When you send a Mifiel promissory note for destruction, the associated unique digital is sent to an address on the blockchain no one has access to
Once the debt supported by a promissory note is paid in full, this debt instrument must stop circulating. With physical promissory notes, the way to do this is to destroy the original note (since only one copy exists) or to hand it over to the debtor. But with electronic promissory notes, how is the original copy destroyed since an electronic document can be copied endlessly?
Mifiel’s solution allows to do it. Since the moment of their issuance, Mifiel’s promissory notes receive a folio which is irreversibly associated to a unique digital asset generated on the blockchain. This way it is ensured that each promissory note is unique.
When the electronic promissory note needs to be destroyed, the unique associated digital asset is sent to an address on the blockchain no one has access to. Think of it as a tamper-proof safe deposit box whose only key was thrown away. You can put the promissory note inside this box, but you can’t take it out since the key doesn’t exist anymore. By not having access to the promissory note, it cannot be transferred nor its debt collected.
The same thing happens with the Mifiel promissory notes: once they get to the destruction address, no one can get them out to transfer them nor to collect its debt.
Therefore, when a Mifiel promissory note involving you is destroyed, you can rest assured that this destruction is definite.