In the latest episode of our Blockchain Hustlers series, we feature James Belding, Co-Founder & CEO of Tokenized, who provided an overview of how his company allows for the development of smart contracts on BSV blockchain.
Tokenized is an award-winning all-in-one tokenisation solution for institutions, government agencies, enterprises, and individuals. A digital asset, or token, is simply one component of a smart contract and is inextricably linked to the details of the contract.
Tokenized aims to embrace this concept by improving the value proposition of digital assets through a digital transformation of the underlying contracts, and for all parties involved in the contracting process. It does this by leveraging DLT and cutting-edge software to deliver a more effective contracting experience, and therefore, more valuable digital assets.
Smart contracts and private markets
Smart contracts are a blend of machine-readable and enforceable terms, and human-readable and enforceable terms, that are recorded to a distributed ledger in a structured and interoperable format.
While smart contracts are not an entirely new concept, Belding said that Tokenized is pioneering a new offering by building these contracts on the BSV blockchain.
‘So our smart contracting platform offers a lot of advantages over what can be done today in the private markets. Namely a lot more automation, reduction of steps, automating of administrative tasks, performance-related tasks, simplifying the process, and the creation of digital insights that weren’t possible before. All of that adds up to a better, faster and simpler (offering),’ he said.
While Tokenized is geared towards benefitting all businesses, Belding noted that private markets are set to benefit the most from the technology.
‘The public markets today are dematerialised and digitised and have been for a long time. There’s a whole suite of software services and tools that allow traders to trade, monitor their portfolios, check news activities – all that kind of stuff. Whereas in the private markets, it’s still very paper-based.’
In these private businesses making a simple mistake or forgetting to update a single sheet can have serious financial implications, he said. ‘So this is where we see the big opportunity. We see this (as an area) where you can have a ten items improvement on the way things are done.’
Tokenized’s offering
Some of the key features offered by Tokenized include:
- Programmable contracts: Smart contracts can be configured to automate many administrative and performance-related tasks. This approach allows for significant cost and time savings, as well as the reduction of errors.
- A single source of truth: Every record of consequence is stored immutably on-chain to allow for a highly interoperable database that eliminates data silos, errors, duplication, and manual handling.
- Security and utility tokens: Support for all types of tokens including the following: complex derivative contracts, ordinary shares, debt instruments, carbon credits, and loyalty points.
- Compliance features: Every contract has all the features necessary for regulated entities to perform regulated functions. This allows for full compliance with any laws and regulations, while also enabling more automation.
BSV blockchain is key to Tokenized’s success
Belding noted that the decision to build Tokenized on BSV blockchain was made after undertaking significant research into all of the different protocols available and what would best fit the platform.
‘For us, we felt that after a lot of due diligence and research that the original vision for Bitcoin stood out in a big way as a compelling option. It’s (also) novel and represents a significant leap forward in terms of computing and IT infrastructure.
‘We also thought that the idea of multiple competing blockchains is contrary to the very idea of blockchain. You can’t have multiple blockchains with multiple sources of truth as it defeats the whole purpose and undermines the value proposition when one can scale could do it all.’
Belding added that all of the competitors to BSV blockchain only offer superficial changes to the underlying base Bitcoin protocol instead of any revolutionary changes.
Demonstration of Tokenized
This episode of Blockchain Hustlers also includes a demonstration by Belding on how Tokenized works, including:
- A full tour of the Tokenized platform and its smart contracting capabilities;
- Non-custodial wallet features and the ability to log in through your phone;
- The ability to log in as different entities and roles;
- The main pages available on Tokenized and how they relate to your business;
- Corporate governance and other feature sets;
- Voting rights on-chain;
- A general overview of how contracts work on the platform.
