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Qtum blockchain allows digital property owners to truly own their assets through “Proof of Existence”

Qtum blockchain allows digital property owners to truly own their assets through “Proof of Existence”

The developers of Qtum, a platform for building and deploying smart contract-enabled decentralized applications, have revealed that Robin8’s Profile Management Ecosystem (PMES) allows users to upload their intellectual property (IP) data to QTUM’s blockchain network.

As explained in an official blog post, published on May 11th, 2019 from Qtum’s Medium account, influencers, subject-matter experts, inventors, artists, and digital property owners, in general, can “claim ownership” of their IP or digital assets by transferring and registering them on the QTUM blockchain.

Users Can Truly Own Their Digital Assets And IPs

According to Qtum’s developers, users may also trade their digital property on Robin8’s decentralized marketplace. The PMES has been designed to allow users to build an ecosystem, which is based on distributed autonomous ownership. Digital assets and IPs, which are part of the PMES, are “controlled by the community” members and not by a centralized entity.

The developers described a new technology being used to address problems with timestamping:

“Proof-of-Existence technology, through the onset of blockchain technology, has helped address this problem with provable timestamps of data.”

Digital data residing within the PMES cannot be deleted or modified as all data records are tracked and verified using electronic timestamps. As noted by Qtum’s development team, users can upload and claim ownership of various types of digital assets including cryptocurrency tokens, e-books, software licenses, password keys, and social media profile data.

Enormous “Market Opportunity” For PMES’ Services

Giant social media networks make huge profits from user-generated content and ideas, Qtum’s blog stated. In order give control and ownership of their property back to the content creators, the PMES platform allows users to buy and sell their assets in a peer-to-peer (P2P) manner. PMES users can also post ads and interact directly with other users.

According to the developers, the “market opportunity” for services offered by the PMES platform are enormous because large centralized platforms are not able to provide similar services. The blog post describes the PMES as “a hybrid Ebay and Facebook”, however, it’s completely decentralized and “autonomous.” Moreover, Robin8’s PMES users control their data and they can decide whether to sell or share it with other users.

Qtum | QTUM

Updated: May 13 at 12:12 am PDT
$2.43
-5.69%

Qtum, currently ranked #35 by market cap, is down 5.69% over the past 24 hours. QTUM has a market cap of $232.63M with a 24 hour volume of $247.96M.

Chart by CryptoCompare

Qtum is down 5.69% over the past 24 hours.

Filed Under: Altcoins, Price Watch, Technology
Omar Faridi

Omar enjoys writing about all topics related to Bitcoin, blockchain, and cryptocurrency. He is most interested in crypto regulations, quantum resistant blockchains, and Ethereum and Bitcoin Core development. His academic background includes an undergraduate degree in computer science from the University of Nevada and a masters of science in psychology from the University of Phoenix. He works as an application developer for the University of Houston and a data storage specialist for Dell EMC.

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