Part 3/3: Class 2 Digital Assets: Licenses, Certificates, and Identity, OH MY!
tldr: defines class 2 digital assets and provides an example of their value on the blockchain
Background: Please read “Part 2/3: Class 1 Digital Assets”, and “Part 1/3: The Value of Traditional and Digital Assets — Market and Book Value”
Featured DApps: mokens.io, Titan Seal, Evernym, 0xcert.
Class 2 digital assets are stores of value that do not create economic value or profit. This does not mean, however, that they are void of value. In fact, Class 2 digital assets can carry enormous value individually, or when presented together. For example, certificates are official documents about real world events that sometimes must be combined to use together. This happens in the real world all of the time, like….
When people get married!
Old Tradition with New Technology — Changing Your Name After Marriage
It is common practice to change one’s name after getting married to match their spouse. In the United States, this is accomplished by hand delivering or mailing the Social Security Administration your Marriage Certificate, Birth Certificate, and Evidence of Identity. One day, this will all be handled over the blockchain and we are already most of the way there:
- Marriage Certificates on the Blockchain
Washoe County, NV is now issuing marriage certificates with hash fingerprints over the Ethereum blockchain with the DApp Titan Seal. - Birth Certificates on the Blockchain
The state of Illinois is now issuing birth certificates over the blockchain with the help of a company called Evernym that contributed its code to the Hyperledger Indy Project. - Evidence of Identity on the Blockchain
There are no US States IDs or Drivers Licenses being issued over the blockchain, nor is the US Passport. However, 0xcert’s Identity Token (ERC-721) could be used instead. It uses the onFido verification engine to produce a unique value containing identification and authorization information about the subject holding it.
If the SSA established a MetaMask account, or other ERC-20 wallet, they could be processing applications on the blockchain today. How would this work?
Short Answer:
Send the SSA a composed moken that contains a completed SSA application with your blockchain verifiable information.
Picture Answer:
Long Answer:
If you were born in Illinois, married in Washoe County, and held one of 0xcert’s Identity Tokens, a completed PDF application could be sent to the SSA in a top-down moken (a composable non-fungible token — cNFT), that contained all of the necessary documents that are %100 blockchain verifiable.
Compose the following into a moken:
- A Completed PDF scan of the SSA Application can be made.
- Your Illinois Birth Certificate information. Verifiable and authenticated by requesting encrypted access to verifiable claims from the permissioned HyperLedger Indy Blockchain from Evernym.
- Your Washoe County Marriage Certificate information. The hash fingerprint can be verified and authenticated over the Ethereum Blockchain from Titan Seal.
- Your Evidence of Identity, a Identity Token from 0xcert, a ERC-721 token, contains proof of identity that can be sent and shared.
Even in blockchain’s “infancy”, the use cases for class 2 digital assets are strong. It is clear from this example that class 2 digital assets, like certificates and licenses, have enormous value on the blockchain. “The Value of Digital Assets on the Blockchain” is made increasingly clear with use cases for Class 1 Digital Assets, that drive economic advantage and also Class 2 Digital Assets that provide value to society in meaningful ways. As the world begins to open its eyes to blockchain outside the use of crypto-currency, understanding digital assets will become increasingly important.
Edited by Nick Mudge, mokens.io
Edited by @Jihoz_Axie
Edited by Ethan Clift, Titan Seal
Edited by Lenka Tusar, 0xcert
Be sure to follow mokens.io so you don’t miss a thing! We release informative articles like this ever week!
**mokens.io will launch to the Mainnet August 4th 3:00 PM UTC (8:00 AM PS)** Sign-Up for email notification here. Unlock your MetaMaskWallet and Join Us!
Follow mokens.io here:
Medium: https://medium.com/mokens
Medium: https://medium.com/@haleysummers
Email Updates: https://mokens.gr8.com
Twitter: https://twitter.com/mokens_io
Discord: https://discord.gg/bQXM2U
Citations for In-Text Hyperlinks
0xcert — Supporting uniqueness. (n.d.). Retrieved from https://0xcert.org/
Digital Marriage Certificates. (n.d.). Retrieved from https://www.washoecounty.us/recorder/blockchain.php
Evernym. (n.d.). Retrieved from https://www.evernym.com/
Hyperledger Indy. (n.d.). Retrieved from https://www.hyperledger.org/projects/hyperledger-indy
Illinois Launches Blockchain Pilot to Digitize Birth Certificates. (2017, September 01). Retrieved from https://www.coindesk.com/illinois-launches-blockchain-pilot-digitize-birth-certificates/
MetaMask Ethereum Browser Extension. (n.d.). Retrieved from https://metamask.io/
Mokens. (n.d.). Retrieved from https://mokens.io/
Mudge, N. (2018, July 10). Top-Down and Bottom-Up Composables, What’s the Difference and Which One Should You Use? Retrieved from https://hackernoon.com/top-down-and-bottom-up-composables-whats-the-difference-and-which-one-should-you-use-db939f6acf1d
SSA — POMS: RM 10212.020 — Evidence Required to Process a Name Change on the SSN When Evidence of Identity in the New Name Only is Submitted. (2011, February 07). Retrieved from https://secure.ssa.gov/poms.nsf/lnx/0110212020
Summers, H. (2018, July 22). The Value of Digital Assets on the Blockchain — Haley Summers — Medium. Retrieved from https://medium.com/@haleysummers/the-value-of-a-digital-assets-on-the-blockchain-6e5bbe22fa8b
Summers, H. (2018, July 06). What are crypto-collectibles? — mokens — Medium. Retrieved from https://medium.com/mokens/what-are-crypto-collectibles-4d56220958d1
Summers, H. (2018, July 23). Part 1/3: The Value of Traditional and Digital Assets — Market and Book Value. Retrieved from https://medium.com/@haleysummers/part-1-3-the-value-of-traditional-and-digital-assets-market-and-book-value-b4c6b1b15ab0
Titan Seal. (n.d.). Retrieved from https://titanseal.com/
