We are not the only one working on a project to secure real-world assets using Blockchain technology. Factom & Everledger use a concept called “Proof of Existence”, i.e. they send messages concerning assets to one blockchain account. They mainly rely on the Blockchain technology messaging feature, securely (immutable, auditable) sending a message “transaction” from one account to another. Our concept is to create a digital representations of Luxtagged assets as an account themselves and set a defined, transferable ownership over that account.
Other approaches work with accounts which don’t necessarily represent the real-world asset directly, nor can they solve ownership over accounts appropriately. LuxTag works with not just one “sink” account but with numerous blockchain accounts, every single one representing a particular asset. We “accountify” tokenized assets. We are leveraging on the multi signature feature of the NEM Blockchain Platform. Token accounts contain information (update messages) and as such they mirror the asset’s history over time – so-to-say as carved in stone – verifiable and auditable. Every account is live, updatable, transferable, and allows conjoint ownership. This is what makes us different. Patent pending.