What is considered a real asset?

We often use the term “real asset” and it is important to clarify that real assets are not just building, cars or operating businesses. Stocks and securities are good examples of real assets because they are things that are in essence virtual — their value doesn’t depend on the paper they are printed on, but the content of what they represent. They are papers, but their value is very real. Simply put, if something has value that is recognised by group of people, it is an asset. The substance of this value is the very same information that we want to record on the blockchain for future reference and confirmation, if necessary.

BANKEX technology is universal in concept. What is really important is that this our technology transforms an asset digitally and transfers it from the real world into virtual space that we call the Internet of Assets.

The digital transformation of each asset type realized individually. For example, if you want to digitize a car, you will need to install IoT sensors. These sensors must be placed in a certain way in the car to allow an application to collect data and convert it into a usable database form which will then be securely delivered and encrypted within a hash stored on the blockchain.

How difficult is it to tokenize an asset?

While the technological process of tokenization is fairly complex, BANKEX is focused on making the process for the end user, however, as easy as possible. To do this we need to develop a particular approach to each type of asset. For this, BANKEX and world class independent developers that we hope to attract for this procedure will create infrastructure. Ideally, the process of tokenization will be similar to a contract for an audit of the asset. For some assets, this amy involve no more than completing an online form. For others, a series of steps will need to be performed to inspect the asset.

As you can imagine, in order to digitize and tokenize the whole world, we at BANKEX have our work cut out for us. The actual amount of work depends on the variety of types, kinds and classes that various assets fall into. Once an asset class is tokenized, ordinary users will have access to open/closed source libraries. The accessibility will depend on the the developer’s choice, although BANKEX will be encouraging open source solutions. The owners of these types of assets will then be able to use ready-made tools to tokenize and sell their assets anywhere in the world.

So, the question about the difficulty if tokenizing an asset has several answers. First,it’s obvious that there is a lot of work to be done to make this a reality and it will take time. We can’t do everything immediately. However, as tokenization is not a technology of one-time use, but rather a service resembling, for example, the creation of web sites, we expect to get rather good at it and see pay offs in the form of faster and more elegant tokenization. Much like how digital agencies create websites for ordinary companies, BANKEX developers and other amazing developers working with is will create digital representation of assets within our Internet of Assets, the blockchain, based on our technology.

What is the technology at the core of BANKEX?

The core of the whole BANKEX platform and family of products and services is the Proof-of-Asset Protocol that is used for the digital confirmation and evaluation of assets. The Protocol is a unique array of blockchain and IoT technologies that confirms the existence and initial state of the critical properties of assets — those properties that constitute their value as assets — and the current state of the asset.

BANKEX is also in the advanced stages of developing technology that will comprehensively aggregate data and digitize it in a process often referred to as tokenization. In simple terms, the core BANKEX technology is about the digitization of critical data about the characteristics of an asset, its relative state or condition, ownership, location and other vital information that can be useful in a range of transactions involving the asset. Furthermore, the BANKEX Proof-of-Asset technology enables the never-before possible transactions with a range of assets that before were not tradable as such. BANKEX core technology literally creates new asset classes.