BANKEX is making bold claim that they plan to change the way we think of contracts and ownership. Through a process they call “fractional ownership and tokenization”, the company says their service will allow people to buy and sell what are essentially shares in various forms of physical capital.
This could be, for example, part ownership in an office skyscraper, a gold watch, a rental property, or a car among other options. We interviewed CEO and founder Igor Khmel to learn more about how this platform might work, and also what kinds of risks a token holder may face.
How would the group would deal with fraud? And specifically, what’s stopping someone from claiming that they own a 100-story skyscraper, tokenizing it, selling the tokens and then disappearing with the cash? As anyone who has spent time in the crypto world will tell you, cryptocurrency does have a tendency to attract fraud in various forms.
Igor seemed confident in both his organization and the technology behind it, saying:
“… the office building “owner” would have to provide the legal ownership documentation just like in any other real estate transaction, and a field exam to verify the condition of the building, number of units, etc would be conducted. Again these are all standard practices in real-property finance. ”
Igor’s claim is that fraud is prevented by first requiring boots on the ground due diligence by a trusted auditor before any assets can be put onto the blockchain. Continuing on the subject of an office building, Khmel went on to describe some of the benefits of tokenizing a building:
“The tokenization benefit will really kick in once the ownership of the building is legally transitioned onto the blockchain. An easy example would be 10 different start-ups sharing a co-working space with 10 offices and a large conference room; the parties can shift ownership of the conference room hourly at some low rent rate via the API. Next, let’s say one startup defaults on the lease and another is flourishing and needs more space they can buy the tokens for that additional office space in real-time on blockchain with a full audit trail; the purchase represents one additional office unit for one month. A new highly flexible smart-office building.”
Talk to the team: https://t.me/bankex
Source: https://bitsonline.com/bankex-buying-skyscraper-ethereum/
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