An Ethereum-powered blockchain project has created a new decentralized registry platform.
Regis, as the project is titled, has enabled both authorities and individuals to create, auction, manage, and deploy registries in a decentralized manner. According to the available reports, these registries are created on an inexpensive Ethereum blockchain with no central point of failure. Regis can therefore be used for registering, tracking and transferring digital assets ownership on the blockchain.
Online registries make life so much easier for both the governments and similarly concerned authorities, for they are easily available to be accessed and updated in a safe and secure environment.
The technology, however, has some drawbacks: it suffers hugely when it comes to managing ownership and maintenance records. Sometimes, the detachment between different databases often ends up causing more confusion than making things easier for the authorities. Also, the end user often find himself skeptical when it comes to trusting third parties in managing their records.
The management can definitely misuse the registry details for their personal benefits. Let’s take an example of a private entity that is in charge of maintaining an online registry for real estate dealings in the region. In absence of adequate regulations or monitoring, the entity could freely register a vacant property in its own, or someone else’s name. One can easily access many similar cases all across the world by googling “Fake Land Titles”.
Regis reportedly focuses hugely on ensuring the transparency factor, for its underlying technology – the Ethereum blockchain – offers a great deal of security for the entries while making it easily accessible by those with the access key.
Regis is a product of Consensys, an Ethereum dapps, and blockchain solutions studio and the its platform has already been implemented by one of the Brazilian companies BV RIO. BV RIO Institute is a civil non-profit organization involved in promoting and facilitating the implementation of latest tools and market mechanisms that can be used for creating and maintaining environmental policies, sustainable development, and green economy in line with the existing laws and policy framework.
BV RIO is using the decentralized blockchain registry model for trading timber. The registry implementation allows timber to be traded in such a way that it can be traded in a way similar to that of stock markets. The use of Ethereum mainnet eliminates points of failure in the system, making it maintenance free.
With the Regis platform, it is now possible for the companies and organizations to implement inexpensive registries that can be used to automate their whole process.
Ref: Regis, The Decentralized Registry | Image: Consensys Blog