Klaytn is expanding its offerings to focus on the tokenization of real-world assets like jewelry and real estate on its blockchain.
Klaytn Foundation, the entity responsible for the enterprise blockchain platform Klaytn, has announced its intention to use blockchain technology to drive positive social change. The Foundation aims to improve financial penetration in Asia and other parts of the world by facilitating the development and deployment of new and related projects built on the Klaytn blockchain.
As stated in its roadmap for 2023, Klaytn Foundation aims to become the Foundation of the on-chain world of the future by implementing core infrastructure powered by the blockchain. The Foundation will begin this campaign with the RWA tokenization program, which helps projects create tokenized versions of real-world assets. One of the partners is CREDER, a financial firm building a gold-centered decentralized finance (DeFi) ecosystem. Through its offerings, Creder provides investment opportunities related to virtual assets, gold, and the USD.
Other partners include Tokeny Solutions and Elysia. While Tokeny helps businesses to create and issue fully compliant tokenized versions of assets, Elysia focuses on tokenizing commercial and residential real estate.
Klaytn Foundation is providing extensive tokenization solutions to support and accommodate a wide range of tokens. The Foundation also handles other parts of the issuance process, including trading and storage. Furthermore, Klaytn’s tokens are powered by a new token standard designed to ensure that all projects deployed on the blockchain meet necessary compliance requirements.
Klaytn Blockchain Ideal for Tokenization
The Foundation believes its infrastructure makes Klaytn the ideal blockchain to support tokenizing real-world assets. Firstly, among L1 blockchains compatible with the Ethereum Virtual Machine (EVM), Klaytn has one of the lowest transaction latencies. In addition, network fees on Klaytn are 2,500 times lower than on Ethereum. This makes it easy and somewhat attractive for projects looking for tokenization to gravitate toward Klaytn.
Furthermore, Klaytn significantly improves the security and transparency of the tokenization process because anyone can automate ownership management and audit record transaction history. In addition, Klaytn offers increased accessibility as the blockchain supports the fractionalization of high-value assets. Common examples include jewelry, precious metals, artwork, or real estate.
According to its website, Klaytn’s market cap is over $399.5 million. The blockchain has a 1-second block time and an average of 5 transactions per block over the last 24 hours.
Klaytn was launched in June 2019 to accelerate the mass adoption of blockchain technology through DeFi. Shortly after the launch, Klaytn had over 40 ISPs (Initial Service Partners) across several sectors, including finance, e-commerce, healthcare, and entertainment. These ISPs also cut across at least 12 different countries. In May 2020, Klaytn inked a partnership with the decentralized oracle network Chainlink. The partnership was to build tools that help to interface with traditional and off-chain enterprise structures.
Klaytn attracts developers with its easy interface and friendly environment. The platform has actively taken part in several high-value projects, including the Bank of Korea’s CBDC (central bank digital currency) pilot. Klaytn has generated over 1 billion transactions initiated across more than 300 decentralized applications dApps.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.