When it comes down to distributed ledgers, the current technology employs two main protocols- Proof-of-Work and Proof-of-Stake, both of which are beneficial to the market, and perfect for digital currencies. However, in terms of facilitating asset liquid and helping avoid the main procedures associated with stock market compliance, BANKEX has decided to create the Proof-of-Asset approach, which is bound to be more beneficial for real world assets.
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Due to the growing demand for blockchain technology in asset liquid, the Proof-of-Asset protocol developed by BANKEX works by enabling information to be passed on and verified in real-time, directly on the blockchain network.
To put things better into perspective, by employing Internet of Things (IoT) technology alongside with Artificial Intelligence, BANKEX can build its Internet of Assets (IoA), directly on the foundation of Bank-as-a-Service (BaaS). The Proof-of-Asset (PoA) protocol is more beneficial to the market, and BANKEX is committed to turning this technology into the new industry standard when dealing with the creation of brand new decentralized capital markets in a multitude of business niches.
So far, plans are to make the BANKEX PoA protocol available for a variety of third party providers, such as traditional financial institutions, numerous types of asset owners, AI and IoT labs. With this new technology, BANKEX can make normal transactions on this market more transparent, faster, and of course, a lot more reliable.
With the new protocol, BANKEX will attempt to eliminate a wide variety of issues that financial markets are currently facing, such as basic communication hurdles for asset owners, the blurred discrepancies of cash flow due to the high dispersion of assets, the long wait-time for the desirable liquidity of assets, the inability for small firms to enter the financial market and attract investors, difficulty of withdrawing assets, extremely high accounting/legal spending, and last but not least, the difficult process associated with tracking the life cycles of assets needed for cash-flow generation.
The PoA protocol works by digitizing and verifying all available information about an asset prior to entering a smart contract, creating tokens for the assets in questions, transforming the smart contract into a smart asset (escrow service provided), facilitating easy asset trading on the market and adjusting the ask price to the current demands and offers, dealing the asset, and guaranteeing its delivery through proof of mining, therefore finally delivering the asset to the investor and storing it in his asset. Once the process is over, the token is then given to the originator, or the asset owner.
Currently, this protocol can be applied in numerous industries around the world, such as real estate, retail franchise networks, fintech institutions and non-profit organizations.
At this time, BANKEX is supported by 10 banks ($431 billion capitalisation in total), but also high-ranking technological companies such as Microsoft. The innovation has also led to BANKEX being ranked as one of the top 50 fintech startups in the world. Success is clear, with over $10 million in committed funds during the open pre-sale and $1.5 million during the pre-ICO stage. BANKEX has successfully initiated dialogue among the members of the crypto community, and now their token sale date has been set – November 28th 2017, don’t miss out.
For more information about the project, users can check out the website, whitepaper and facebook.
