Technologies become something that is continuously improving our lives. The purpose of the existence of technology is to make our lives easier, more efficient and effective for doing things to minimize energy and time. BANKEX comes to offer those benefits to us. You might ever hear about this one. BANKEX Proof-Of-Asset Protocol (POA) is a decentralized capital market and create a new system to decentralizes assets and contracts. The development of this system is supported by Artificial Intelligent and Internet of Things.
BANKEX combined team of developers, scientists and product managers who are capable of building innovative products on blockchain to create a strong team. Proof-of-Asset Protocol can be defined as a system that solves the problem of assets. It can be solved even when the problem is not understood by liquidity. How does this work? PoA uses a mix of Bank-as-a-Service and blockchain technology. In a simple explanation, BANKEX takes clients assets to change them or convert it into money. Bankex builds as the business problem solution in digital era.
Cases and Technology Used in BANKEX
- Proof-of-Asset Tokenization
BANKEX makes the possibility of a new capital resource for real assets through decentralized public banking. They already released a demo version of their products. PoA provides new resources including real asset in FinTech platform crypto centric. They have made MVP products and giving new insights of a business solution. A simple example is when you have two cars, and you want to get income from it, Proof-of-Asset protocol will help you tokenize both of your cars and getting money from it with protecting your investment with secured assets.
The first step is after you use MetaMask, you can choose which smart assets that you want to create. Right now, there are three types available: car tokens, real estate tokens and Apple device tokens. After choosing it, you will be directed to registration form needed to provide some beginning information. Let’s say; you have chosen car token, here you will fill all the information required for cars that you want to tokenize. Don’t forget to fill your contact as well.
All the information you have filled are recorded in the blockchain. Next, the step requires MetaMask to pay the transactions. Robsten Eter will be achieved if you have a GitHub account. There is an alternative solution because this method could be problematic for some people. Users can receive a small amount of Robsten Eter test from us.
After making smart assets from particular types, you will be directed to a new page with a more detailed description. Some QR codes will be shown here, showing smart contract address and transaction address. This QR code is necessary if you want to input additional data into the asset using cellular application. In this version, the application duplicates sensor of the Internet of Things.
The cellular application is fully optional; this smart asset can be created even if the data from IoT is not included. But, IoT data used to get information accurately about the asset and as for the result, to improve the accuracy of asset evaluation. Scanning QR code can use cellular application. You give asset number to make the possibility of application identify asset needs to be attached to IoT data. If some data sent through an application, you can collect it on the page of your smart asset. There is a button for this operation. All of IoT data recorded in the blockchain.
The result of value depends on validation result. IoT will help us to prove the authenticity of information given. Data from IoT includes geolocation, photo, and another sensor data. The next step is evaluating asset then release the token to a market. You can also share your smart asset to social media platform on your phone. Finally, you’re just made a smart asset and welcome to find the business problem solution in digital era.
- The Implementation of Plasma Protocol on Bankex System
BANKEX did an amazing job in developing the implementation of plasma protocol. They are releasing an evidence about the Exchange network of Plasma Protocol ETH concept. What is the function? It is designed to create ETH delivery transaction cheaper and efficient. There is multisignature or no smart contracts transaction allowed in this blockchain. With the use of block structure, algorithm and transaction can reduce transaction cost and makes it more efficient.
Up until now, Ethereum can do until twenty transactions each second. Also with the continuous development of ethereal, transaction cost keeps increasing. BANKEX team on industrial sector improves the private blockchain that supports Plasma Protocol. This is the first blockchain in the world which published for public audit. The good news is, BANKEX gets feedbacks directly from people. According to Vitalik Buterin, BANKEX gives the solution to increasing the transactions up to 100.000 per seconds without cost on almost all transactions. This would not be exaggeration if we called Bankex as the business problem solution in digital era.
- Mortgage Bond Contract PoC
The other technology is, BANKEX released a demo of how to make the Mortgage Bond Contract. It is a demo for the generator of BANKEX Mortgage Bond Contract. An achievement is obtained by us for winning the first prize attended by Vitalik Buterin judges in Hackathon Blockchain in Kazan (28 August 2017). The use of this application is to make the possibility of household or real estate owner to make this contract.
From this demo, we will guide you through every step that you require to understand for create the mortgage contract. With some modification on it and closing mortgage agreement after all the obligations are fulfilled. The transistor of mortgage contract into blockchain format is the interesting development in fintech. Right now for starting and changing interest rate in a mortgage it needs borrower’s signature, Pledgee and a representative of the institution (in this case is Depository) and the State Registry. It means that all parties involved must attend the local office.
This action requires a lot of time and energy to coordinate, and might be a pleasurable process. This is where the generator of BANKEX Mortgage Bond Contract is needed. It makes the process more efficient and more simple, without any needs to direct meeting. With this way, Borrower can obtain a mortgage from the field, and all of the parties capable to control it from far.
The concept of plasma protocol is to build blockchains that controlled by some high blockchains and the possibility of solutions to scalability problems. (in this case, Plasma PoC of Bankex controlled by main Ethereal network). In here, BANKEX believes that increasing of efficiency can be reached by disassembling some of the transactions from Block Etiquette to Plasma Chain, first if given the incentive to Plasma Operator.
The other benefit is an implementation of flexibility Plasma network allows you to do an evaluation effectively by contract in the parent chain. Through adding the new primitive cryptography in Metropolis. Someone can widen the implementation of PoC with a transaction that benefits xkSNARKs ring to final privacy user. Our PoC with transactions that utilize zkSNARKs signature for end-user privacy. Based on these benefits, it’s feasible to call Bankes as the business problem solution in digital era.
- BANKEX Trust Service
As the business problem solution in digital era, BANKEX provides the trust serves as a secure decentralized Agreement and Transaction. It’s a developed technology of Trust Service to save and confirm transaction in a blockchain. A year has released an alpha version of Trust Service, a handshake that decentralized to save the details of agreement and transaction in a blockchain.
The meaning of Trust Service itself is an Ethereum model possibles to certain parties of making and accessing money transfer decentralized and additional important information for detail transactions such as contract condition. The purpose is to preserve and confirm identity and condition of transactions, contracts or blockchain interactions to independent verification in a distributed network.
Nowadays, most transactions blockchain made without any agreements tied. If you knew the person personally, it would be okay, but if you don’t, and you just sent someone an access code to your wallet maybe it will be a kind of dangerous. If you transfer some money to other people, make sure that you will get what you have agreed to pay.
Trust Service from BANKEX also facilitates the making of “transaction stains” that installed in the blockchain. Documents photo or even screenshots from a chat room in Telegram, a user can install until ten documents in any formats, including data files, photos, PDFs, or legal agreement that actually for confirming facts regarding conclusion and terms & conditions. Information about location and participant identity in transactions can be added to close the agreement confidently.
In a simple explanation, Trust Service give trust to both of parties in an agreement and transaction without intermediaries like notaries and legal professionals. With Trust Service, the parties not only receive notes from transaction stains but also make sure that their privacies and securities are safe. The data will be saved in a Microsoft Azure Database, guaranteed safe and cannot be accessed by other people except the owner of a cash transaction.
BANKEX Trust Service makes use of Proof-of-Asset protocol, and it’s a type of development product and implementation of tokenization technology BANKEX asset. The purpose is to make the possibility of people and companies conserve and confirm the condition of the transaction, contract, or another interaction to advanced independent verification in a distributed network. It will protect both parties facing the possibility of document loss, many forms of violation contract regarding the condition of agreement and fraud.
BANKEX is set to be a mega ecosystem in a field of asset market. This thing happened because liquidity in asset market is not too accurate. Provide the accuracy will be one of an important point fixed by BANKEX as a platform looked by an investor. With the combination os, some technologies like Blockchain, IoA, IoT, and PoA continue to perfect BANKEX as a solution to all of the problems happened right now in the traditional asset market.
For more information, please follow this link below:
- Ann Thread: https://bitcointalk.org/index.php?topic=2013627.0
- Website: https://bankex.com/en/
- White Paper: https://bankex.com/en/whitepaper