The famous author Don Tapscott stated, regarding the manner in which blockchain is changing money and business: The first generation of the digital revolution brought us the Internet of information. The second generation — powered by blockchain technology — is bringing us the Internet of value: a new platform to reshape the world of business and transform the old order of human affairs for the better. Blockchain is a vast, global distributed ledger or database running on millions of devices and open to anyone, where not just information but anything of value — money, but also titles, deeds, identities, even votes — can be moved, stored and managed securely and privately. Trust is established through mass collaboration and clever code rather than by powerful intermediaries like governments and banks.
Exactly these advantages mentioned by Don Tapscott have been utilized the most, in order to develop new cryptocurrency startups, like recent BankEx
.
BankEx is built around a protocol that uses a combination of BaaS (Bank-as-a-Service) and blockchain technologies to address the banking non-fungible asset liquidity issue.
In order to reach the best results possible, the team at BankEx is developing the BANKEX Proof-of-Asset Protocol — a sequence of actions that lead to digitizing and tokenizing assets. The asset that is tokenized is already liquid but, fortunately, increasing its liquidity is possible. In order to do this, the protocol is used — this applies IoT technologies and external data sources to help evaluate the assets. The Proof-of-Asset Protocol allows BankEx to tokenize assets. This process of tokenizing involve two primary actors: the asset owner, the counterparty; with bankEx acting as a platform. These two actors need to establish a relation between them — for example, the asset owner can lend his asset, sent it or use it as a deposit. This can be applied to various
situations, such as car rental service, car sharing, commodities, real estate applications and so on.
A question may come up now: would you be able to tokenize something like a car? The answer is Yes! First you need to create a digital asset that contains as much information as necessary to represent the real life asset in terms of its value. BankEx would be able to track further development of the asset using IoT sensors. For example, certain electric cars allow you to evaluate information such as mileage using a built in API. This makes tokenization then a rather straightforward process; but for a traditional car this would require installing some additional hardware. The team at BankEx is currently developing a series of smart contracts that are used for tokenizing different asset types.
However, smart contracts can not exist without connection to the real world. A general problem of smart contracts of this kind is that a smart contract is unable to get additional information (on the asset is represents) from external sources, on its own. That’s is why BankEx wants to provide this with information where an external data source, known as oracle (which are widely used in blockchain such as Etherium). One of BankEx’s current task is the creation of such oracles. They need to be fast, reliable and trusted because the blockchain technology relies on track between users.
So, oracles and smart contracts form the core of this technology. The next stage of the
UI and the UX will enable users to operate this technology in a convenient user-friendly way. BankEx is using Microsoft Azure technology which provides a reliable cloud hosting for the elements that could not be implemented in blockchain entirely, such as additional information, images, documents or other data. The blockchain technology has limitation regarding this side of the object, that is why Microsoft services were chosen. BankEx is constantly making components of the protocol publicly available on Github and will soon present its technology as a complete process.
Moreover, the organization demo is currently available and being tested for real estate applications and car services.
Learn more about BankEx and the token sale at https://bankex.com/en/.
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