Singapore-based Ocean Protocol Foundation and London-based Mattereum have agreed to collaborate on a legal framework for rights over digital assets, a move that will deliver internationally enforceable data trading contracts.
The partnership will provide international enforceability and dispute resolution for Ocean Protocol’s data marketplace. It will leverage Mattereum’s smart APIs for the legally-enforceable transfer of property rights, and the resolution of disputes arising from these transfers, into Ocean Protocol’s decentralized data exchange protocol that opens up data silos to power artificial intelligence.
Mattereum will bring a mix of technical and legal expertise to the provision of legal enforcement and dispute resolution, using Ricardian contracts and Mattereum’s dispute resolution protocol. This enables enforcement of contracts in over 150 jurisdictions worldwide, using Mattereum’s panel of arbitrators, mediators, and technical experts. Supporting Ocean’s decentralized data marketplace, this will enable safe and secure trading of data and processing of services for a worldwide market of enterprises, governments, and startups.
Data is quickly becoming the world's most valuable resource. Creating ubiquitous access to this resource in a controlled manner is critical to prevent and remedy malicious behaviour. The Ocean Protocol Foundation is excited to be working on this bleeding edge with Mattereum to help design a legal framework for a decentralized future.
Trent McConaghy, Ocean CTO and Co-founder, said: “Ocean’s partnership with Mattereum will set a robust foundation for dispute resolution in our network. Mattereum brings deep experience in legal rights transfer and enforcement, to help Ocean users cleanly and fairly address disputes that will inevitably arise.”
Vinay Gupta, Mattereum CEO, said: “Mattereum clears legal obstacles to the full integration of the digital and the physical world. Ocean Protocol’s team includes the blockchain’s leading thinkers and creators of systems for trading intellectual property and digital assets. Together we’ll demonstrate solutions to problems faced by the whole blockchain industry, and we’re very pleased to make this our first commercial partnership.”
Ocean Protocol Foundation aims to make data universally available for the benefit of humankind. The Foundation provides governance to build a thriving ecosystem for data sharing and sets guidance for technologies that can power a new data economy. The Ocean network is a decentralized data exchange protocol that enables the sharing of data while guaranteeing control, auditability, transparency and compliance for all actors. The network empowers developers and curators to create new and innovative data services, while protecting data owners. The Foundation is a non-profit entity based in Singapore.
Mattereum (MTRM Industries Limited) creates and manages the legal and technical systems required to implement the control and transfer of rights in material and intellectual property as well as digital assets, enforced by an international commercial arbitration court. Based in London, with a team comprising programmers and lawyers, Mattereum was established to bring the power of blockchain software to legal contract execution and to provide reliable legal interpretation and enforcement to digital trade. Mattereum is the first Internet of Agreements (IoA) infrastructure project.
“What will the partnership between Mattereum and Ocean Protocol Foundation involve and why is it important?” - read in our blog