By Philip Maina
4 weeks agoThu Nov 07 2024 11:11:54
Reading Time: 2 minutes
- BNB Chain has unveiled a tokenization solution to bring more people into web3
- The solution eases the tokenization of real-world assets by removing the coding complexity
- BNB Chain considers tokenization to be among blockchain’s “most promising applications”
Binance -linked BNB Chain has launched a solution that eases the tokenization of real-world assets (RWAs), aiming to onboard more people into web3 . According to BNB Chain, conventional businesses are exploring web3 to “streamline operations […] and engage new audiences.” The solution removes the need for entities to have a background in blockchain coding, something that will help lower the entry barrier for small businesses looking to turn tangible assets into virtual tokens.
The Solution Supports Art, Real Estate, and Commodities
BNB Chain revealed that the solution is meant to be fast, simple, efficient, and compliant with existing laws. The network added that tokenized assets would be housed on the network. According to BNB Chain, the solution already supports the tokenization of art, real estate, and commodities.
The tokenization process starts with an entity preparing the asset by ensuring it has a legal structuring and a way to custody the assets. The other steps include setting up a web3 wallet to hold the tokens, paying a crypto-based service fee, issuing, and launching the token.
According to BNB Chain, simplifying the tokenization process is part of its mission to make web3 user-friendly. It added that it’s committed “to building an inclusive web3 economy” by creating tools that remove the need to have the technical expertise to access the blockchain.
BNB Chain Previously Eased the Creation of Scaling Layers
BNB Chain’s tokenization solution comes eight months after the blockchain unveiled a service that eases the creation of layer 2 networks on the blockchain. It also comes a year after BNB Chain upgraded the network to include a panic button among other security features.
With BNB Chain committed to bringing the next one billion users into web3, it’s to be seen whether it’ll overtake Ethereum to become the preferred blockchain to host blockchain applications and scaling layers.
