Create a secure encrypted decentralized data storage and messaging system relating to any digital asset by leveraging DID verifiable credentials. Any digital asset owner on any chain could store and retrieve encrypted data and messages throughout the assets lifetime, through a shared verifiable credential.
This project aims to design and implement an Asset Decentralized Identifier Communication (AssetDIDcomm) system that allows individuals and groups with a shared verifiable credential relating to a specific digital assetDID (any asset created on any chain has an AssetDID) to securely and privately communicate with anyone with the same credential. The system will leverage the Kilt Protocol (or any other digital identity provider using the W3C standard) and Crust (or any other IPFS decentralized storage provider), ensuring privacy, security, and user control over personal data as well as provide gated and verifiable communication to and from users based on specific protocol or dApp rules.
Xcavate is a foundational protocol, built using the Polkadot SDK, designed to focus on the trustless tokenization of real estate assets facilitating inclusive community investment and decentralized governance. Xcavate is a well established project with imminent plans to launch their own blockchain through Agile Core Time on Polkadot. This builds on having launched several Appchain testnets on Tanssi as well as an instance on the Paseo testnet to verify DIDs created on the Kilt Protocol using the Kilt DIP pallet.
Xcavate have also been accepted on to the FCA sandbox (the UK digital assets regulatory body), which means they can operate in a live environment in a regulatory compliant manner while refining their real estate tokenized asset marketplace relating to UK investors. This will mean approximately £30 million in TVL, within the Polkadot Ecosystem, over the next 9 to 12 months. They were also asked to present at the recent FCA Autumn Innovation Expo at which the FCA Director of Innovation commented Xcavate as a stand out project in the Wealth Tech category.
Traditionally when a real world asset, like real estate, is tokenized there are many third parties involved throughout the life cycle of the asset. Data storage (of documents and communication associated with the asset) and data integrity is either fractured or centrally stored or both. This can lead to many issues like; Deleted or manipulated data, gaps in accountability, decisions and authorisations, regulatory oversight and market manipulation.
We have reached out to various members of the Polkadot ecosystem to gather other use cases that would benefit from a more decentralized and robust data storage & secure communication method relating to particular digital assets.
Here are their comments:
“There are very many areas of conflict that relate to the world of planning & construction. These lead to significant delays as well as huge and lengthy lawsuits, which are commonplace in the AEC industry. All this could easily be avoided with greater data security, transparency and immutably recorded stakeholder decisions associated with specific assets.” Tom Humber - Founder (Archisinal)
“XCAVATE’s AssetDIDcomm system is a game-changer for secure, transparent asset management. At Aventus, our Heathrow Airport project showed firsthand how solutions like this can drastically reduce losses and streamline operations through blockchain. XCAVATE’s approach, integrating with the KILT Protocol, sets a new standard for decentralized asset management, and we’re excited to see it have a similar impact in real estate.” Alan Vey - Founder (Aventus)
“Government projects like building social housing, bridges or other community infrastructure can span many years or even decades. Documentation and communication relating to decisions by contractors or by government representatives can often be subject to data loss. A transparent and immutable auditable trail relating to specific real world assets would ensure integrity, transparency and improve efficiency.” Michael Bennallack - Founder (Mandala Chain)
There are many other examples where secure immutable communication and document access between various parties in relation to a specific digital asset would benefit society.
Centralised storage Trust in centralized communication methods relating to real world assets like real estate is constantly being eroded through data breaches and data manipulation, resulting in the loss of hundreds of millions of dollars as well as extremely low investor confidence and diminished accountability in areas of health and safety.
Security and access Private communication and documentation is often stored through a centralized source, which does not easily get transferred with ownership / involvement of an asset. Publicly available documents and communication can be an issue, especially for time sensitive data.
Data manipulation A timeline of events and culpability is often difficult to determine without trusted third parties or forensic investigation, which is costly and extremely time consuming.
Forum Discussion...
https://forum.polkadot.network/t/assetdidcomm-proposal/10811
Full Project Brief
Asset Decentralized Identifier Communication (AssetDIDcomm) is a project that aims to create a secure, encrypted, and decentralized data storage and messaging system for digital assets. It uses DID verifiable credentials to allow digital asset owners to store and retrieve encrypted data and messages throughout the asset's lifetime. The system will use the Kilt Protocol and Crust for digital identity and decentralized storage, respectively.
Xcavate, a foundational protocol built on Polkadot, focuses on tokenizing real estate assets for community investment and decentralized governance. They plan to launch their blockchain through Agile Core Time on Polkadot and have been accepted into the UK's FCA sandbox for regulatory compliance.
Traditionally, tokenizing real-world assets like real estate involves many third parties and can lead to issues such as data breaches, data manipulation, and lack of accountability. AssetDIDcomm aims to solve these problems by providing a decentralized and secure method for data storage and communication related to digital assets.
The project has gathered support and use cases from various members of the Polkadot ecosystem, including Archisinal, Aventus, and Mandala Chain. They believe that AssetDIDcomm can improve data security, transparency, and efficiency in various industries, including planning, construction, and government projects.
The main problems AssetDIDcomm aims to address are centralized storage, security and access, and data manipulation. By providing a decentralized solution, the project hopes to increase investor confidence, improve accountability, and reduce costs associated with data breaches and forensic investigations.