Tokenizing wine finery assets to efficiency the revolving pledge process
I won the scholarship to participate in the MasterZ | Blockchain Technology and Digital assets training program, which started at the end of January 2022 and ended in June 2022. Thanks to this master’s, I learned how managing IT, governance, and legal sides in a blockchain project is fundamental. During the lessons, we analyzed the more technical aspects, concerning the creation of NFTs such as the ERC 721 standard, Ethereum blockchain, Bitcoin blockchain, EVM compatible blockchains (such as CELO and Polygon), the creation of utility tokens with ERC 20, and bases of smart contracts coding.
At the conclusion of the lectures, it was possible to put what we learned into practice in a group project work, proposed by the master’s partners. Our team tackled the topic of tokenization of real assets to streamline the entire process of the revolving pledge.
The purpose of the project is to develop a platform based on tokenizing the inventory of companies aimed at selling PDO/PGI products, particularly wines, with blockchain technology to facilitate the process of pledge rotation.
The hypothesized solution is usable from both legal and technical perspectives. In the former case, there is full legal recognition of blockchain technology thanks to Article 8b of DL 135/2018 and consequently a clearance of the technological tools of timestamp and notarization. From a technical point of view, however, the solution is implemented through the creation of a Dynamic NFT (dNFT), a security asset that represents a physical asset whose token ID is unique.
With the dNFT, it is possible to update the metadata of the minted NFT through the reliability of oracles and the Chainlink protocol, giving the ability to receive off-chain services at low cost and resistant to manipulation. The proposed solution involves tokenization of assets with dNFTs, created through the ERC 721 standard and smart contracts programmed on Polygon, so as to automate the rotation of the PDO/IGP assets included in the revolving pledge and to overcome the scalability and high-cost problem found in Ethereum.
Topics: Bitcoin Blockchain, Ethereum Blockchain, CELO Blockchain, Hedera Blockchain, smart contract (Ethereum and CELO), NFT, standards token, CEX, DEX, CBDC, Wallet, DeFi, Legal Framework, ICO, IEO, STO