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See slides illustrating this.

A Physical Analogy

A physical world analogy is engineering reports filed with city building departments.  There are many engineering companies who would draw up building plans according to building codes.  These are reviewed, approved, and filed by the city building department, and then they are available to owners of the building as well as government agencies.  Here we are proposing to replace the equivalent of the centralized city building department with a blockchain hosted and run by the engineering companies themselves.