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In the last year there was a considerable discussion on the tokenisation of physical resources. That is, having something tangible, like a gold bar, represented by a token on a blockchain, like Ethereum or Bytom, so that there is an immutable record of ownership of the good. This resource can then be exchanged or sold without the need for an intermediary to keep a record of the transaction – and take a commission for its problems – thus making the transaction safer, faster and cheaper.
It is not only the gold that is tokenized. Other precious metals are also marketed using blockchain technology. Shares, bonds and shares are said to be forthcoming and security token offers are an incarnation of this move. In fact, STOs are strongly suggested to be the next big thing.
It seems that everything that is worth something is ripe for tokenization.
So, everything is Tokenizable?
Any blockchain capable of executing an intelligent contract (such as Ethereum and Bytom that I mentioned earlier) offers the possibility of having a partial ownership of a resource. Recently, The famous painting by Andy Warhol, & # 39; 14 Small Electric Chairs & # 39; was tokenised and sold at auction. Over 800 bidders bought a 31.5% stake in the framework, which had a reserve price of US $ 4,000,000.
But who gets to hang it in their dining room and for how long?
I do not think anyone really has the opportunity to have this piece hanging on a wall in their home at any time, but if this were not a painting but a luxury yacht. Not many of us can only go out and buy a luxury yacht, but what if twenty people want and decide to buy one together?
You can perform this type of transaction by smart contract on a blockchain. Twenty YCHT tokens could be issued and each owner will receive one. They would have a record of immutable property that they could trade or sell to another party at any time. But the token would also show how long that person would be able to have on the yacht. In fact, in an IoT-like way, access to the boat could be limited simply by not having the right digital ID-based credentials with you when you start the yacht's engine. There is a lot more that can be achieved with an intelligent contract, but you get the idea.
The same functionality can be used for cars, vacation homes, leases, the list goes on, and there are a lot of companies out there trying to make these things happen right now, but I do not want to get into those here.
We want this?
Since most blockchains are decentralized and, therefore, do not have central government bodies that can confuse the record as they please, the smart contracts that allow people to share ownership of a property among themselves is an ideal solution. . However, disputes could prove to be a problem.
Let's say that the owner's poured apple juice 5 has spilled all the backseat of the shared car. The owner 7, the next user of the car, detects the damage and asks the owner 5 to pay for the cleaning. The owner 5 says that the spill occurred before they took the car. What then?
One idea would be to have CCTV in the car so that other owners can check through the movie to see what really happened and decide who should pay for what. But this is veering toward a 1984 Ortopian panoptic totalitarian mess that society should aim to avoid.
Smart contracts run on Ethereum, Bytom, Stellar, or any other capable blockchain are certainly able to simplify our lives. However, smart contracts are still in the pipeline, and we need to work hard with them before they can be implemented in completely traditional applications.
