Asset Monetization Ecosystem And The Blockchain
An ecosystem that asset owners can use to monetize what they own in a transparent manner is a new frontier on the technological scene. Our world today is opening up to the many possibilities of the blockchain and this can be seen in the growth in the number of altcoins from less than 10 a few years ago to more than 1500 today.
Several companies are utilizing the blockchain as an avenue to the doorstep of asset owners around the world. These platforms are hosted on a myriad of technologies like IOTA, EOS, and, Stellar, Cardano, BitShares, among others.
EOS was once reputed to have the potential to displace Ethereum as the platform of choice for smart contracts and app hosting.
IOTA prides itself as the IOT platform, which makes it possible for any asset to be monetized.
Features Necessary for Asset Monetization
Here are the features that undergirds asset monetization ecosystems:
A database of assets that are available for monetization. So, an interested buyer and lessee will be able to access this and propose a contract.
The platform will be smart contract-driven. In other words, transactions will be processed in sync with the stated procedures entailed in the conditions of service-sale/lease made available by the ecosystem.
After an asset is introduced into the platform by a seller or lessor, it will be validated and reflected in the database. A buyer or lessor that accesses the database for a service of interest will be able to make enquiries.
Enquiries made are forwarded to the seller through auto notification. On receipt of such, the buyer/lessor will respond to the enquiries. If the terms are acceptable to both parties, smart contract is initiated.
The buyer/lessee will provide the agreed contact sum and deposit it in the escrow account. Agreed contracts once activated will lead to the movement of funds to the seller/lessee’s account on the platform.
A shared services interface that can be used by the lessor /lessee or the seller /buyer is necessary. The interface will cater for an escrow service to hold payments before they are transferred to the recipient
• A transaction broadcast service is also built-in here so that every proposed and completed transaction can be accessible on the platform.
• The Asset Book Service makes it possible to view all assets that are on lease or on offer presently. A completed contracts log will be available on this block so that transaction history can be readily available for use as the need arises.
• Balance Service/Update block makes it possible for users of the platform to see their balances in terms of receipts and payments as well as all payables or receivables
• Wallet Service blocks shows the account holder the balance available after payments are made or received. Each user will be at liberty to decide when to withdraw their balances.
• Audit Service block exists on this interface as well as the need to verify and follow the trail of transactions cannot be overlooked. Here, reconciliations can be made as the Audit trail of each user can be readily accessed.
There is no doubt that the world is hung on the blockchain at the moment, and several frontiers are opening up with the passing of each day.