The Vaulted Objects infrastructure contains a unique framework for legal deeds. We use these deeds to:
- Guarantee legal transfer of title upon transfer, and to
- Allow for the ownership of any legal right:
- title to a vehicle,
- copyright licence,
- software licence,
- et cetera.
The first use, for guaranteeing the transfer of legal title upon cryptographic transfer of the object from one user to another, is an important part of the system which ensures that the legal rights of ownership are correctly codified within each Vaulted Object, and that the rights map correctly to the expectations of the users.
The Vaulted Objects infrastructure is distinct in this regard from blockchain NFTs, which exist outside of traditional legal frameworks and don't have a concept of deeds transferring legal rights between users. Ownership of Vaulted Objects is able to be recognised and enforced by a court of law. If a dispute occurs with respect to ownership of a Vaulted Object, there is a basis in established law for a court to make an order to remedy a wrongful action. Without this, the concept of ownership is problematic, and meaningless.
The second use of deeds mentioned, allowing for the ownership of any right, is far more broad, as it allows for the transfer of ownership rights with respect to things in addition to what is digitally encrypted within the vault. This can include transfer of title to physical objects, such as chattels (furniture, equipment, gifts, etc.) as well real property (lands and buildings).
In addition, cryptographic deeds can be used to transfer rights in intangibles, such as copyrights, licences and other rights. Many legal instruments are in fact different varieties of deed. University degrees, for example, are a deed. Certificates generally, are deeds. Warranties, non-disclosure deeds, deeds of settlement, deeds of arrangement ... the list is long.
This second type of deed enables Vaulted Objects to be used for a huge variety of commercial purposes.
Vaulted Ventures are actively engaging with commercial partners with specific industry expertise to explore these opportunities, and encourage you to reach out to us if you have ideas that you would like to discuss in confidence.