"BankEx" Proof-of-Asset-Protocol. ICO LIVE.
The abbreviation BaaS is increasingly encountered in the description of new startups. BaaS (Bank-as-a-Service) is a new business model, the essence of which is to provide the latest financial and technological solutions for both corporate clients and individuals, while respecting all legal regulations of the participants. Simply put, it is an ecosystem that provides easy access to the latest financial services with the settlement of all legal issues.
Business integrating with such a platform receives large market coverage, high competitiveness, simplicity of interactions, high speed of work, the possibility of integration with other companies and banking systems, and the latest technological solutions in the field of finance.
One of the companies based on the work of the BaaS model is Bankex.
Bankex, in its ecosystem, will provide an opportunity tokenize any real assets. The concept is called Smart Asset Tokenization (Smart Asset Tokenization). Manufactures, businesses and other businesses, as assets, will be able to attract financing by creating their tokens with the help of Bankex.
The Bank-as-a-Service model and the Smart Asset Tokenization concept form the Proof-of-Asset protocol (asset proof), which is fundamental in the Bankex ecosystem.
In the work of the protocol, there are three main participants: the supplier, the owner of the product and the initiator. A supplier is the owner of a tokenized source resource that decides to tokenize an asset, cash flow or product. The owner of the product is a company that owns the architecture to create smart assets. In the Bankex ecosystem, the owner is Bankex Labs and the company Findelivery. The initiator is someone who owns a tokenized asset. In theory, the initiator has two faces. The first is the possession of the tokenized asset, and the second is the role of the showcase for the tokenized assets of other initiators. For example, a bank can be the owner of tokenized assets, which itself initiates. The role of initiators in our time can play banks, insurance companies, exchanges, ecosystems using finteh.
Example of a bank as an initiator.
If it is impossible to obtain a business loan under current banking rules, the bank can offer a business tokenization, since crowdfunding is excellent in this case. Business can attract missing capital, and a bank can retain its client.
The first thing is the initialization of the contract, and select the type of smart asset (physical goods, digital goods, financial instruments, etc.). Depending on the type of smart asset, the processing logic and data required for the token are predefined. The initiator fills in all the necessary general information, the reliability of which is later verified from external sources. Further, an audit is conducted from a third party. The next step is to configure the legal conditions required for the product. The last step is the proposal of a smart contract that has a formed price and its own token.