CoinGeek’s Becky Liggero spoke to James Belding on the sidelines of the recently held CoinGeek Week Conference about Tokenized, and how the project will bring about a standardized ledger to the world.
Tokenized, winner of CoinGeek’s £5 million tokenization challenge, was borne out of James Belding’s thesis to have a standardized global ledger. Tokenized is an on-chain token system designed exclusively for the BCH network, and proudly uses the original Satoshi Vision (SV) design of Bitcoin.
“Tokenized, I think, correctly addresses what the actual users want, and it takes advantage of that understanding to make it the cheapest possible solution without any compromise to the value, the utility to the users,” Belding said.
Tokenized offers protocols for over 40 separate kinds of contract, with all the necessary legal parameters specified. Belding said he and his team, composed of four colleagues spread around Australia and Singapore, studied not just the law, but also “the regulatory side of things and all the components they need to have” to make sure that everything’s all watertight.
This vision of bringing a standardized ledger to the world can be fulfilled on the Bitcoin blockchain, specifically Bitcoin SV, according to Belding.
“I see the Bitcoin SV ledger as a huge opportunity to standardize a lot of the business communication that goes on throughout the world. So with EDI [electronic data interchange] for example, you got purchase orders, invoices, shipping notices, things like that. But also contracts, agreements and that extends to smart contracts which is something that’s new and innovative, I think. It’s something that really benefits with Bitcoin SV blockchain,” he explained.
Tokenized, however, isn’t just for big financial or legal contracts. It can also be used for things like selling movie tickets. Belding noted how using smart contracts makes it efficient, not to mention cheap, to trade shares or complete cross-border transactions, among other things.
“It adds a lot of value when you use it on the immutable blockchain—the public, uncensorable, reliable, the nature of the blockchain,” he said, adding, “The value that the public Bitcoin brings is really important when you’re talking about cross-border transactions.”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.