Link to Ideascale: https://cardano.ideascale.com/a/dtd/Global-Network-of-Crypto-Lawyers/370191-48088

 

Problem statement :

Legal professionals are the gatekeepers to ownership & transfer of assets, we need them to understand & use NFTs for worldwide adoption

 

Describe your solution to the problem

Build an international network of "crypto-friendly" legal people to advance the legality, viability and daily use of NFTs for various assets

 

Relevant experience

43 Years in business particularly trading real estate assets, 23 years building businesses online.

 

 

Detailed plan (not required) - Fill in here any additional details

 

The Proposal - International Legal Directory & Education Platform

I am proposing to create an international opensource online platform and educational framework for the legal industry to access the information they need to know and to provide legalised and verified education in all of the international jurisdictions. This platform would offer a publicly available directory of legal professionals around the world who understand and can advise on the digital industry.

 

The transactions would be focused on the Cardano Blockchain using ADA NFTs, the project will be sustained by launching a Cardano Native Token called "CHG":

https://cardanoassets.com/9823f946d1ac791a9ffc4d04811d4fe39df1931560402d1b4b2a4527

This will be built by Carl Henry Global: https://carlhenryglobal.com

Linkedin: https://www.linkedin.com/in/carlhenry/

 

Working Title: Digital Legal Network

We welcome new team members, collaborators, developers etc. who are interested in participating in bringing this project to fruition and expanding it to new directions. Please contact us through IdeaScale or on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Legal opinions, papers, education

In my opinion the only way that NFTs will become mainstream and accepted by the man in the street is when international legal professionals fully understand how a Cardano blockchain works and how assets held in NFTs have the possibility of establishing the history and ownership of any type of asset, digital or physical.

Currently the use of NFTs is open to all and is a permission-less facility, and up to now has been the domain mainly of digital assets, digital ownership has been borne out of tokens earned in computer games, these were used to buy various digital belongings, tools & weapons.

 

The legal profession now needs to look at the immutable possibilities for establishing ownership and transferring ownership of tangible assets in the real-world.

Perhaps the best way of transmitting information to the legal profession will be to have legal professionals involved in creating & curating legal opinions, white papers, educational content online and reporting on real transactions that have been completed.

 

Below I have outlined an overview of the key aspects of NFTs and the blockchain the legal industry needs to understand, there will no doubt be additional refinements to this but as I have said my role within this project is to create an initial framework and online platform.

 

The objective would be that each countries legal professionals would import information from their particular jurisdiction in an open-sourced manner and the information would be built up as a decentralised legal digital guidance.

 

The international nature of ownership via non-fungible tokens (NFTs)

One of the biggest benefits of NFTs is that the system is standardised on an international basis meaning that once a countries legal profession understand the applications, particularly in their own jurisdiction, the legal registration of assets would be on an international blockchain that can be accessed all around the world.

Once any type of assets is established in an NFT and registered on the Cardano blockchain owners are then able to transfer ownership in return for a suitable value virtually instantaneously anywhere in the world.

 

If the asset is being purchased by a digital currency or token a smart contract can be created to establish a trust less transfer of the asset and payment.

 

The benefits of immutable nature of ownership of NFTs on the Cardano Blockchain.

A key aspect of an NFT held on a blockchain is that once the history of the asset has been established on the blockchain and within the NFT, it cannot be changed. This is not the case with traditional paper-based systems where documents can be edited, forged or replaced.

 

Of course, paper based systems will not disappear overnight and can run in parallel with the digital system until everyone becomes more comfortable with it.

 

A Framework for Education & Awareness

Here is a brief introduction to some of the key areas that need to be clarified legally and guidance generated for the legal professions use.

 

Established ownership & borderless transfer of ownership of real property.

The foundation of this proposal will be to have the worlds legal professions accept the premise that ownership and transfer of assets can be legally and safely completed using the Cardano blockchain and NFTs.

 

Once this is achieved, we simply need to translate that understanding into specific use cases which again I have briefly outlined below.

 

Land and real estate ownership.

It is possible that land and buildings can be registered in NFTs as separate items, particularly in the case of site modular construction.

 

There is also the possibility of creating land registry's where none exist currently, or the current system is very inefficient.

 

As with other assets, outlined below, one of the benefits of NFTs that must be highlighted is that the NFT can change hands and the underlying asset does not necessarily need any adjustments or re-registration.

 

Another benefit worth repeating is that the transactions could happen very quickly using an NFT on a blockchain, also these can be borderless transactions. there will be legal issues such as taxation liabilities, but these would be beyond my capabilities in this proposal.

 

Ownership in the supply chain.

Most supply chains use various digital techniques, such as bar codes and QR codes, to track items being delivered. Adding NFTs and blockchain technologies would allow very smooth and efficient tracking internationally while cutting down on potential fraud and theft.

 

It would also be possible to track the complete history of manufactured goods from the source of raw materials right the way through to the eventual owner.

 

Maritime ownership.

There is clearly an opportunity to create a digital maritime register of ships, yachts and boats.

 

Vehicle ownership.

If vehicles are put onto the blockchain one of the biggest benefits is that the record would be truly international, this would be of great assistance in the case of the luxury car trade where vehicles are often sold across borders.

 

Physical Art Ownership.

This is one area where NFTs are actually gaining traction, I think because digital art is already an accepted asset class for the sale of NFTs, it has spilled over into the physical art world.

 

Jewellery, clothing, accessories

Quite often when buying luxury on expensive items there is no "proof of ownership" incorporated into the item, this is one area where for the first-time portable luxury items can have the facility added where the ownership is provable.

 

The asset can be identified in various ways including photographic, the initial purchase receipt with ownership would be put into an NFT, if the asset is sold in an aftermarket, then the NFT can be then updated.

 

Intellectual property, copyright & patent ownership.

Again, this is a case of setting up a parallel system that would be digital in nature and impossible to change the history while making the ownership information available publicly.

 

Fractional ownership within NFTs

There are a number of situations or scenarios where a physical asset needs to be owned by several parties, it would for instance be able to bequeath an asset in a will to be held in the ownership of several people.

 

Another situation would be investing in real estate by a group of people who could not individually afford to be part of the transaction.

An example of fractional fund raising could be a museum allowing partial ownership of its assets in order to raise funds to buy new exhibits, of course this would be a case off partial ownership without actual possession of the asset.

 

NFTs as an investment without possession.

To expand on this particular situation, there may be benefits generated by the separation of ownership and possession of the asset for structuring purposes.

These scenarios, and more, would no doubt be explored and expanded upon by the legal professionals who would no doubt innovate overtime expanding the uses of NFTs and the blockchain technology.

 

The missing link

The missing link between the physical assets and its digital life in a database or on a blockchain is one of the startling points of interest. Solving this is part of this proposal.

The answer is to create smart digital tags, a small tamper-proof electronic tag can be attached to an asset. Different types of tags will be developed to suit different types of assets, these tags can be build into the asset its self during manufacturing.

 

The tag can be a simple chip recording the details of the NFT, or, be made "smart" with the addition of transmitting capabilities for example. Assets can be connected with the Internet of Things (IoT) technology that would be able to connect to a blockchain via the internet.

 

When the tag is attached to the asset and the piece has been registered to the Cardano blockchain, the physical-NFT link is in effect.

 

The tag's history cannot be changed but can be updated in the case of a transfer of ownership, or recycling for example.

 

As mentioned, the tag would be made tamper-proof, destroying the tag if removed. Another incentive not to remove the tag is that the value held in the NFT history would be lost and the value reduced.

 

Thank you for reading our proposal, looking forward to responding to any queries.

 

Best wishes,

Carl Henry

To be Powered By: https://carlhenryglobal.com

Carl Henry Linkedin: https://www.linkedin.com/in/carlhenry/

 

Roadmap Overview

This project has been recently started, Catalyst Funding would help accelerate the development and roll-out of the project.

3 Month Roadmap

Build a multilingual opensource online platform to register Legal Professionals internationally.

Create a diverse number of legal professionals as advisors & team members.

Start curating legal opinions, examples of NFT use and legal benefits.

Create incentives to motivate the legal profession to adopt NFT use.

Add initial educational content about NFTs and other digital tools.

Identify specific problems & use cases to highlight.

Identify & work with legal professionals to create real world opportunities & solutions.

Identify countries where NFT ownership would be most beneficial.

Build and maintain a list of assets owned in NFTs as best practice examples.

Build and maintain a list of media to send regular updates about developments.

Connect with legal individuals & firms to pro-actively promote the use of NFTs.

Research & development of tracking tags.

6 Month Roadmap

We would continue with all of the items in the 3 month Items.

Include additional Cardano Blockchain uses such as Digital IDs.

Work to decentralise control of the project.

12 Month Roadmap

Perhaps extent the directory and advice to incorporate other professions of use to the crypto industry.

Have the project and key advisors appearing in major media promoting the project & explaining NFTs & our industry.

 

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IdeaScale: https://carlhenryglobal.ideascale.com

 

 

Cardano IdeaScale - 27 Insights & 10 Projects Submitted

Carl Henry Global is committed to working with the Cardano Ecosystem and working to improve it, if you would like to see our other submissions please visit our profile: https://cardano.ideascale.com/a/pmd/3097499-48088

 

Budget Line Items

$15,000.00 Building the Legal Directory & Education Platform

$8,000.00 Administration, data entry & Research

$8,000.00 Translations

$2,000.00 Consultation fees for launch of CHG Token

$10,000.00 Marketing & social media costs

$12,000.00 Content writing, publishing & posting

Requested funds in USD 55000

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