Businesses around the world are facing increased scrutiny around their record-keeping practices with potential fines rising into millions of dollars and even potential jail time. This is especially true in the private market sector, which has traditionally not faced as much regulatory pressure.
Contracts in private markets are typically not digitised, with many businesses still relying on physical paper copies. They are also not standardised, leading to significant delays and time-wasting.
Tokenized aims to address these issues by offering smart contracts and other record-keeping tools through its bespoke toolset aimed at enterprises. Tokenized is an award-winning all-in-one tokenisation solution for institutions, government agencies, enterprises, and individuals.
Why smart contracts?
A smart contract utilises a software agent to interpret and enforce certain terms and conditions, as well as automate administrative tasks such as managing transfer requests and updating ownership registries, as well as enforcing rights and managing governance proceedings. This approach results in significant efficiency gains, and a better user experience, across the lifecycle of the contract.
Contracts can be a particularly tricky area for companies as they often require bespoke drafting and review processes, as well as servicing. While some companies offer software solutions to address these problems, these are typically piecemeal and not full-service.
‘Our platform also appreciates the fact that contracting is a multiplayer activity that requires many people acting in various capacities, and across different entities, to work together to draft, review, negotiate, form, execute, trade, and administer the rights, duties, and obligations of the parties over the contract’s lifecycle.’
Tokenized addresses pain points of financial record-keeping
Tokenized’s smart contracting platform utilises blockchain technology to vastly improve record-keeping in financial markets, with the BSV blockchain used as a base layer for all record-keeping. This includes:
- Contracts that are human and machine-readable;
- Automated contract performance:
- All activity is digitally mediated through the blockchain.
Tokenized also offers an immutable timestamp ledger which efficiently records any changes made to the contract and allows for auditing at any time. By having a single source of truth for all of these records that are on-chain, there is significantly less chance of fraud.
Built for ease-of-use
Another significant benefit of the Tokenized platform is that it consolidates many of the tools and workflows used by companies today under a single umbrella, Belding said. He noted that governments, businesses and legal firms all still prepare contracts with Microsoft Word, Excel Spreadsheets and a handful of other software programmes.
Tokenized consolidates these programmes into a single platform where every piece of data has a single source of truth, Belding said. Some of the other benefits offered by Tokenized include:
- A desktop and mobile app;
- A ‘no-code’ smart contract engine;
- The ability to have a fully legal agreement encoded into a smart contract;
- Atomic swaps: Allowing for near-perfect P2P trades.
Tokenized also allows businesses to manage all of their digital assets safely and securely, regardless of the value of the assets and the size of the transactions. Users can use different roles, permissions, and authorization schemes to easily manage their digital assets in a collaborative and highly secure way. No device, including our platform servers, ever has visibility of any user’s private keys.
‘Our platform is enterprise-grade and leverages state-of-the-art multi-party authorization schemes to enable the best-in-class security. If a user’s keys are lost, the issuer of a contract can freeze, unfreeze, and confiscate tokens to allow users to get their assets back.’
You can find out more about Tokenized and its toolset here.
