Blockchain can help energize and unlock the sharing economy by making it cheaper to create and operate an online platform. For example, transactions could be coordinated by self-executing smart contracts or performed at lower cost by other small competing providers. The next phase of the sharing economy can emphasize today’s inequalities or ease them, depending on the purpose of the technology itself.
Basically, blockchain is a different way of keeping track of a normative set of information, instead of storing the information in one central location the county records office, say, or Uber’s database, blockchain makes multiple copies and distributes them across all the nodes of a network. These nodes don’t have to be people, they can be things. This is what makes blockchain a potentially powerful accelerant of the sharing economy as it gives a property the ability to know who its owner is.
By using the blockchain technology, everyone can have a perfect record of who owns what. So let’s say a user rent out his car, by utilizing blockchain technology, that user could program the car engine to start only when a person reserved it, and automatically pay the owner, and shut the engine, once the renter leaves the car.
The problem with current sharing economy model is that, in most cases, the value produced by the crowd is not equally redistributed among all those who have contributed to the value production, instead all of the profits are captured by the large intermediaries who operate the platforms.
This is what BANKEX is all about, tokenizing everything and automate the process which in the end increase the value of sharing economy.
BANKEX Proof of Asset (PoA) connecting investors to any assets, by democratize the ownership of the assets and its resulting revenue streams instead of letting them fall into the control of centralized financial institutions. The platform will be applicable to any kind of assets.
The process of BANKEX’s tokenization is a process of token emission. Such a token is a smart contract that based on real asset. Tokenization is similar to securitization however it is operated on the blockchain.
The platform gives ability for the token to be used to own a single asset by a large number of investors. This condition would allow the owner of a smart-asset to attract a lot of funds via placement on the BANKEX stock market. A classic example would be shared ownership of real estate, where every person only owns a part of the real estate.
