On November 15, the top experts of Intellectsoft Blockchain Lab went live for a 45-minute webinar on Tokenization, one of the enterprise blockchain concepts that lived up to expectations through the years. The webinar also welcomed one of the founders of Distributed Lab to explore the subject as comprehensively as possible. “Transforming the Enterprise with Blockchain Tokenization” tackled the areas of implementation, real-life examples, constraints, and more regarding the Tokenization concept, while also touching upon the state of affairs in the blockchain world in general.
The speakers of the webinar include:
- Pavel Kravchenko — Co-founder of Distributed Lab, who received a PhD in Cryptography in 2012 from the Kharkiv National University of Radioelectronics, after publishing a pioneering thesis on public infrastructure security (connect with Pavel on LinkedIn)
- Nick Kurat — Director of the Intellectsoft Blockchain Lab (connect with Nick on LinkedIn)
- Tim Kozak — Head of Technology at Intellectsoft Blockchain Lab (connect with Tim on LinkedIn)
See the video:
After the webinar, the speakers entered a Q&A session with the participants, which allowed for exploring the topic further. Here are some questions from the audience with answers from our speakers.
Is Hyperledger a permissioned ledger that has the purpose to replace crud databases?
The most interesting thing about blockchain — it’s more than a typical ledger or database. It is also better to understand blockchain as a next-generation application. The reason is, blockchain serves multiple purposes: it is a database, a business logic, a permissions system, and an infrastructure. So, it won’t replace crud databases, it is a new concept and evolution of application architecture.
I'm interested in use of blockchain for facilitating cash payments in refugee communities. Which blockchain system would you recommend?
There are some existing examples for your case, for example a blockchain-based refugee camp in Jordan. But in general, it depends on the requirements and functionality. From what we’ve seen, Ethereum works fine in cases where currency or token economy is required. Still, you can use Fabric if you want a closed permissioned network.
Which platform do you recommend for financial tokenization?
There are many good platforms out there that fit: Stellar, Fabric, R3 Corda, maybe even Ethereum would be suitable for your case. But the complexity of the process is not in the tokenization itself, but in the ease of use and the integration in your current processes. That’s actually why we created TokenD — to make it much simpler.
Pegasys announced a new Enterprise-ready Ethereum сlient — Pantheon. In an article, Pegasys claims that with Pantheon they’ve rebuilt Ethereum from scratch. If Ethereum was rebuilt from "scratch," is Pegasus really new protocol? Or is it a new version of Ethereum.
Thanks for the question. In this case, when they say they’ve rebuilt Ethereum, it’s not about the protocol but about the client application. So what they are doing is similar to Parity, they created a client that is compatible with Ethereum protocol, but in addition to that they have created their own configurations on top for permissions layer, etc. So it means that you can mine it in the main net (one of the Ethereum test nets is running on Parity clients), but also make a custom setup in permissioned environment.
How the movement of physical assets and the ensuing changes in ownership are corresponding with a digital tokenization system? How the blockchain system knows that physical assets have changed, left the company, if an inventory item was sold? Are there any IoT sensors that communicate with that digital system?
All security measures for physical assets, including sensors, are covered by the custodian. Without those measures, the entire system would fail, compromising the security of the blockchain itself. In a perfect world, a tokenization network should trust and transfer the responsibility for the physical asset to custodians -- with legal binding, of course.
Which blockchain platform have you used for a tokenization system/product?
Our TokenD product is built on customized Stellar blockchain engine. We’ve chosen it because of its solid architecture, performance, multi-asset support, wide range of tools, and comprehensive customization possibilities.
Find the answers to other questions by watching the webinar.
In you have any questions left, or want to propose a topic for our next webinar — please send an email to firstname.lastname@example.org
For even more on blockchain tokenization:
- Download the book “Theory of tokenization”
- Download TokenD Technical Brief
- Get a consultation from Intellectsoft Blockchain Lab