IoT blockchain Integration Adapter

BANKEX — Integrating IoT Technology
to Proof-of-Asset Protocol

BANKEX has developed unique technology to integrate IoT sensors and a wide range of external oracles to the Proof-of-Asset Protocol to enable cash flow monitoring of tokenized assets.  As a demonstration of this capability, BANKEX Labs has designed a prototype integration with the Xiaomi family of smart devices for the home.

BANKEX products and services provide asset owners with  access to multilevel asset management that offer freedom, security, and real-time convenience.

The technology behind the BANKEX Proof-of-Asset Protocol is a versatile and integrates a range of existing and emerging technologies for services that goes far beyond the tokenization of real assets.  A key component of this technology is the capacity to integrate with IoT devices to create versatile asset management that merges fintech with an unprecedented user experience.  BANKEX Labs has developed a Sandbox prototype integration for the Xiaomi family of smart devices for the home to demonstrate how tokenized real estate assets can be monitored in a range of different ways.

The Xiaomi brand of smart devices for the home are next generation IoT systems that offer homeowners the convenience of managing household systems remotely through a mobile device.  BANKEX technology is capable to accessing and integrating the smart-home beacons through the DeviceHive platform to offer multilevel asset management. With BANKEX, asset owners can not only monitor doors, lights, appliances and the activity of individuals in a home or apartment, but if the real estate object has been tokenized, owners can also monitor cash flows for real estate assets that function as revenue generating objects.  BANKEX achieves not only the tokenization of real estate assets, but unlocks the potential of IoT technology to deliver a completely new user experience in asset management.

In leveraging IoT technology for real estate tokenization, BANKEX offers new and never before possible advantages to sharing economy services don’t provide currently.



 Next generation security in apartment sharing. Thanks to IoT sensor technology, apartment and homeowners have access to affordable remote security of their real estate.  They will be able to know who is present in the home or apartment, what devices are operating and internal conditions.

 Reduced costs for security and real estate management.  With the BANKEX integration of IoT devices such as the Xiaomi family of smart devices, owners have the option to avoid paying agencies or other third party service providers to manage the real estate object.

 The ability to share revenue for tokenized home or apartment assets used in the sharing economy. 


BANKEX Labs has developed a Node.JS adapter to integrate the various Xiaomi family of smart-home beacons to the DeviceHive platform using the smart contracts in the BankEx Proof-of-Asset Protocol.

The BANKEX Labs Sandbox prototype implementation can track doors and windows to conform if they opened or closed and could be used to identify the presence of individuals in a home.  Data from IoT sensors are sent to the DeviceHive and then recorded on blockchain. BANKEX smart contracts provide asset owners to receive payments automatically. The unique flexibility of the BANKEX Proof-of-Asset Protocol allows multiple token holders to receive instant payments for tokenized assets.  

One of the necessary steps for IoT-enhanced assets is the procedure of integrating them with the IoT device control infrastructure. The procedure is shown on the schematic below:

In leveraging IoT technology for real estate tokenization, BANKEX offers new and never before possible advantages to sharing economy services don’t provide currently.

Next generation security in apartment sharing. Thanks to IoT sensor technology, apartment and homeowners have access to affordable remote security of their real estate.  They will be able to know who is present in the home or apartment, what devices are operating and internal conditions.

The backend consists of four primary server applications:

•  web3j-compatible connector to the Ethereum network node;
•  TLS-secured web server for serving HTTPS-requests for both API and frontend;
•  secured WebSocket server (\url{wss://});
•  DeviceHive\footnote{\url{https://devicehive.com/}} server for IoT device management.

Let us describe the full process of integration in the case of a web-application (with a MetaMask extension installed) and the Android IoT App

  1. The asset owner selects one of the types provided.
  2. Initial data on the asset is filled in by its owner. After all the information is filled in, the user initiates the procedure of publishing the asset on a blockchain by using the contract function via MetaMask. On this stage we learn the newly created asset’s unique identification, which the client receives following a successful transaction.
  3. After receiving the asset ID, the web interface moves on to the next step. The first thing that is required is a backend connection between the ongoing web-session and the ID of the newly created asset, which is done using a WebSocket connection. Until this step only the client and the blockchain are aware of the asset, and unless it is taken backend won’t be able to send events from the server, if they are linked to the current asset. A WebSocket connection solves this problem.
  4. To connect the asset to IoT devices, the web page displays a specially generated QR-code, containing a link to the asset ID http://iot.bankex.com/ASSET_ID.
  5. The user scans this code using the BANKEX IoT App. If it’s not installed, the code can alternatively be scanned by any QR-code scanner application, which is going to open the link in a browser, automatically redirecting the user to App Store or Play Market to download the application. Deep-linking support allows the application to be launched with additional parameters, including the asset ID, immediately after installation, which helps prevent scanning the same QR-code twice.
  6. BANKEX IoT App is now ready to connect the asset ID to the ID of the device, which the application already knows at this point. In a simpler case, the BANKEX IoT App already supports the phone’s sensor identification, which requires no additional tools to demonstrate capabilities. External sensors can also be added using this application.
  7. The device contacts API, sending two key parameters: asset ID and device ID. This information is also shared with the DeviceHive, where the new data is automatically registered, as well as WebSocket to inform of the client’s newly added device.
  8. At this stage, the device ID is not yet added to the Smart Asset, although it is visible in the web client in the list of devices available to be added. To finish the integration, the user must confirm the device using the function in MetaMask. This transaction can charge additional Ether or BKX-tokens to credit the oracle’s IoT event execution expenses.