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What’s in a property title?

When I talk to people about Bitmark there is confusion about digital property. I think most of this confusion boils down to what exactly is in a property title (or in the digital realm, a “bitmark”), and what is in the asset itself.

What’s in a property title?

Best practices for safely bitmarking your data & organizing your digital assets.

When I talk to people about Bitmark there is confusion about digital property. I think most of this confusion boils down to what exactly is in a property title (or in the digital realm, a “bitmark”), and what is in the asset itself.

A title is a public ownership claim over an asset. The asset itself can be made public or kept private — that’s totally up to the owner. Titles are always public. One function of the title is to uniquely identify that asset. (You can think of that like the address to your home on its deed or the vehicle ID number on your car title). But titles do more. Titles make property rights transferrable from one owner to another. That has massive value which we will explain later. In this article, I want to focus on clarifying what should and should not be in a digital title, thus how you should and shouldn’t bitmark your stuff. Let’s use an example to get started.

The other day, I read that location information is super valuable so I wanted to start an Applet bitmarking my location data:

The Applet automatically created the following digital property:

The property bitmark (title) represents rights to access my location data. This record is visible from the Registry. Thus, if I wanted to give or sell my location data (asset), I would not want that data embedded in the title itself. Yet that is what this Applet did. Inside the public metadata of the bitmark contains a link to my actual location:

Location is a data set that most people would think of as sensitive. I know I do. Putting sensitive data into the title is not what we want.

What should go in a title?

It is important that the title describes the asset, usually from an economic value perspective, without revealing potentially sensitive information about the asset itself.

Here are three examples to help clarify:

  1. Fitbit daily activity — Put things like date and device type, maybe a defining characteristic like age or gender (your preference) in the title. Everything else (step count, calories burned, food ate, sleep cycle, and heart information, …) should go in the asset itself. Folks who want the metadata for their research purposes, can ask your permission, you give consent and they get the full asset.
  2. Instagram photos — Similar to health data, you’ll want to name your photo title something that defines the asset like a caption. You can include the time, location, date or the bare minimum of information that makes it memorable and valuable. If the Bitmark property system becomes a sort of marketplace one day, a gallery buyer can potentially search relevant titles for something they want to highlight in their next show. The asset is the photo itself.
  3. Medium stories — Include sparse but important information about the piece, date, author, or title perhaps. The metadata is the story itself. By being bitmarked, we hope someday these titles will be checked or authenticated, so that when content is shared over messaging apps, the reader knows they are reading a verified source. Think similarly to the blue check box next to certain handles on Twitter.

Bitmark is the universal property ownership system for digital environment.

One of the most important functions a formal property system does is to transform assets from a less accessible state to a more accessible state, so that ownership can be easily communicated and assembled within a broader network. When an individual asserts ownership over their data control points change: networks become economies.

Converting an asset such as a house into an abstract concept such as a property right requires a complex system to record and organize the socially and economically useful attributes of ownership. The act of embodying an asset in a property title and recording it in a public ledger facilitates a consensus among actors as to how assets can be held, used, and exchanged.

Bitmark is about imagining a future where individual internet users will take back ownership of their digital lives — a new internet built on individual freedom and empowerment where everyone has a chance at success. This freedom stems from ownership of digital property just as we own everything we buy and build in the physical world.

If you’re interested in going deeper, one of the best features of the IFTTT platform is that you can create your own Applets, extending core functionality that the service provides. For anyone looking to extend our service here is a list of metadata options to consider:

Created (date), Contributor, Coverage, Creator, Description, Dimensions, Duration, Edition, Format, Identifier, Language, License, Medium, Publisher, Relation, Rights, Size, Source, Subject, Keywords, Type, Version, Other*

These options come from our web app and they work well for most personal data and digital assets. We recommend using them, but you can also create your own metadata. Just be clear on what will always be public (titles) and what can be kept private (assets). A good analogy to keep in mind is that the deed (title) to your home doesn’t reveal what’s inside your home, but it does explain where to find your home.

Join us in our efforts to democratize the digital economy. Sign up for our beta and try our IFTTT service. If you have any questions, we’re @BitmarkInc on Twitter.

By Bitmark Inc. on July 15, 2017.