Assets on the Bitcoin Blockchain With BitTorrent

Colu, a Tel Aviv-based Bitcoin startup, will soon launch an asset storage and transfer application. The app records any digital asset on the Bitcoin blockchain, using the Colored Coin protocol. Unlike other implementations of the protocol Colu uses the BitTorrent network as a data storage layer, which improves decentralization, redundancy, and eases size restraints.

During a seed round this January, the company raised $2.5 million from four different venture capital investors. Since then they’ve been busy hiring a team, settling into a big new office, and publishing their implementation of the protocol. The companies first app is in a private beta test phase already, with plans to publicly launch soon.

With the company website claiming that they will be “Creating, Storing and Managing Digital Assets On Top of the Bitcoin Blockchain,” Colu is offering digital asset management for all types of assets, both physical and digital property types.

The number and variation in uses for such a service truly strains the limits of imagination. As long as the authority over an asset agrees to allow digital tokens to represent ownership of those assets, there is no limit to what can be stored, tracked, and traded in real time.

If a city were to one day honor the legality of a cryptographically-protected, digitized copy of a home mortgage contract, then this important digital asset could be stored on the Bitcoin blockchain where it is immutably timestamped and effortlessly transferable. Once there, simple possession of the digital asset could indicate actual possession of the real-world asset.

Wills and trusts would fit perfectly into such an environment, and could be automatically executed, delivering the attached assets to a chosen recipient at the proper time without anyone lifting a finger.

Corporations could be chartered as digital assets, and

Originally appeared at: http://bravenewcoin.com/news/assets-on-the-bitcoin-blockchain-with-bittorrent/