cryptonews.net
Real asset tokenization is reported to be the next big frontier for the blockchain industry, and Chainlink continues to expand global partnerships with a focus on real asset tokenization and cross-chain transactions. On May 21, the world’s largest blockchain oracle network announced an expanded partnership with Arta TechFin, a Hong Kong-based asset management and financial services company, to bring real-world assets on-chain.
Arta Techfin CEO Eddie LAU said the partnership aims to address a market gap for an end-to-end solution that addresses pain points from primary off-chain creation and secondary trading to enhancing product integrity. According to Chainlink, global real-world assets amount to a whopping $867 trillion. Tokenization will increase the velocity of money by opening up previously illiquid assets such as collectibles and real estate to electronically tradeable markets.
Real estate, in particular, is notorious for its illiquidity and incredible complexity of transactions. Assuming there is no cash buyer, a typical U.S. real estate transaction takes 30 to 60 days to close. After closing, flipping a home or using equity exposes the owner to a complex and arcane process that can also take months. At the core of the pooling of real assets on the chain are Chainlink’s real-time price feeds and the CCIP interoperability protocol, which allow the oracle network to interact with other blockchains and move assets between chains.
Image: Chainlink Today