At Rate3, we initially wanted to build a blockchain-based settlement and clearance network for businesses. We previously written on the vast gap between enterprises and blockchain, and decided to take on a larger goal to bridge enterprises to the blockchain through cross-chain asset tokenization and identity management.

Imagine the future where any assets such as fiat, loyalty points, gift balance, housing deeds can be move securely to anyone (consumers, third-party apps businesses) in the world via blockchain. We built a Ethereum demo dApp to showcase how Rate3 Tokenization Protocol can be used to tokenize Singapore Dollars (SGD). Give it a whirl here!

Tokenization is only one half of the story. How else can you improve the security, accountability and overall experience in the system? How can we streamline existing processes done by enterprises via blockchain?

Rate3 Identity Protocol

This is where our identity protocol comes in. It serves two key functions:

A shared identity registry for all registered entities

Having a shared identity registry paves way for a shared reputation system in Rate3 ecosystem of trust companies, token issuers and users. Claims by trusted parties can be made against registered entities on the registry. These claims can be accessible by both web application and smart contracts. Some examples of claims can be identity documents attestation claims made by notary services, Facebook verification claims from apps, or even business membership and rewards.

2. An interoperable cross-chain identity

For shared identity system to benefit more stakeholders, it should be interoperable between different blockchains to support interactions with enterprises or dApps on different blockchains. For example, a user might be using a data attestation dApp on Ethereum and also making payments on Stellar network.

In summary, Rate3 Identity Protocol provides a single decentralized identity profile and allows for increased attestation and third party verification in the Rate3 ecosystem.