Hello, in this lesson, we are going to look at how blockchain can help the proof of ownership. So proof of ownership is basically do I own something? It's essentially that simple. So we can end the video right here. That's it. I'm only joking, sort of, yeah, we know what proof of ownership is.

But we haven't actually covered how blockchain can affect it. So let's dive right in. One of the things which I'm sure you're fully aware of, by now, if you've been following the other lessons in this series, and that is, is a promotes that it cannot be altered or counterfeited due to the cryptography that is employed and the value or the validation checks got videos Korean or the cryptography the hash in the Merkle trees Feel free to check them out to see on a more technical level, how it all works, essentially is immutable. And this helps ensure the validity of well ownership. And you might be thinking, Okay, I have a pair of trainers, for example. I know they're my trainers.

I know my phone in mind. I know my house in law you don't know, regardless of the value or know what's mine. I don't know what isn't mine. So how can blockchain really help? Well, for for one example, is imagine if I have a rare pair of shoes and it is very common for these shoes to be counterfeited. They are in high demand highly anyone has them and they cost a lot of money.

And they're quite easy to counterfeit to a, you know, reasonable quality. So a lot of people immediately counter especially when you're selling it online via some service like eBay. And using blockchain, we will be able to perform a audit trail audit trail. So if this is all tracked, we'll be able to say, okay, where did that individual get it from? Did they get it from, let's say, a retailer, if they did, who's that retailer, they see the legitimacy of that retailer. Okay?

They are legitimate because they bought it from a validated seller. If they didn't buy it from a retailer, then they bought from someone else. They bought it from someone else. It came from somewhere initially. So all of that will allow you to pinpoint where it came from, so you can see if it is fake or not, which is a, which is really, really useful. And the fact that this all could be done without having to spend any extra money or to insure it, basically an insurance in itself.

So imagine if you go on eBay, and you go into a product page, it could automatically think you have a stamp of approval. So all products have some sort of ID to some sort of unique ID link to them in this blockchain world. And that ID is linked to a individual which also has a unique ID about them who linked to them and that's a this individual onto if somebody if they select, then essentially the title, the way we will talk about property and houses as we have in a second. video gets transferred some Yes. And now they legally own it. And on that product page, you could have a stamp of approval saying this user is verified.

It is also verified automatically, that this product with this key belongs to this individual equal percentage rating are as well, based on several factors, saying that, okay, it's a 98%. And anything above 90% is very good. And it's definitely worth buying it. Anything below it's like, hmm, we're not too sure about the seller. Or maybe we're not to show that the validity of the actual product both are pretty certain if it's close to 90 and then you could also, instead of seeing the stamp of approval could see a breakdown, what part is getting what percentage so you can see exactly why it is 90 or above why it isn't certified. So you can verify that The seller, verify that the seller is the owner that is extremely useful.

This can help identify identity for stolen and or lost goods. And or lost good essentially, is the person that's selling it. Do they own it? Oh, that's what we automatically. I mean, that's what we realistically want to know. And this could be done automatically and it provides more rights to buyers and sellers.

So obviously from the buyers perspective, it ensures validity, but from the fellas perspective, ensure that the person they're selling to is who they say they are. They're not a con artist. They're not somebody that buys a lot of items and then just return them because there are people out there that do that have heard about people that do it via Amazon. And what they do they buy the item. Use it for a little while and because Amazon they've cracked down a bit now I've heard but they used to be very, very loose with the terms and conditions and people took advantage of it so they will buy something, use it even use it for months a month and then just return and get a full refund back. And if we see shows that this individual is doing this a lot with a lot of retail and fellas, buy my thing.

You know what I don't want to sell to you because people always talk about rights for it always talk about sellers, right. I mean, I'm sorry. There was talk about buyers rights. But ultimately there should be an and they'll write for sellers as well. And we need to ensure that all parties are secure all parties are protected. Because at one point the seller might become a buyer and the buyer might become a seller.

So they want to ensure that if they make that transition, that they are protected. It helps us to stay anonymous. So if we're buying something and we're selling it, even though we're buying and selling it, I might buy something and you might sell something on might not know your idea. I mean your identification, where you live necessarily your email address your actual name, and you might not know the information about me but I have a unique ID that is linked to you. You have a unique ID that is linked to me and this will verify verify part is to be legitimate rather than to be need GT. Now, which is a really, really powerful tool, so you can automatically verify parties are legitimate anonymously.

So by something do not need to know about you, but to ensure that you aren't a con artist. And we can do this via audit trails, but they don't need to tell me who you are where you live. They just need to tell me though this is sort of stuff you may or may not have done from an abstract level, maybe the seller and the buyer wants to be a bit more transparent. They could have the option to set themselves as more like make their profile more public so you can see who it is or email as well some more basic information of what they have done in the past. And ultimately, it provides a audit trail of who owned it, and who does currently own it. And all of this, all of this provide auto Matic insurance with and any extra fees, which is extremely useful.

Usually insurance costs a lot of money paying per month or per year or per year. And before long it can get to very big, the actual cost of the insurance can get very close to the actual overall cost of the product. We're using this method it can be automatically insured But that there couldn't be insurance on top of that, because certain individuals, depending on what you're buying, how expensive it is, you may want extra insurance. That is fine. But you'll provide some basic level of insurance, which is very, very useful. And I think all parties should have basic level insurance just automatically provided an audit trail will help provide that.

So if you have any questions, feel free to reach out. If there was anything that we covered in the video that you didn't quite understand, feel free to rewind, go over again. And as usual, thanks for watching, and I look forward to seeing you in my next lesson.