Blockchain technology applications beyond cryptocurrencies: is it possible?
Blockchain technology, which in Spanish translates to “chain of blocks”, is a large shared and public database that records all purchase and sale operations in real time. As the name implies, all these transactions are recorded in blocks that make up a large chain.
In simple terms, the blockchain is a digital book in which data such as the amount of money that was sent and received, to which address it was sent, among other variables, are recorded.
The interesting thing is that this system is completely decentralized, that is, it does not depend on any government or any traditional financial entity, since it is distributed through “validators”, computers that say “yes” and approve the transactions, and “miners”. ”, which are responsible for solving complex mathematical problems and writing in a block. Then the validator again takes that block and writes it to the big blockchain.
This technological method, which is used for all cryptocurrencies such as Bitcoin, has several advantages: on the one hand, it is impossible to hack, since to change a block you have to change the entire chain; on the other hand, it is public and transparent and anyone can know what transactions and money movements an address made.
However, its use goes beyond digital currencies: there are companies that have taken this technology and applied it to revolutionize traditional industries.
“Blockchain must be understood as a ‘cross-industry’ technology, that is, it can be implemented in various industries, as the internet was and is. The blockchain is, in essence, a super efficient distributed database to maintain balances, record their historical movements, process and validate transactions of the assets that make up said balances, have authorship over who authorized and processed each movement and transaction; and expose said information in a transparent and immutable way”, explains in detail Leo Elduayen, co-founder & CEO of Koibanx.
And he lists: “These characteristics make it a very useful base technology in products and solutions for not only financial companies but also logistics, traceability, identity management and digital certainty or registration, among others.”
These companies are revolutionizing their industries with blockchain: what they do and how they did it
It is a company that offers an asset tokenization platform for financial institutions.
What does this mean? In simple words, Koibanx managed to develop a technological process by which a financial asset is represented in a blockchain digital asset. This process is called “asset tokenization” and allows the token in question to be bought and sold in a 100 percent digital and decentralized manner. In addition, the transactions of this asset become transparent, secure and programmable.
To date, Koibanx has tokenized more than five different asset classes in banks, finance companies and governments in Latin America. For example, it tokenized commodities, placed credit portfolios, credit invoices, trusts, fiduciary money -such as Uruguayan, Mexican, Colombian and US dollars-, bank guarantees and securities.
The firm was founded -and is currently led- by Leo Elduayen, an outstanding entrepreneur, benchmark and pioneer of the crypto ecosystem in the region, with a past in MercadoLibre; and Edy Weber, a technology executive with more than twenty years of experience, with a past at El Sitio, Avenida and Officenet. The curious thing is that the Koibanx platform can be used by any programmer who wants to tokenize assets without limits or restrictions, since it is a system exposed through APIs, a technological bridge that serves to unite two apps and make them interoperable.
Real estate tokenization
In recent times, in the real estate segment, the tokenization of real estate gave much to talk about. This is a new trend that, in simple terms, consists of transforming a real estate asset into a token that is stored on the blockchain. Then, once it’s turned into a digital asset, it’s put up for sale.
Also, in the real estate industry, there are already companies that create tokens that represent properties under construction, and put them up for sale to generate liquidity in that real estate project; and thus begin to raise capital to continue the work.
One of the most popular exponents in this industry is Álvaro Castro Burgueño, CEO of Che Token , an Argentine real estate developer who has been working in the real estate industry since he was very young and specialized in the urbanization segment.
BAG -Blockchain Art Gallery-
Thanks to the blockchain, artists can now monetize and sell their work without limits or restrictions; and, for their part, art collectors can buy digital, curated works of art with cryptocurrencies.
In this context, one of the platforms to buy art is BAG -blochain art gallery- , a digital art gallery that is made up of a network of artists from Latin America. This marketplace runs on Ethereum, the most robust smart contract network, and all art is traded with the “ether” token.
It should be noted that BAG raises the banner of the “democratization of art” so that more people can enjoy it from a place of well-being -and not luxury-; and so that more artists can live off their talent. In addition, it has two major differentials: The first, which uses “Lazy Minting” (or “lazy minting”), which means that the artist has no cost when selling a work. Second, in this marketplace you can not only find a large catalog of artists and lists curated by experts, but users themselves are invited to get involved in the validation process. Those who participate in this initial decentralized curatorship can vote and rate the works of the artists and obtain rewards for this -the entire community that participated in the curatorship of that work, participates in the distribution of 1% of the sale value-.
The video game industry in 2021 had a turnover of 178 billion dollars and it is expected that by 2025 it will reach 268 billion. With the incorporation of blockchain technology and P2E models, the door to decentralization is opened, and players now own digital assets that they can trade or simply collect. A few days after the whitelist sale was launched, a new game – Koins.run– runs with the advantage of having capitalized on the collective teaching of the industry and today stands with great expectations. Video games are no longer what they used to be and in this case Koins, which is developed on the Polygon blockchain, will use a dual economy system made up of a utility token and a governance token. In addition, the Koins will be collectible since the NFTs universe will have a limited and exclusive number of Koins.