Bitmark claims to empower universal digital ownership “so we can live free online.” Find out what that means today in our Bitmark review.
What Is Bitmark?
Bitmark is a blockchain-based solution to ownership in a digital economy. Today’s system of digital asset ownership isn’t very good. Companies sell users’ data for free and access it whenever they like. Users have little control over how their data is used.
Bitmark wants to make digital assets ownership similar to physical asset ownership. When you own a car, you have a title stating you have ownership of that car. Why don’t we have the same thing for digital assets and personal data? That’s where Bitmark sees an opportunity.
Specifically, Bitmark wants to create a universal system for digital property rights, leading to “a new internet built on individual freedom and empowerment where everyone owns a piece of the digital economy.”
Bitmark explains how property ownership has changed over time. During the Agricultural Revolution, we saw the rise of real property and real estate, when all real estate was valued at an estimated $217 trillion. During the Industrial Revolution, we had the rise of intellectual property. in the United States alone, according to data from Bitmark.com, intellectual property is worth $7.1 trillion. Bitmark sees a future where the ownership of digital property (which has an unknown valuation) is viewed as a similar turning point in history.
As Bitmark.com explains, “data will be the next major asset class.” More data is being consumed and generated every day.
To bring their product to market, Bitmark has partnered with UC Berkeley, Chibitronics, IFTTT, and Hyperledger. The company first made headlines back in November 2016, when it raised $1.7 million in seed funding. You can visit the official website online at Bitmark.com today, although the Taiwan-based company has not yet released a whitepaper or many technical details about the platform.
Note: there’s a cryptocurrency named “Bitmark” you can currently purchase on a small number of exchanges. However, that currency does not appear to be related to Bitmark in any way.
How Does Bitmark Work?
Bitmark creates a new system of ownership for digital assets. The company is actively developing the technology, so we’re not totally clear on how it works at this time.
However, what we know so far is that properties registered on the Bitmark platform are tied to digital assets called Bitmarks. Bitmarks can then be sold and exchanged with other users, creating an electronic record of their movements.
Through the Bitmark blockchain, users retain better control over their assets.
Bitmark, Inc. is based in Taiwan. The blockchain startup announced a seed funding round of $1.7 million in November 2016. That round was led by Cherubic Ventures. Other investors included WI Harper and Digital Currency Group.
The company is led by CEO Sean Moss-Pultz, Head of Engineering Christopher Hall, and Head of Product Casey Alt. Bitmark has offices in Taipei as well as Da Nang, Vietnam.
Bitmark is a blockchain startup aiming to give the world a new way to manage their digital data. Today’s data management system isn’t very effective. Companies willingly sell users’ data for free, or exploit it in other ways. Bitmark plans to change that by allowing users to secure their data on a blockchain in exchange for bitmarks. Bitmarks can be sold and exchanged like other digital assets, giving users greater protection over their individual rights.
The Taiwan-based company first made headlines in November 2016 when it announced a $1.7 million seed funding round. Today, you can learn more about the company online at Bitmark.com – although they still have not yet published a whitepaper or deep technical details about the platform. It appears to be in the early stages of development.