If you’ve never considered the details, you can learn more about “custodial accounts.”
I chuckle a little about all the legal wrangling over the semantics of “custody,” especially when ultimately, the “digital asset” is the mathematically provable hash value on a particular blockchain ledger — which is the ultimate custodian. That’s the only place the hash actually exists.
How do you actually “prove” a particular hash represents what we say that it represents?
Aha… starting to sound familiar.
The blockchain ledger has the custody of the hash value being further claimed as some higher order representation of an asset or other value.
The laws about “custody” were drafted when people still printed in ink on dead tree carcasses. We often joke about printing QR codes on fancy certificates with holograms as the physical bearer instrument that links to a URI on a blockchain network gateway.
As a user experience for connecting to the concepts of blockchain assets, I suppose it has a decent application. But it feels so much like the old days of printing out website URL directories sold at Barnes & Noble.
Will a “blockchain” become the new, non-depository, custodial trust organization?
Will they simply have sole custody over the private key authentication schema for blockchains?
Will we just print out the private key and put it in a metal box in their vault? You know… with holograms on a fancy certificate design.
Like a paper currency even — we can even print the busts of remarkable dead people on them.
We’ve felt as if existing banks, trust, and financial institutions are really one of our core, primary customers. Recent conversations with several have resonated as message-to-market match for us as a startup tech company working on traction.
- The Legality of Blockchain Records - August 17, 2020
- What is “digital asset custody” anyway? - August 13, 2020
- XDEX – Bridging the Blockchain Gap With Metadata - August 10, 2020
- Is Automated Financial Regulation the Future? - August 8, 2020
- Solving the Trillion Dollar Problem Plaguing Capital Markets and Financial Services - August 8, 2020
- Real World Assets Give Blockchain Tokens Real World Value - August 5, 2020
- Governance, Cryptocurrency’s Big Problem - July 28, 2020
- 10 Steps to Being Prepared for a Records Audit - June 11, 2020
- And Then We Instantly Went Virtual - May 27, 2020
- What is Blockchain Consensus? - May 16, 2020