Blockchain-based property ownership tracking and verification
An improved blockchain network is described herein in which participants in the blockchain network can verify that a user has the right to transfer physical, real, or tangible property represented by a digital asset (e.g., a token, such as a non-fungible token) and implement the transfer. Thus, the improved blockchain network is more secure than typical blockchain implementations and improves the ability of participants in the blockchain network to identify and/or prevent malicious activity.
1 . A computing device comprising:
a hardware processor; and
a non-transitory computer readable storage medium storing program instructions for execution by the hardware processor in order to cause the computing device to:
retrieve ownership change information corresponding to a property;
generate an owner identifier that is uniquely associated with an owner of the property indicated in the ownership change information;
generate a property identifier that uniquely identifies the property;
generate an ownership registry transaction that includes the owner identifier and the property identifier;
cause a user device to sign the ownership registry transaction with a private key associated with the owner of the property that is obtained from a user wallet associated with the owner of the property, wherein an original copy of the private key is stored in the user wallet associated with the owner of the property, and wherein a duplicate copy of the private key is stored in a private key data store of a digital rights management system separate from the user wallet;
cause the signed ownership registry transaction to be stored in a block in a private blockchain; and
in response to a term of a smart contract stored in a second transaction in a public blockchain separate from the private blockchain being satisfied,
cause a smart contract execution transaction to be stored in a second block in the public blockchain, wherein the smart contract execution transaction includes a call to a function included in the smart contract stored in the second transaction in the public blockchain that results in execution of the term of the smart contract, and
cause a second ownership registry transaction to be stored in a third block in the private blockchain that indicates a transfer of the property from the owner to a second owner.
2 . The computing device of claim 1 , wherein the program instructions, when executed, further cause the computing device to generate a property rights identifier that uniquely identifies a property right associated with the property.
3 . The computing device of claim 2 , wherein the program instructions, when executed, further cause the computing device to generate the ownership registry transaction to include the owner identifier, the property identifier, and the property rights identifier.
4 . The computing device of claim 3 , wherein a token minted based on the ownership registry transaction digitally represents the property right associated with the property.
5 . The computing device of claim 4 , wherein the smart contract defines terms for a transfer of the token from the owner to a new owner corresponding to a second owner identifier, and wherein execution of the smart contract causes the token to transfer to the new owner and represents a transfer of the property right from the owner to the new owner.
6 . The computing device of claim 5 , wherein the program instructions, when executed, further cause the computing device to:
generate the second ownership registry transaction that includes the owner identifier and the property identifier;
cause the user device to sign the second ownership registry transaction with the private key associated with the owner of the property; and
cause the signed second ownership registry transaction to be stored in the third block in the private blockchain, wherein a second token minted based on the second ownership registry transaction digitally represents the property, and wherein the owner owns the second token and the new owner owns the token at a same time.
7 . The computing device of claim 5 , wherein the digital rights management system causes execution of the smart contract using the duplicate copy of the private key.
8 . The computing device of claim 2 , wherein the property right comprises one of mineral rights in the property, advertisement rights in the property, a license for installation of infrastructure, a license for use of the infrastructure, a vehicle landing right in the property, a vehicle storage right in the property, an easement in the property, a variance in the property, a right of possession of the property, a right of exclusion on the property, a right of control on the property, a right to generate or derive income on the property, or a right of disposition of the property.
9 . The computing device of claim 1 , wherein the program instructions, when executed, further cause the computing device to retrieve the ownership change information from a recorder data store associated with a jurisdiction.
10 . The computing device of claim 1 , wherein the property comprises one of a physical property, a tangible property, personal property, or real estate property.
11 . A computer-implemented method comprising:
retrieving, by a computing device, ownership change information corresponding to a property;
generating, by the computing device, an owner identifier that is uniquely associated with an owner of the property indicated in the ownership change information;
generating, by the computing device, a property identifier that uniquely identifies the property;
generating, by the computing device, an ownership registry transaction that includes the owner identifier and the property identifier;
causing, by the computing device, a user device to sign the ownership registry transaction with a private key associated with the owner of the property that is obtained from a user wallet associated with the owner of the property, wherein an original copy of the private key is stored in a user wallet associated with the owner of the property, and wherein a duplicate copy of the private key is stored in a private key data store of a digital rights management system separate from the user wallet;
causing, by the computing device, the signed ownership registry transaction to be stored in a block in a private blockchain; and
in response to a term of a smart contract stored in a second transaction in a public blockchain separate from the private blockchain being satisfied,
causing, by the computing device, a smart contract execution transaction to be stored in a second block in the public blockchain, wherein the smart contract execution transaction includes a call to a function included in the smart contract stored in the second transaction in the public blockchain that results in execution of the term of the smart contract, and
causing, by the computing device, a second ownership registry transaction to be stored in a third block in the private blockchain that indicates a transfer of the property from the owner to a second owner.
12 . The computer-implemented method of claim 11 , further comprising generating a property rights identifier that uniquely identifies a property right associated with the property.
13 . The computer-implemented method of claim 12 , wherein generating an ownership registry transaction further comprises generating the ownership registry transaction to include the owner identifier, the property identifier, and the property rights identifier.
14 . The computer-implemented method of claim 13 , wherein a token minted based on the ownership registry transaction digitally represents the property right associated with the property.
15 . The computer-implemented method of claim 14 , wherein the smart contract defines terms for a transfer of the token from the owner to a new owner corresponding to a second owner identifier, and wherein execution of the smart contract causes the token to transfer to the new owner and represents a transfer of the property right from the owner to the new owner.
16 . The computer-implemented method of claim 15 , further comprises:
generating the second ownership registry transaction that includes the owner identifier and the property identifier;
causing the user device to sign the second ownership registry transaction with the private key associated with the owner of the property; and
causing the signed second ownership registry transaction to be stored in the third block in the private blockchain, wherein a second token minted based on the second ownership registry transaction digitally represents the property, and wherein the owner owns the second token and the new owner owns the token at a same time.
17 . The computer-implemented method of claim 15 , wherein the digital rights management system causes execution of the smart contract using the duplicate copy of the private key.
18 . The computer-implemented method of claim 12 , wherein the property right comprises one of mineral rights in the property, advertisement rights in the property, a license for installation of infrastructure, a license for use of the infrastructure, a vehicle landing right in the property, a vehicle storage right in the property, an easement in the property, a variance in the property, a right of possession of the property, a right of exclusion on the property, a right of control on the property, a right to generate or derive income on the property, or a right of disposition of the property.
19 . The computer-implemented method of claim 11 , wherein the property comprises one of a physical property, a tangible property, personal property, or real estate property.
20 . Non-transitory, computer-readable storage media comprising computer-executable instructions for digitally representing a property, wherein the computer-executable instructions, when executed by a computer system, cause the computer system to:
retrieve ownership change information corresponding to the property;
generate an owner identifier that is uniquely associated with an owner of the property indicated in the ownership change information;
generate a property identifier that uniquely identifies the property;
generate an ownership registry transaction that includes the owner identifier and the property identifier;
cause a user device to sign the ownership registry transaction with a private key associated with the owner of the property that is obtained from a user wallet associated with the owner of the property, wherein an original copy of the private key is stored in a user wallet associated with the owner of the property, and wherein a duplicate copy of the private key is stored in a private key data store of a digital rights management system separate from the user wallet;
cause the signed ownership registry transaction to be stored in a block in a private blockchain; and
in response to a term of a smart contract stored in a second transaction in a public blockchain separate from the private blockchain being satisfied,
cause a smart contract execution transaction to be stored in a second block in the public blockchain, wherein the smart contract execution transaction includes a call to a function included in the smart contract stored in the second transaction in the public blockchain that results in execution of the term of the smart contract, and
cause a second ownership registry transaction to be stored in a third block in the private blockchain that indicates a transfer of the property from the owner to a second owner.