Proof-of-Asset Tokenization

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 MVP product, and it signifies a solution for business.

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 send shivers down your spine. So our Proof-of-Asset protocol allows you to tokenize your two cars and earn money from them. You protect your token investments with secured assets.

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

It is important 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.

Demo-version is working on WebKit-based browsers.

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

Where to start

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 a form where you need to supply some initial info. Say you have selected the car token, here you need to fill in all the information about the car that you would like to tokenize. Your contact info is required as well. On this demo you don’t have to use real information. The smart asset can be created even leaving the form blank.

This demo is provided to demonstrate the process of creating a smart asset, so strict restrictions for data input are not placed. The form includes the option of including a KYC-provider, followed by information on the car (color, mileage, manufacture year of a model, VIN number).

After you fill in all the information, it will be recorded in the 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 might be problematic for some people, we offer 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 more 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 include 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 can be 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 improve 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.

If some data is sent via the app, you will be able to collect it on the page of your smart asset. There is a button for this operation.All IoT data is recorded on the blockchain.

The value of an asset depends on the results of its validation. IoT helps us prove the authenticity of the provided information. The data from IoT includes geolocation data, photos and other sensor data. The next steps are evaluating the asset then releasing the token to the market. You can also share your smart asset on social media platforms.

Congratulations! You just successfully created a smart asset.

— I think BANKEX is trying to tackle an important problem. And that problem is asymmetric information in various markets. Canonical example and where BANKEX can potentially help is financial markets.
Constantine Kurbatoff
Chief Strategy Officer, BANKEX
— Banking-as-a-Service (BaaS) is a new model of banking based on cloud computing structures of digital banking.
Chris Skinner, BANKEX advisor
FinTech Titan, Chairman at the Financial Services Club