The word "ownership" originated in the 1580s, from owner + -ship. The word "owner" originated in 1200, ouen, "to possess, have; rule, be in command of, have authority over;" from Old English geagnian, from root agan "to have, to own" (see owe), and in part from the adjective own (q.v.). It became obsolete after c. 1300, but was revived early 17c., in part as a back-formation of owner (mid-14c.), which continued. The origin of "+ship" is from 1300 as "to acknowledge, admit as a fact," said especially of things to one's disadvantage. word-forming element meaning "quality, condition; act, power, skill; office, position; relation between," Middle English -schipe, from Old English -sciepe, Anglian -scip "state, condition of being," from Proto-Germanic *-skepi- (cognates: Old Norse -skapr, Danish -skab, Old Frisian -skip, Dutch -schap, German -schaft), from *skap- "to create, ordain, appoint," from PIE root *(s)kep-, forming words meaning "to cut, scrape, hack." Proof of ownership and decreasing the number of counterfeit and stolen goods is a problem that blockchain is working to correct. According to the Economist , "estimates for the total value of fakes sold worldwide each year go as high as $1.8 trillion." Imagine the impact to a P&L if those "fakes" are taken off the market. The sale of fake merchandise results in losses for consumers and companies. Every year, the insurance business has to pay out approximately $150 million in relation to jewelry theft. When purchasing a diamond ring at a jeweler, it is easy for the corresponding certificate to say one thing, but for the ring to be something entirely different. A fundamental property of the blockchain is that, once something is on the blockchain, it cannot be altered or counterfeited. Once an asset is listed on the blockchain, ownership is immutable unless the owner verifies a change. "Ownership" has been around for over eight hundred years and we are still trying to verify true ownership of an asset. Can blockchain finally take the guesswork out of ownership and automate trust?
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