’s played in a year in how many countries.

Such thing is applicable to artists who want to sell their work to consortiums of investors, with which they can manage whether their art will be displayed in public galleries the whole year, income percentages for all related parties, and so on.

In today’s real world, it is actually doable already. However, it will require lots of paperwork, followed by lots of possible lawsuits when inevitable disputes arise.

With team consists of many experts from different industries, such as Vinay Gupta and Ian Grigg, the inventor of the Ricardian contract, the Mattereum team is working hard to make this “ambitious” yet innovative idea to come alive, despite the surrounding questions, such as how these smart contracts will intersect with the existing legal world(s), and how to establish trust in asset registrars to not abuse their legal title, or neglect their responsibilities.

"Big achievements come one small advantage at a time, one step at a time, one day at time," so a wiseman said. 

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Read more about: Ethereum (ETH)

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