AN INNOVATIVE PUBLIC CHAIN ASSET TOKENIZATION PLATFORM

Asset Tokenization is the process of converting an asset- items that are not very easy to deal with and trade- into a digital token that can be manipulated over the blockchain system. The qitmeer token with a unique signature can permit the transferring of ownership from one entity to another. This also secures guarantee of their legitimacy which is bolstered by the fact that transactions are immutable in nature. Since Blockchain offer a smart alternative to traditional paper markets by making trade possible between two parties using smart contracts. It helps streamline the processes that are involved in an economy and puts forth a unique way of sharing ownership of unique objects. Ownership in this modern world is taking a new shape and meaning altogether as it is made possible for an intangible or fungible or non-fungible asset to have multiple owners. This is no longer an illusion as it might be the case for an individual trading i) via conventional brick mortar methods and ii) reluctant to adopt blockchaining to trade assets instead. Intangible assets account for the bubble representing concepts or ideas which don’t have any physical presence, rather than actual physical goods. Use-cases like Copyrights, patents, etc. contribute to the existence of this bubble in the first place Fungible assets are the ones backed by a physical resource. The prime examples being currency, oil, gold and other precious metals etc. The processes involved for trading such assets is comparatively easier as each asset is of equal value and so can be exchangeable in nature. Non-fungible assets are not exchangeable like their fungible counterparts which is attributable to their uniqueness. Use-cases like real estate, artworks make use of non-fungible cryptographic tokens to transfer, sell or verify ownership. To manifest this understanding of smart contracts and reflect it on the qitmeer network platform that is developed by the team, the programming language Solidity forms the underlying base as it brings customization feature at our disposal. The code runs on Ethereum Virtual Machine and it adopts ERC20 protocol standard for smart contracts to issue tokens on the Qitmeer network. To magnify the inherent features of modularity and flexibility, proxy contracts enable interaction of the user with blockchain and the rich contracts define the necessary logic and incorruptible set of business rules to be verified for transacting. This framework of Smart Contracts deployed to the blockchain allows to perform the tokenization operation. The tokenisation of assets on Qitmeer requires a reserve of base currency Meer which restricts the speculation and prevents malicious activities, thereby optimising the Shariah compliance of Islamic Finance whch is automatically cached in the public and immutable cryptographically secured ledger.