We have released a demo-version for BANKEX smart asset creation

BANKEX enables new sources of capital for real assets with publicly auditable decentralized banking. We have released a Demo-version of our product, the Proof-of-Asset Protocol, which provides new sources of capital for real assets on a crypto-centric FinTech platform. We have created a demo-version, and it signifies a solution for business.

Here is an explanatory video:

The best example is a simple example. So imagine that you own two cars. Your biggest wish today is to earn an income off them, but just the thought of all procedures associated with it sends shivers down your spine. So our Proof-of-Asset protocol allows you to tokenize your two cars this evening, and by tomorrow morning you’ll have your money. You protect your token investments with secured assets.

Imagine the limitless possibilities that the Proof-of-Asset Protocol can open for your business: access to capital made faster and easier. Take a look at instructions for our app.

It is an important step as we managed to implement all the steps of our Proof-of-asset protocol there. This BANKEX demo allows you to create a smart asset using Ropsten test blockchain.

In order to use the demo you will have to install the MetaMask plugin first. You can use this guide for it: https://blog.bankex.org/how-to-buy-ethereum-using-metamask-ccea0703daec

After you log in using MetaMask, you can choose the type of smart asset that you would like to create. Currently there are 3 types available: car token, real estate token and Apple device token.

A detailed instruction on how to create a smart asset can be found here: https://blog.bankex.org/creating-a-smart-asset-using-metamask-plugin-30a06bc75ea2

After you choose a smart asset type, you are redirected to the form where you will need to include the initial info. Say you selected car token, and are taken to the form as the first step of asset creation. Here you will need to include all information on the car you intend to tokenize, as well as your contact information. For the purpose of this demo, you don’t have to input actual authentic data. The smart asset can be created even leaving the form blank. In which case you will have created a smart asset with blank data. This demo’s primary value is to serve as a demonstration of the asset creation scenario, so we included no strict restrictions for data input. The form includes the option of including a KYC-provider, followed by information on the car (color, mileage, release year, VIN number).

After you fill in all the information, it is recorded in blockchain. At this stage you will need MetaMask to pay for the transaction. Ropsten Ether can be obtained if you have a GitHub account. As this is a challenging limitations to some, we have an alternative solution. Users will be able to receive small amounts of Ropsten test Ether from us (the transaction requires a fairly small amount).

Having created a smart asset of a certain type, you will then move on to a page with its detailed description. You will see several QR-codes here, containing the smart contract address, the address of the asset itself and the address of the transaction. The QR-code of the asset will be required if you would like to attach additional data to the asset using our mobile app. In this version, the mobile app imitates Internet of Things sensors.

The mobile app is completely optional — the smart asset is created regardless of whether or not IoT data is included. However, IoT data is used to obtain more accurate information on the asset and, as a result, to increase the accuracy of the asset’s evaluation. Scanning the QR-code of the asset using the mobile app, you give it the asset number — this allows the app to identify the asset that it needs to attach the IoT data to.

Imagine you sent in data via the app. Returning to the smart asset page, you will be able to press the button reading “Collect Sensor Data”.

This will allow you to pull the data sent by the app from the server into your asset. All IoT data is recorded on the blockchain.

The value of the asset increases together with its validation. IoT helps us prove the authenticity of the information provided. The data from IoT includes geolocation data, photos and other sensor data. The next step would be the evaluation of the asset, and release of the corresponding token to the market. Also included is the option to share your smart asset via social media.

NB! Demo-version is working on Google Chrome and Yandex browsers.